At a public-private “Team Korea” meeting, they vowed to “actively participate” Samsung, Doosan and other companies are also reviewing participation Government negotiating with the U.S. to secure up to a 10% stake
Panoramic view of SK Seorin Building (provided by SK Innovation)
SK Group is actively reviewing an equity investment in U.S. nuclear power plant design company Westinghouse. By participating in the government-led acquisition of a stake in Westinghouse by a consortium of domestic companies, the group aims to expand its energy business.
According to business circles on the 14th, the Ministry of Trade, Industry and Energy held a “Team Korea” meeting the previous day to discuss an investment plan for Westinghouse. The meeting was also attended by officials from nuclear-related companies such as Samsung C&T, which conducts nuclear power plant construction, and Doosan Enerbility, a manufacturer of key nuclear equipment. During the meeting, SK Group reportedly conveyed its intention that it “wants to participate actively.” However, SK’s specific investment size has not yet been determined. Other companies are also said to be reviewing potential investments.
The government is pursuing a plan to secure a stake in Westinghouse together with domestic companies. The Ministry of Trade, Industry and Energy is reported to have stated in a closed-door briefing to the National Assembly’s Trade, Industry, Energy, SMEs, and Startups Committee on 22 September that it is negotiating with the United States to secure a 5–10% stake in Westinghouse.
SK views this investment as an opportunity to link with its existing energy businesses. As SK Innovation is promoting projects related to small modular reactors (SMRs) and power and electrification, the group believes that investing in Westinghouse is aligned with its business direction. The move could also work to its advantage in entering the U.S. nuclear power market. The fact that private companies rarely have direct investment opportunities in nuclear power projects is also cited as a reason for SK’s consideration of participation.
SK Group has already entered the nuclear sector by investing in SMRs. In August 2022, SK Innovation and SK Inc. invested USD 250 million in TerraPower, a U.S. SMR developer. If the acquisition of a stake in Westinghouse is completed, the group will expand its investment scope from SMRs to the large-scale nuclear power plant segment.
Lee Min-ah
AI-translated with ChatGPT. Provided as is; original Korean text prevails.
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