Samsung Heavy Industries (SHI) and Seaborg Technologies, a Danish company, have signed a Memorandum of Understanding (MoU) to create and market turnkey power plants. These plants would leverage SHI’s ship-building expertise and Seaborg’s Compact Molten Salt Reactor (CMSR) technology, outlining an ambitious plan for the development of hydrogen and ammonia plants.

The CMSR power barges designed by Seaborg are modular and can generate electricity ranging from 200 MW to 800 MW, boasting a 24-year operational life. Their groundbreaking design features a liquid salt fuel mix, replacing traditional solid fuel rods, which also doubles as a coolant. This means that the reactor will automatically shut down and solidify in emergency situations, enhancing safety.

Samsung Heavy Industries’ President and CEO, Jin-Taek Jeong, applauded CMSR as a carbon-free energy source adept at tackling climate change and aligning with SHI’s future vision. “Through this agreement, we aim to spearhead the CMSR-based floating nuclear power plant market, reinforcing our potential for future business opportunities,” he noted.

The agreement was officially signed at an online event. Seaborg’s CEO and co-founder, Troels Schönfeldt, expressed his pride and honor in collaborating with SHI, one of the world’s largest and most seasoned shipyards. “This partnership marks another stride in our mission to introduce a new generation of nuclear reactors that are environmentally friendly, safe, and can be built using industrial technology, thereby offering scalability, speed, and cost reduction benefits,” Schönfeldt said.

Seaborg, established in 2014, has projected the construction of commercial prototypes in 2024, with commercial production of Power Barges starting from 2026.

Last year, Samsung Heavy Industries also inked an agreement with the Korea Atomic Energy Research Institute to support offshore molten-salt-cooled reactor development and research.