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- Strategic cooperation is pursued as part of the ITB program linked to the Hanwha Ocean Canada Submarine Program(CPSP)
- Power generation from waste heat discarded by pipeline boosters, establishing a carbon-reduction solution for North American energy infrastructure
- Expanding the foundation for the commercialization of waste heat recovery power generation targeting North American pipeline boosters
CALGARY, AB and SEOUL, South Korea, May 21, 2026 /PRNewswire/ -- Hanwha Power (CEO Rafi Balta) announced on the 20th local time that it had signed a non-binding memorandum of understanding (MOU) with Pembina Pipeline Corporation (Pembina), a leading Canadian energy transportation and midstream service provider that has served North America's energy industry for more than 70 years, to collaborate on a low-carbon power generation project.
This collaboration is being pursued in parallel with a waste heat recovery (WHR) project based on supercritical carbon dioxide at compressor stations operated by Pembina, as well as industrial and technological benefits (ITB) linked to Hanwha Ocean's participation in the Canadian Patrol Submarine Project (CPSP).
The MOU is significant as a proposed strategic collaboration that connects Hanwha Group's energy technology capabilities with Canada's local industrial ecosystem. Under this MOU, the two companies plan to jointly assess the feasibility of deploying WHR power generation systems at Pembina's compressor stations and gas infrastructure.
Specifically, the two companies will work together to identify pilot project candidates, jointly assess their technical and economic feasibility, and collaborate on lower-carbon power generation opportunities in the North American midstream market.
Hanwha Power's WHR power generation system is a next-generation technology that uses supercritical carbon dioxide, a working fluid with both liquid and gas properties. It can reduce equipment size, and it is characterized by 100% water-free operation and uncrewed operation.
In particular, this technology is expected to be a promising lower-carbon solution in the North American oil and gas market, where water use is limited, and the need to reduce carbon emissions is high. It can generate electricity without additional fuel consumption by reusing waste heat from industrial equipment, such as gas turbines, thereby improving energy efficiency and reducing carbon emissions. Compared with organic Rankine cycle (ORC) power generation, which uses low-temperature waste heat from factories and incineration plants, it offers better performance, a more compact system, and a non-explosive, non-toxic working fluid.
Pembina, headquartered in Calgary, Alberta, Canada, owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through this collaboration, Pembina is expected to improve the energy efficiency of its existing assets, reduce carbon emissions, and explore the application of new green technologies.
Through this collaboration, Hanwha Power plans to expand strategic cooperation in Canada based on its CPSP-linked ITB strategy and strengthen its entry base into the North American market. The company aims to further expand its global business in green power generation solutions.
Hanwha Power's Michael Sicker, Head of the Americas, said, "This collaboration is a meaningful first step toward expanding our green energy solutions business in the Canadian market. By combining ITB-based industrial cooperation with lower-carbon technology, we will contribute to mutual growth with local industry and create long-term business value."
Pembina's Chris Rousch, Senior Vice President, Commercial, said, " Actively exploring opportunities to enhance the efficiency and long-term value of our operating assets is core to our business at Pembina. Our collaboration with Hanwha creates further opportunity to deliver differentiated value for our customers and stakeholders."
- Strategic cooperation is pursued as part of the ITB program linked to the Hanwha Ocean Canada Submarine Program(CPSP)
- Power generation from waste heat discarded by pipeline boosters, establishing a carbon-reduction solution for North American energy infrastructure
- Expanding the foundation for the commercialization of waste heat recovery power generation targeting North American pipeline boosters
CALGARY, AB and SEOUL, South Korea, May 21, 2026 /PRNewswire/ -- Hanwha Power (CEO Rafi Balta) announced on the 20th local time that it had signed a non-binding memorandum of understanding (MOU) with Pembina Pipeline Corporation (Pembina), a leading Canadian energy transportation and midstream service provider that has served North America's energy industry for more than 70 years, to collaborate on a low-carbon power generation project.
This collaboration is being pursued in parallel with a waste heat recovery (WHR) project based on supercritical carbon dioxide at compressor stations operated by Pembina, as well as industrial and technological benefits (ITB) linked to Hanwha Ocean's participation in the Canadian Patrol Submarine Project (CPSP).
The MOU is significant as a proposed strategic collaboration that connects Hanwha Group's energy technology capabilities with Canada's local industrial ecosystem. Under this MOU, the two companies plan to jointly assess the feasibility of deploying WHR power generation systems at Pembina's compressor stations and gas infrastructure.
Specifically, the two companies will work together to identify pilot project candidates, jointly assess their technical and economic feasibility, and collaborate on lower-carbon power generation opportunities in the North American midstream market.
Hanwha Power's WHR power generation system is a next-generation technology that uses supercritical carbon dioxide, a working fluid with both liquid and gas properties. It can reduce equipment size, and it is characterized by 100% water-free operation and uncrewed operation.
In particular, this technology is expected to be a promising lower-carbon solution in the North American oil and gas market, where water use is limited, and the need to reduce carbon emissions is high. It can generate electricity without additional fuel consumption by reusing waste heat from industrial equipment, such as gas turbines, thereby improving energy efficiency and reducing carbon emissions. Compared with organic Rankine cycle (ORC) power generation, which uses low-temperature waste heat from factories and incineration plants, it offers better performance, a more compact system, and a non-explosive, non-toxic working fluid.
Pembina, headquartered in Calgary, Alberta, Canada, owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through this collaboration, Pembina is expected to improve the energy efficiency of its existing assets, reduce carbon emissions, and explore the application of new green technologies.
Through this collaboration, Hanwha Power plans to expand strategic cooperation in Canada based on its CPSP-linked ITB strategy and strengthen its entry base into the North American market. The company aims to further expand its global business in green power generation solutions.
Hanwha Power's Michael Sicker, Head of the Americas, said, "This collaboration is a meaningful first step toward expanding our green energy solutions business in the Canadian market. By combining ITB-based industrial cooperation with lower-carbon technology, we will contribute to mutual growth with local industry and create long-term business value."
Pembina's Chris Rousch, Senior Vice President, Commercial, said, " Actively exploring opportunities to enhance the efficiency and long-term value of our operating assets is core to our business at Pembina. Our collaboration with Hanwha creates further opportunity to deliver differentiated value for our customers and stakeholders."
** This press release is distributed by PR Newswire through automated distribution system, for which the client assumes full responsibility. **
Hanwha Power Signs Strategic Memorandum of Understanding with Canadian Energy Company Pembina Pipeline for Lower-Carbon Power Generation Business
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- Signed Agreement to establish Natrium reactor supply chain for serial production based on a year-long joint study
- HD Hyundai selected as a preferred manufacturer to supply Natrium Reactor Enclosure System (RES) components leveraging its world-class fabrication capabilities, industrial production expertise, and extensive experience
SEOUL, South Korea, May 21, 2026 /PRNewswire/ -- HD Hyundai has moved one step closer to the commercialization of next-generation nuclear reactors.
HD Hyundai announced that its shipbuilding subsidiary, HD Hyundai Heavy Industries, recently signed a Natrium Reactor Supply Framework Agreement (FA) with a nuclear innovation company, TerraPower. The signing ceremony was attended by Kwang-shik Won, Senior Executive Vice President and COO of HD Hyundai Heavy Industries, Chris Levesque, President and CEO of TerraPower, and other key officials.
Under the agreement, HD Hyundai Heavy Industries has been selected as a preferred manufacturer for Natrium Reactor Enclosure System (RES) components, leveraging its superior fabrication capabilities, technical expertise, and extensive track record. Building on the successful production of the First-of-a-Kind (FOAK) production, both companies plan to expand their business collaboration to the Nth-of-a-Kind (NOAK) serial manufacturing.
This agreement is an extension of the "Strategic Agreement for Manufacturing Supply Chain Expansion for the Commercialization of Natrium Reactors" signed in March of last year. Over the past year, the two companies have conducted a joint study to evaluate the manufacturing feasibility, cost competitiveness, and delivery schedules for the Natrium reactor.
The Natrium reactor is a fourth-generation Sodium-Cooled Fast Reactor (SFR) developed by TerraPower, and it is widely regarded as having the highest level of safety and technical maturity among existing nuclear technologies. TerraPower has identified the establishment of a stable RES supply chain as a critical priority for the rapid buildout of Natrium plants.
Kwang-shik Won, Senior Executive Vice President and Head of the Offshore & Energy Division at HD Hyundai Heavy Industries, stated, "This Framework Agreement not only strengthens our strategic collaboration with TerraPower but also serves as a critical foundation for our entry into the global nuclear market." He added, "Through our joint research, we will strive to ensure the timely supply of Natrium reactor equipment and establish a serial production base to secure a formidable global competitive edge."
Chris Levesque, President and CEO of TerraPower said, "Establishing a Framework Agreement with HD Hyundai ensures that we have the production capacity available to support our commercialization plans and build Natrium plants across the U.S. and around the world," and added, "HD Hyundai's manufacturing expertise and commitment to continuous improvement give us confidence in our ability to deliver resilient, reliable and affordable nuclear energy for our customers at scale."
Meanwhile, HD Hyundai also signed a tripartite Memorandum of Understanding (MOU) with TerraPower and Hyundai Engineering & Construction (HDEC) on the same day for cooperation on next-generation nuclear power projects. Through this MOU, HD Hyundai plans to work alongside HDEC to establish a robust foundation for Engineering, Procurement, and Construction (EPC) execution and the supply of major equipment, enabling an aggressive response to the global next-generation nuclear power market, including the U.S.
- Signed Agreement to establish Natrium reactor supply chain for serial production based on a year-long joint study
- HD Hyundai selected as a preferred manufacturer to supply Natrium Reactor Enclosure System (RES) components leveraging its world-class fabrication capabilities, industrial production expertise, and extensive experience
SEOUL, South Korea, May 21, 2026 /PRNewswire/ -- HD Hyundai has moved one step closer to the commercialization of next-generation nuclear reactors.
HD Hyundai announced that its shipbuilding subsidiary, HD Hyundai Heavy Industries, recently signed a Natrium Reactor Supply Framework Agreement (FA) with a nuclear innovation company, TerraPower. The signing ceremony was attended by Kwang-shik Won, Senior Executive Vice President and COO of HD Hyundai Heavy Industries, Chris Levesque, President and CEO of TerraPower, and other key officials.
Under the agreement, HD Hyundai Heavy Industries has been selected as a preferred manufacturer for Natrium Reactor Enclosure System (RES) components, leveraging its superior fabrication capabilities, technical expertise, and extensive track record. Building on the successful production of the First-of-a-Kind (FOAK) production, both companies plan to expand their business collaboration to the Nth-of-a-Kind (NOAK) serial manufacturing.
This agreement is an extension of the "Strategic Agreement for Manufacturing Supply Chain Expansion for the Commercialization of Natrium Reactors" signed in March of last year. Over the past year, the two companies have conducted a joint study to evaluate the manufacturing feasibility, cost competitiveness, and delivery schedules for the Natrium reactor.
The Natrium reactor is a fourth-generation Sodium-Cooled Fast Reactor (SFR) developed by TerraPower, and it is widely regarded as having the highest level of safety and technical maturity among existing nuclear technologies. TerraPower has identified the establishment of a stable RES supply chain as a critical priority for the rapid buildout of Natrium plants.
Kwang-shik Won, Senior Executive Vice President and Head of the Offshore & Energy Division at HD Hyundai Heavy Industries, stated, "This Framework Agreement not only strengthens our strategic collaboration with TerraPower but also serves as a critical foundation for our entry into the global nuclear market." He added, "Through our joint research, we will strive to ensure the timely supply of Natrium reactor equipment and establish a serial production base to secure a formidable global competitive edge."
Chris Levesque, President and CEO of TerraPower said, "Establishing a Framework Agreement with HD Hyundai ensures that we have the production capacity available to support our commercialization plans and build Natrium plants across the U.S. and around the world," and added, "HD Hyundai's manufacturing expertise and commitment to continuous improvement give us confidence in our ability to deliver resilient, reliable and affordable nuclear energy for our customers at scale."
Meanwhile, HD Hyundai also signed a tripartite Memorandum of Understanding (MOU) with TerraPower and Hyundai Engineering & Construction (HDEC) on the same day for cooperation on next-generation nuclear power projects. Through this MOU, HD Hyundai plans to work alongside HDEC to establish a robust foundation for Engineering, Procurement, and Construction (EPC) execution and the supply of major equipment, enabling an aggressive response to the global next-generation nuclear power market, including the U.S.
** This press release is distributed by PR Newswire through automated distribution system, for which the client assumes full responsibility. **
HD Hyundai and TerraPower Sign Natrium® Reactor Supply Framework Agreement
