TerraPower to complete a 4th-generation Sodium Fast Reactor(SFR) in Wyoming, USA, by 2030HD Hyundai to manufacture reactor vessels for SFRs, leveraging expertise from participation in the ITER projectSFR, a type of SMR known for its enhanced safety and reduced nuclear waste issues, gaining significant spotlight”We aim to lead the SMR sector as a next-generation, carbon-free power source with proven safety”

SEOUL, South Korea, Dec. 20, 2024 /PRNewswire/ — HD Hyundai has officially partnered with TerraPower, a US-based company, to develop key components for Small Modular Reactor (SMR).

On Friday, the 20th, HD Hyundai announced that it recently secured a project from TerraPower to manufacture cylindrical reactor vessels.

The reactor vessel in this project will be integrated into TerraPower’s Natrium, a 345 MW 4th-generation Sodium Fast Reactor (SFR), which is planned for installation in Kemmerer, Wyoming, USA.

The SFR, being jointly developed by HD Hyundai and TerraPower, is a type of SMR. The reactor vessel is a critical component of the SFR, containing the reactor core where nuclear fission occurs and ensuring the safe operation of the high-temperature, low-pressure coolant.

To successfully execute this project, HD Hyundai Heavy Industries, a shipbuilding affiliate of HD Hyundai, plans to actively leverage its accumulated expertise. This expertise comes from its participation in the development and production of key equipment, including vacuum vessels, for the International Thermonuclear Experimental Reactor (ITER) and Korean Superconducting Tokamak Advanced Research (KSTAR).

The SFR generates electricity by using high-speed neutrons for nuclear fission and cooling the resulting heat with liquid sodium instead of water. Among SMRs, it is noted for its high safety and advanced technology, with nuclear waste volumes only one-twentieth of conventional reactors, making it the most promising next-generation SMR.

The Natrium project aims for completion by 2030 after obtaining construction and operational permits from the U.S. Nuclear Regulatory Commission (NRC).

Globally, interest and demand for nuclear power, a carbon-free energy source, are growing to achieve carbon neutrality and enhance energy security. As the limitations of large-scale nuclear plants, such as safety concerns and public acceptance, become more evident, the global nuclear market is expected to shift toward SMR-centric.

According to SMR market report by global research firm MarketsandMarkets, the global SMR market is projected to grow from $5.7 billion in 2022 to $6.8 billion by 2030, with an average annual growth rate of 2.3%.

“SMR has significant growth potential in the global decarbonization trend,” said an official of HD Hyundai. “Leveraging the expertise and capabilities built through projects such as ITER and KSTAR, we aim to lead the SMR sector, emerging as a next-generation power source.”

Meanwhile, in March, HD Hyundai has played a leading role in co-founding the world’s first international private organization in the field of offshore nuclear power, the Nuclear Energy Marine Organization (NEMO). Since February, the company has also been conducting joint research on SMRs with leading global nuclear power companies.

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SOURCE HD Hyundai

122 Companies Supported; USD 246.6 Million in Investments Secured

SEOUL, South Korea, Dec. 20, 2024 /PRNewswire/ — Global Digital Innovation Network (GDIN), under the leadership of CEO Jongkap Kim, proudly announces the results of its highly successful 2024 Overseas Expansion Support Program. The initiative, aimed at empowering early-stage innovative technology companies, underscores GDIN’s commitment to fostering global success for South Korea’s burgeoning tech ecosystem.

Founded by the Ministry of Science and ICT, whose involvement underscores GDIN’s credibility and strategic importance, the organization has been a cornerstone of the startup community for over a decade. Since the program’s inception in 2013, GDIN has supported more than 3,000 companies, playing a pivotal role in the rise of industry leaders such as Sendbird and Riiid—both valued at over USD 1 billion. Furthermore, 15 companies have achieved notable exits through mergers, acquisitions, or IPOs on KOSDAQ.

In 2024 alone, GDIN provided tailored support to 122 promising tech startups. This included 1,860 specialized consulting sessions covering crucial areas such as legal compliance, intellectual property, accounting, and marketing strategies. Additionally, the program organized 13 global technology matching events, focusing on industries such as artificial intelligence, fintech, green technology, and digital healthcare. These events connected 69 Korean startups with international partners, fostering collaborations and market entry opportunities.

These impressive outcomes highlight the program’s effectiveness in driving financial growth, fostering international collaborations, and building a foundation for sustained global success. Participating companies secured approximately USD 140 million in international investments, contributing to a total of USD 246.6 million in funding from domestic and global sources. Beyond financial milestones, these startups signed 193 international business contracts and established 14 overseas subsidiaries, paving the way for continued global growth.

At its year-end performance event, GDIN honored standout companies for their exceptional achievements. Among them, Tilda, an AI-driven industrial optimization solutions provider, received the prestigious Minister of Science and ICT Award. With GDIN’s guidance, Tilda showcased its cutting-edge solutions at renowned international events such as the GSMA DX Leaders CxO Summit, Sushitech Tokyo, and GITEX. The company is now exploring expansion opportunities in Japan and planning to establish a local subsidiary.

Other high-performing startups, including Nearthlab, Nota AI, EverEx, Inocras, Codepresso, Petnow, Bloomsbury Lab, Telepix, and Rebellions, earned direct entry into GDIN’s 2025 support program. Lumir, which celebrated a successful debut on KOSDAQ this year, received a ‘Special Award’ for its outstanding accomplishments.

“Global interest in the cutting-edge technologies developed by Korean companies is at an all-time high,” said CEO Jongkap Kim. “GDIN remains dedicated to uncovering international opportunities and providing the comprehensive support needed for our startups to thrive on the global stage.”

About GDIN
The Global Digital Innovation Network (formerly known as Born2Global Centre, reflecting its expanded mission to foster global innovation), an independent foundation under the Ministry of Science and ICT, champions collaboration between South Korea’s innovative startups and the global market. Since 2013, GDIN has facilitated over 160 international partnerships, supported more than 3,000 tech companies, conducted 20,000+ consulting sessions, and helped raise USD 3.6 billion in investments.

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SOURCE GDIN

Business Process Xperts – BPX assists African enterprises in protecting their digital transformation initiatives investments by offering efficient business process redesign and optimization services.

DUBAI, UAE, Dec. 20, 2024 /PRNewswire/ — With the rapid pace of digital transformation in Africa, CTOs face challenges in managing system updates and transitions, especially from legacy systems to SAP S/4HANA or similar solutions for greenfield and brownfield projects.

Studies show 68% of digital transformation projects fail due to poor process alignment.

African enterprises are turning to boutique BPR consultants to leverage tools like SAP Signavio, IBM Blueworks, UiPath, and LeanIX. The SAP Signavio BPM suite enables BPR consultants to streamline processes, align strategies with SAP standards, and reduce over-customization.

Prominent firms like ‘Business Process Xperts- BPX’ are leading the block in Africa, with their assistance in strategizing the implementation of powerful modern tools for process optimization.

Speaking on the matter, Nikhil Agarwal, the Founder of ‘Business Process Xperts – BPX‘, says, “Many digitization projects fail when ERP or CRM implementation partners handle BPM activities, as studies show 68% of such projects struggle due to misaligned processes. As software-agnostic process experts, we bring a business-first approach to adopt best-fit processes and hand over a detailed blueprint to implementation partners, ensuring a 99% success rate for digital transformation projects.”

To the enterprises operating in Africa, delays and inefficiencies in the digital transformation projects may negatively impact their businesses and could be a competitive disadvantage. BPX team comes with more than a decade of experience, with advanced process optimization capabilities to help manage challenging business processes and adopt best practices. Their expertise in various advanced process automation tools facilitates reducing duplication and accelerates implementation cycles so that enterprises can achieve more value from their investments.

Rupal Agarwal, Co-Founder of BPX, says, “We create video SOPs and user manuals, ensuring high user adoption for new digital transformation projects, as 70% of digital transformation projects fail due to poor user engagement.”

The key services BPX offers for Africa:

Strategic BPR consulting for greenfield and brownfield digital transformationsThe active usage of advanced process management platforms like SAP Signavio, UiPath and IBM Blueworks to facilitate process optimization and automationIncrease user adoption with L5 process maps, SOPs and work instructionsOrganisational Change Management Initiatives

About Business Process Xperts – BPX

As a business process management and consulting company, Business Process Xperts has over 12 years of experience working with 21+ industries globally. From analyzing business processes to automating them, BPX acts as the centre of excellence for achieving long-term and efficient results.

Contact

Dr. Rupal Agarwal
+919860426700
consult@mindamend.net 
Learn more at businessprocessxperts.com

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Logo: https://mma.prnewswire.com/media/2585002/BPX_Logo.jpg

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