KEPCO Nuclear Fuel Co. (KEPCO NF) said on April 2 the company signed a contract to extend the export of nuclear fuel cladding, a core component of nuclear fuel, to U.S. nuclear energy firm Westinghouse.
The extension came as part of closer cooperation to cope with an increase in future nuclear energy demand and the restructuring of nuclear fuel supply chains.
Under the initial cladding supply agreement, reached in 2022, KEPCO NF was predicted to achieve approximately 40 billion won ($29 million) in combined overseas sales through this year.
The extended contract, effective through 2032 at the longest, is expected to bring about an additional 60 billion won in combined sales.
Nuclear fuel cladding is one of the core components of nuclear fuel. It transfers heat generated by uranium pellets inside fuel rods to coolant water while containing radioactive materials to prevent them from escaping.
KEPCO NF boasts of world-class cladding manufacturing capabilities at its plants in Daejeon and Nonsan, steadily supplying high-quality nuclear fuel cladding to nuclear power plants both in Korea and abroad.
“It is the outcome of efforts to maintain stable cladding exports based on a solid partnership amid uncertainties in global supply chains,” KEPCO NF President Jeong Chang-jin said.
“This deal reaffirms that our world-class nuclear fuel cladding manufacturing capabilities and quality have been recognized on the global stage, and KEPCO NF will continue to expand into overseas markets through sustained friend-shoring with Westinghouse.”
KEPCO Nuclear Fuel received the Gold Prize at 2024-2025 Vision Awards Annual Report Competition from LACP on Feb. 24.
KEPCO Nuclear Fuel Takes Home Gold Prize at U.S. LACP Vision Awards
KEPCO Nuclear Fuel was honored with the Gold Prize at 2024-2025 Vision Awards Annual Report Competition.
KEPCO NF received the gold prize at the 2024-2025 Vision Awards Annual Report Competition from League of American Communications Professionals (LACP), the company said on Feb. 24.
KEPCO NF was awarded with the gold prize in the energy-equipment & services category for transparency with world-class level information disclosures and formation of systematic content, and the company was honored with being among “global top 100 nominees.”
Vision Awards is conducted by LACP, a U.S. global communication capability evaluation institution.
Established in 2001, it evaluates sustainability management reports issued by global companies and organizations.
About 1,000 global companies participated in the latest annual competition.
KEPCO NF President Jeong Chang-jin said, “This award means that our efforts to put into ESG management in the whole cycle of the nuclear fuel ecosystem have been recognized globally, and KEPCO NF will open a sustainable future based on trust of a variety of stakeholders, including people, local communities and cooperative companies in the years to come.”
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