Seoul: South Korea’s state-run Korea Hydro and Nuclear Power (KHNP) announced that it has reached an agreement with U.S.-based Westinghouse to settle an intellectual property rights dispute and collaborate in the global nuclear energy market. “KHNP and Korea Electric Power Corp. have agreed with U.S. Westinghouse to settle the intellectual property dispute,” KHNP stated in a release.
According to Yonhap News Agency, KHNP plans to establish a “new strategic relationship” with Westinghouse to enhance cooperation between South Korea and the United States in the nuclear energy industry. KHNP CEO Whang Joo-ho emphasized that the agreement would strengthen ties between KHNP and Westinghouse.
The resolution of this dispute is expected to facilitate KHNP’s project to build two reactors at the Dukovany power plant in the Czech Republic, as Westinghouse had previously alleged infringement of its intellectual property by the South Korean firm. South Korea aims to finalize the agreement with the Czech Republic by March, following its selection as the preferred bidder in July 2024.
Industry Minister Ahn Duk-geun expressed governmental support for the settlement, hoping it will foster active exchanges between the countries’ businesses in the nuclear reactor market. He stated, “The agreement has laid the groundwork for the governments and private sectors of both countries to pursue mutually beneficial cooperation in the global nuclear reactor market while adhering to nonproliferation standards.”
The specifics of the deal remain undisclosed due to a confidentiality agreement. Industry analysts speculate that KHNP may have agreed to offer royalties or contracts related to the Czech nuclear energy project and pursue joint partnerships for exporting reactors globally.
The announcement follows a recent memorandum of understanding between Seoul and Washington on nuclear exports and cooperation, underscoring a commitment to the peaceful use of nuclear energy, adhering to high standards of safety and nonproliferation.