Nuclear industry growth fund supports five local firms' technology and equipment expansion
Gov. Park Wan-su holds on-site meeting at Changwon's Bumhan Mechatec
Province aims to grow nuclear export firms to 100 by 2035
South Gyeongsang Province is stepping up support for nuclear manufacturing companies seeking to enter the small modular reactor (SMR) industry. The province held an on-site meeting Tuesday at Bumhan Mechatec in Seongsan-gu, Changwon, bringing together Governor Park Wan-su, heads of SMR-related companies and fund managers to review progress under the nuclear industry growth fund.
The meeting was organized to share investment results from the nuclear industry growth fund, established in December last year with a total of 58.6 billion won ($44.3 million). The province contributed 3 billion won to the fund on the condition that at least three times that amount be invested in local companies. Within 10 months of the fund's formation, five SMR-related firms in the province had received a combined 33 billion won — 11 times the province's initial contribution.
The five recipient companies are drawing on their existing machinery and plant engineering expertise to expand SMR production capabilities and equipment. Investment amounts and focus areas are: Bumhan Mechatec, 10 billion won (pressure vessels and heat exchangers); Koryo Precision Industry, 10 billion won (localization of electron beam welding system equipment); RES, 5 billion won (precision casting of core components); Sangrim MSP, 5 billion won (robotic welding automation); and Godtech, 3 billion won (metal powder materials and 3D-printed precision parts).
According to the province, the fund was designed to invest based on a company's growth potential and capacity for production infrastructure investment, rather than limiting support to specific product categories. Through this approach, the province is helping small and mid-sized manufacturers in the region expand their facilities and pivot their business lines. VL Investment, the fund's manager, is working toward launching a second fund worth 100 billion won by March next year.
On Tuesday, Park toured Bumhan Mechatec's heat treatment furnaces, non-destructive testing room and machining factory to assess its production facilities and SMR project progress. At the subsequent meeting, he heard from company heads about difficulties in technology development and market access.
Building on the investment results, the province plans to accelerate its "SMR Global Development Strategy 2.0." It will strengthen administrative and fiscal support to help companies obtain certifications such as the American Society of Mechanical Engineers (ASME) standard required for nuclear product exports. The province aims to increase the number of companies meeting such standards from the current roughly 70 to 100 by 2035.
"This 33 billion won investment demonstrates the technological strength and growth potential of South Gyeongsang Province's nuclear companies," Park said. "We will link financial, technological and infrastructure support so that companies can feel the difference on the ground, and develop the province into a key global SMR supply hub."
ook967@heraldcorp.com
