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.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
HD Hyundai Teams Up with TerraPower to Develop Core Equipment for SMRs
HYDERABAD, India, Dec. 20, 2024 /PRNewswire/ -- KFin Technologies Ltd. (KFintech) (BSE: 543720); (NSE: KFINTECH) a leader in technology and fund administration solutions for asset management – has joined BlackRock's Aladdin Provider network to enhance its operating model with asset managers, making it more standardised and efficient. The collaboration will see KFintech join a growing community of the world's largest asset servicers – enabling it to offer differentiated fund administration and accounting services to clients.
The asset management industry can often be constrained by legacy systems, manual processes, inconsistent data standards and limited integration across workflows, all of which can lead to sizeable inefficiencies and risks for companies.
By leveraging the Aladdin® platform's propriety data interfaces and workflows, KFintech will be able to better integrate the flow of data with asset managers. This will also enable KFintech to digitize manual processes, align reference data and research fund activity in real-time, and conduct middle office operations on behalf of clients.
Sreekanth Nadella, Managing Director and CEO of KFin Technologies said, "It is a matter of pride for KFintech to join BlackRock's Aladdin Provider network. We are excited to leverage Aladdin's sophisticated data connectivity capabilities to enhance the service we provide to clients, allowing them to benefit from a more streamlined operating model, increased automation, and a reduction in the risk of errors.
The collaboration aligns with our vision to deliver transformative and data-driven solutions to the asset managers by expanding our capabilities globally. KFintech – with its expertise spanning over four decades in asset servicing solutions and digital and big data solutions – will be further propelled by Aladdin's data connectivity capabilities to provide a compelling value proposition to the asset managers."
Tarek Chouman, Global Head of Aladdin Client Business, BlackRock, said, "We are delighted to welcome KFintech to the Aladdin Provider network and enable our shared clients to connect data seamlessly through a single platform and bring clarity and efficiency to the entire investment workflow."
About KFin Technologies Limited (www.kfintech.com/; BSE: 543720; NSE: KFINTECH):
KFin Technologies Limited ("KFintech") is a leading technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem including asset managers and corporate issuers across asset classes in India and provide comprehensive investor solutions including transfer agency, fund administration, fund accounting, data analytics, digital onboarding, mobility solutions, transaction origination and processing for alternate investments, mutual funds, unit trusts, insurance investments, and private retirement schemes to 60+ global asset managers in Malaysia, Philippines, Singapore, Hong Kong, Thailand, Middle East, and Canada. In India, KFintech is the largest investor solutions provider to Indian mutual funds servicing 24 asset management companies (AMCs) out of the 43 AMCs in India, as on September 30, 2024, and the largest issuer solutions provider in India servicing 6,677 corporates, as on September 30, 2024. In mutual funds, over the last five years, the Company has been continuously gaining market share in the overall AAUM serviced, which has improved from 27% in fiscal year 2021 to ~32% for the period ended September 30, 2024. KFintech is also the largest transfer agent and fund administrator to alternative investment funds (AIFs) in India servicing 526 AIFs out of 1,402 AIFs registered with SEBI, as on September 30, 2024. In addition, the Company also offers technology platform-based solutions to portfolio and wealth managers and is the second largest central record keeping agencies for the National Pension System in India, servicing 1.4 million pension subscribers, capturing 8.9% market share in the overall subscriber base, as on September 30, 2024. General Atlantic Singapore Fund Pte Ltd ( " GASF" ), a leading global private equity investor, is the promoter of the company.
About BlackRock Aladdin®
Aladdin® is a tech platform that unifies the investment management process by providing a common data language within an organization to enable scale, provide insights, and support business transformation.
As a strategic partner to institutional investors including asset managers, pension funds, insurers, and corporate treasurers, Aladdin® combines sophisticated risk analytics with comprehensive portfolio management, trading, operations, and accounting tools on a single, unified platform. BlackRock's Aladdin® platform is a financial technology platform designed for institutional use only and is not intended for end investor use.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
KFin Technologies joins BlackRock's Aladdin Provider Network
