CRANBERRY TOWNSHIP, Pa.–(BUSINESS WIRE)–Westinghouse Electric Company announced a global settlement agreement with Korea Electric Power Corporation (KEPCO) and Korea Hydro & Nuclear Power Company (KHNP) to resolve its outstanding intellectual property dispute.
This agreement allows both parties to move forward with certainty in the pursuit and deployment of new nuclear reactors. The agreement also sets the stage for future cooperation between the parties to advance new nuclear projects globally.
“Westinghouse is pleased to reach an agreement with KEPCO and KHNP on this important issue. As the world demands more firm baseload power, we look forward to opportunities for cooperation to deploy nuclear power at even greater scale,” said Westinghouse President & CEO Patrick Fragman.
Westinghouse Electric Company will work with KEPCO and KHNP to dismiss all current legal actions.
Further details regarding the terms of the settlement remain confidential, in accordance with the agreement reached by all parties.
Westinghouse Electric Company is shaping the future of carbon-free energy by providing safe, innovative nuclear and other clean power technologies and services globally. Westinghouse supplied the world’s first commercial pressurized water reactor in 1957 and the company’s technology is the basis for nearly one-half of the world’s operating nuclear plants. Over 135 years of innovation makes Westinghouse the preferred partner for advanced technologies covering the complete nuclear energy life cycle. For more information, visit www.westinghousenuclear.com and follow us on Facebook, LinkedIn and X.
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