Seoul – Hyundai Engineering Co. has entered into a partnership with the Korea Atomic Energy Research Institute (KAERI) to boost the export of small modular reactors (SMRs), a more advanced and cost-efficient alternative to conventional nuclear power plants.
The memorandum of understanding (MOU), signed on Monday, outlines that Hyundai Engineering will be responsible for business development, financing, as well as engineering, procurement, and construction for KAERI's System-Integrated Modular Advanced Reactor (SMART) models. KAERI, on its part, will handle reactor design and licensing for joint projects.
Hyundai Engineering anticipates that this partnership will lead to enhanced collaboration with the state-run atomic energy institute in a current SMR project in Canada. The two entities had previously signed an MOU with the provincial government of Alberta in 2021 for an SMR project and submitted a feasibility project application to the Canadian Nuclear Laboratories in September.
KAERI has been developing the 110-megawatt-class SMART model since 1997, featuring an integrated pressurized water reactor system that is utilized in leading nuclear plants worldwide. These reactors, being one-tenth the size of regular nuclear power plants, offer the advantage of being constructed in remote and mountainous regions with fewer physical and geographical constraints.
A Hyundai Engineering official highlighted the company's ambitions, stating, "From our project in Canada, where we are witnessing a transition towards SMR in power generation, we are also looking to expand our business to Uzbekistan, the United States, and India."