Hyundai Engineering Co. has partnered with the Korea Atomic Energy Research Institute (KAERI) to cooperate in exports of small modular reactors (SMRs), which are more advanced and cost efficient than conventional nuclear plants, according to the company Tuesday.
Under the memorandum of understanding (MOU) signed Monday, Hyundai will handle business development, financing, as well as engineering, procurement and construction of KAERI's System-Integrated Modular Advanced Reactor (SMART) models.
KAERI will be responsible for reactor design and licensing in joint projects.
Through the partnership, Hyundai Engineering said it expects to see strengthened cooperation with the state-run atomic energy institute in an ongoing SMR project in Canada.
They previously signed an MOU with the provincial government of Alberta in Canada in 2021 for an SMR project and submitted an application in September with the Canadian Nuclear Laboratories to carry out a feasibility project.
KAERI has developed the 110-megawatt-class SMART model since 1997. It incorporates an integrated pressurized water reactor system used in the world's leading nuclear plants.
Being one-tenth the size of regular nuclear power plants, it can be built even in remote and mountainous areas due to fewer physical and geographical constraints.
"From our project in Canada where we are seeing a power generation transition towards SMR, we are also considering expanding our business to Uzbekistan, the United States and India," a Hyundai Engineering official said.
