Hyundai E&C will be the first Korean builder to directly participate in detailed design of small module reactors (SMR), to promote its strategic deployment and first-ever commercialization, accelerating nuclear power plant business in the US.
On the 18th (local time), Hyundai E&C held a ceremony with its small module reactor partner Holtec International to start designing and commercializing the standard model for the first commercial SMR-160, setting the stage for expanding into the U.S. small module reactor business. The ceremony, held on Holtec Campus in Camden, New Jersey, was joined by Hyundai E&C President Yoon Young-joon and Holtec CEO & President Dr. Kris Singh, and other officials from both firms. This is the first official move since Hyundai E&C and Holtec signed an agreement in November last year to partner on the technical and business development of small module reactors.
[ Hyundai E&C President Yoon Young-joon (right) and Holtech International CEO & President Dr. Kris Singh (left) are attending the ceremony for the start of the development and commercialization of the SMR-160. ]
At the end of last year, Hyundai E&C and Holtec International signed a cooperation agreement to agree on the details for joint development and commercialization of SMR-160 including▲ joint development and commercialization of SMR-160 ▲ join marketing and bidding, and ▲ joint participation in international projects.
Hyundai E&C will participate in the detailed design necessary for the installation of SMR-160, considering the local natural environment and characteristics such as climate, temperature, and humidity, and the completed standard design of SMR-160 will be applied to the Holtec-owned nuclear decommissioning site Oyster Creek for the first time. In addition, the outcome of the detailed design produced by Hyundai E&C will not only be used as data for applying for the first SMR construction permit in the US, but also be applied to the design of small module reactors to be deployed in countries around the world. Both firms will continue to cooperate closely for the implementation of this first-ever project in the US.
Hyundai E&C, through its partnership with Holtec, laid the foundation for expanding its SMR business in the US through an memorandum of agreement (MOA)with Entergy Corporation (the largest utility provider in southern US) on strategic deployment of SMR-160. Furthermore, both companies are reviewing the possibility of co-developing presence in 15 countries including the US and Europe , with a plan to expand the SMR-160 model into becoming a core model of global nuclear power plants.
[ Hyundai E&C is the first Korean builder to start designing a commercial model for small module reactors and accelerating its nuclear power plant business in the US. The photo shows a bird's eye view of the SMR-160 model, which is scheduled for its first-ever introduction at Oyster Creek, a US-based nuclear decommissioning site. ]
The SMR-160 development model of the small module reactor is a 160MW light-water reactor type SMR, and is a general-purpose reactor that can be deployed without regional and environmental constraints in deserts and polar regions. Safety has been verified through all potential virtual risk simulations such as Fukushima incident, terrorism, etc. and has been highly evaluated for its stability and commercial feasibility, being also selected as the Next Generation Reactor Demonstration Program model by the US Department of Energy (DOE). It has now passed Phase 1, receiving a preliminary approval for reactor design by the Canadian Nuclear Safety Commission (CNSC) and is currently undergoing approval procedures of the US Nuclear Regulatory Commission (USNRC).
Hyundai E&C President Yoon Young-joon said, “We expect to speed up the commercialization of small module reactors by starting the SMR-160 project, which will debut in the US, a nuclear power plant powerhouse,” adding that, “By combining the world's best technology and business capabilities, Hyundai E&C will solidify its position as an energy market game-changer and lead the realization of carbon neutrality and the development of the nuclear ecosystem through close cooperation in next-generation nuclear reactor projects including nuclear decommissioning.”
"We expect to stably supply carbon-free energy to the world through the commercialization of the SMR-160 model," said Krishna Singh, CEO of Holtec. “Holtec will not only play a leading role in responding to global climate change, but will also continue to cooperate with our valuable partner Hyundai E&C to continue our successful business relations.”
Meanwhile, Hyundai E&C and Holtec are accelerating efforts to undertake nuclear power plant projects in the US by strengthening cooperation in the field of nuclear decommissioning in addition to the SMR project.
Holtec is a nuclear operator founded in Florida in 1986, covering all cycles of nuclear power plant business and is gaining global attention in the energy sector with its focus on nuclear decommissioning and development of next-generation nuclear technologies including SMR. Holtec, which has some 50 licenses and patents related to nuclear decommissioning technology, has acquired ownership of end-of-life nuclear power plants to undertake decommissioning, and Hyundai E&C has deployed project management team to the project currently underway at the nuclear decommissioning site of Indian Point. Hyundai E&C PM members will be involved with the entire process of decommissioning nuclear power plant, including nuclear reactor cutting, handling of spent nuclear fuel, decommissioning process management, and expansion of all-round cooperation in the entire cycle of the nuclear power plant.
An official from Hyundai E&C said, “We are expanding our organization and manpower in the US and focusing resources and capabilities on nuclear power plant projects including small module reactors and nuclear decommissioning, to accelerate our US nuclear business, and by doing so, will secure key source technology to strengthen Hyundai E&C’s status as a game-changer in the global nuclear industry.”