The Korea Atomic Energy Research Institute (Kaeri) and Hyundai Engineering have signed a memorandum of agreement aimed at winning export markets for its small modular reactor (SMR) technology.
The agreement was formalised on Monday by Hong Hyun-seong, the chief executive of Hyundai, and Joo Han-gyu, the president of Kaeri.
“Together with Hyundai Engineering, we anticipate setting a new global standard in nuclear technology, positioning Korea at the forefront of the next generation of nuclear energy innovation,” Joo said.
The two will work on a “system-integrated modular advanced reactor”, or Smart, with Hyundai in charge of business development, financing, and engineering, and Kaeri tackling design and licensing.
The main product is a 330MW pressurised-water reactor with integral steam generators and advanced safety features. The unit has a 60-year design life and three-year refuelling cycle.
The basic design is complete, but development has been stalled by the absence of orders for a reference unit.
The pair think the most promising overseas market is Canada.
Kaeri signed a preliminary agreement in April with the Province of Alberta and, in September, it agreed a deal with Atomic Energy of Canada to look at what Korean SMRs might do for Alberta and Ontario.
Kaeri said it will now work with Hyundai to set up Smart projects in Canada, Uzbekistan, the US, and India.
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