Hyundai Engineering announced on Dec. 11 that it has signed a memorandum of understanding (MOU) with the Korea Atomic Energy Research Institute for the overseas export of the Korean-style Small Modular Reactor (SMR).
The signing ceremony, held at the Korea Atomic Energy Research Institute headquarters in the Yuseong district of Daejeon, was attended by Hyundai Engineering CEO Hyun-sung Hong, Korea Atomic Energy Research Institute Director Han-gyu Joo, and other related officials.
With this MOU, the two companies plan to actively pursue the export of the Korean-style SMR known as the System-integrated Modular Advanced Reactor (SMART).
Hyundai Engineering will be responsible for the business development, financing, and engineering, procurement, and construction (EPC) services for the demonstration and commercialization of SMART, while the Korea Atomic Energy Research Institute will handle reactor design and regulatory support.
The collaboration between Hyundai Engineering and the Korea Atomic Energy Research Institute is also expected to gain momentum in the construction of small modular reactors in Canada. The two companies had previously signed an MOU in 2021 with the government of Alberta, Canada, for the Small Modular Reactor Construction Project in Alberta.
In September this year they submitted a site application to the Canadian Nuclear Laboratories (CNL) for the SMART demonstration project. They also submitted a letter of intent to participate in the new nuclear power program of a Canadian nuclear power operator, demonstrating proactive involvement in SMART project development.
SMART is a 110-megawatt class small modular reactor developed by the Korea Atomic Energy Research Institute since 1997. It achieved a Standard Design Approval in 2012 from the Nuclear Safety and Security Commission, recognizing the comprehensive safety of the reactor design. This was the world’s first such approval for an SMR, marking a significant milestone in securing a foundation for market leadership both domestically and internationally.