Signs Teaming Agreement with Holtech International
Hyundai Engineering & Construction (Hyundai E&C) has signed a teaming agreement with Holtech International, a diversified energy company in the United States, to develop small modular reactors (SMRs) and promote new businesses together.
The two companies agreed to cooperate in all aspects of the SMR business, including development of commercial models, marketing and participation in tenders, and project promotion.
Hyundai E&C aims to solidify its position as a leader in the global SMR market, as SMRs are regarded as a game changer in the global construction market in the future.
Holtec has expertise in nuclear fuel and waste management and nuclear plant decommissioning. It is also developing an SMR model. The company's SMR-160 model is currently undergoing detailed design and approval procedures for licensing in North America. The model is a 160MW light-water reactor that can be deployed under any environment, such as deserts and polar areas. The SMR-160 proved its safety through a simulation for all potential virtual risks, such as the Fukushima incident and terrorist attacks.
The model can be installed in a small area, so site selection for it is relatively easier compared to large nuclear power plants. In addition, the model can be connected with existing small modular nuclear power plants.