Hyundai, Ultra Safe Nuclear sign micro reactor procurement agreement

Hyundai Engineering Co., the plant engineering and construction arm of Hyundai Motor Group, announced on Friday that it signed a framework agreement for procurement with Seattle-based Ultra Safe Nuclear Corp. to build a next-generation micro-modular reactor (MMR) in Ontario, Canada. 

Through the latest contract, Hyundai Engineering will provide power generation facilities, cooling systems and radioactive equipment for the Chalk River Laboratories. 

Back in June, Hyundai Engineering and Ultra Safe Nuclear Corp. signed a detailed design contract for the joint MMR project at the lab. 

The MMR incorporates a fourth-generation reactor that utilizes helium as its coolant. 

It eliminates the threat of a coolant-loss accident and allows the reactor to be applied for multiple purposes, such as efficient power generation and hydrogen production through electrolysis, by using the high-temperature gas coolant.

On July 24, the two sides signed a technical cooperation agreement.

When the reactor is up and running by the end of 2026 it will mark the world’s first commercial next-generation MMR, according to Hyundai Engineering.

As one of the most advanced small nuclear reactor (SMR) projects, an MMR is widely thought to deliver safe and cost-effective electricity and heat.

Earlier this year, Hyundai Engineering secured exclusive rights to USNC’s MMR engineering, procurement and construction (EPC) business through an equity investment worth $30 million.

Hyundai Engineering began partnering with Ultra Safe Nuclear in mini reactor projects in 2012 with an aim to develop an electrical high-temperature gas-cooled micro modular reactor.

“After a decade-long cooperation with Ultra Safe Nuclear, the fourth-generation MMR building project is now underway,” a Hyundai Engineering employee told The Korea Economic Daily. “We will direct all available resources to the project as MMRs are gaining attention as a means to achieving carbon neutrality.” 

Write to Eun-Ji Shim at summit@hankyung.com
Jee Abbey Lee edited this article.