Hyundai E&C, Holtec embark on detailed design of SMR-160 model

South Korea’s Hyundai Engineering & Construction Co. and its US nuclear reactor partner Holtec International have agreed to start working on the detailed design of a small modular reactor (SMR) for commercialization.

Hyundai E&C, a unit of Hyundai Motor Group, said on Wednesday the two companies will work out the design of the standard SMR-160 model, an advanced pressurized water reactor that produces up to 160 MWe of electric power.

The joint work will mark the first time for a Korean nuclear reactor maker to participate in the design of an advanced US reactor model.

The SMR-160 can be set up in areas with extreme conditions such as in deserts or polar regions with its safety confirmed through virtual simulations of risk events such as the Fukushima nuclear accident in 2011 and terrorist attacks.

The reactor can be installed on a small area of land through modularization, making it easier to find a site compared to large nuclear power plants. In addition, a small module nuclear power plant can be connected after installation to an existing nuclear power plant.

In 2020, the US Department of Energy (DOE) awarded Advanced Reactor Demonstration Program (ARDP) funding to Holtec’s SMR-160 small modular reactor program.

Hyundai E&C said on Wednesday data accumulated from the joint design work will be used for the two partners to apply for US government approval on the actual construction of SMRs in the country.

SEEK JOINT BUSINESS OPPORTUNITIES IN 15 COUNTRIES

“We will strengthen our position as an energy market game changer by combining the world's best technology and business capabilities," said Hyundai E&C Chief Executive Yoon Young-joon.

Hyundai said the two companies will jointly seek business opportunities in 15 countries, including the US and European countries.

Last November, Hyundai E&C and Holtec, which specializes in the design and manufacture of parts for nuclear reactors, agreed to jointly install the US company’s SMR-160 model at nuclear power plants they build globally.

In March of this year, the two companies agreed to expand their partnership by jointly entering the US nuclear power plant dismantlement market, starting with the decommissioning of the Indian Point Energy Center nuclear power plant in Buchanan, New York.

SMRs are attracting attention as next-generation energy providers due to their lower investment costs and fewer carbon emissions than existing large nuclear power plants.

Hyundai entered the nuclear power plant construction business in 1971 when it and Westinghouse Electric Co. jointly built the Gori 1 plant, Korea’s first nuclear power plant.

Hyundai has since constructed 18 nuclear plants, or over 60% of 30 such plants, across South Korea.

Write to Eun-Ji Shim at summit@hankyung.com
In-Soo Nam edited this article.