Hyundai Engineering & Construction Secures Global Exclusive Rights for US Holtec Small Modular Reactor

Contract Signed for Joint Development and Deployment of Small Modular Reactors
Comprehensive Agreement Including Global Exclusive Rights and North American Market Participation
"Laying the Foundation for Transition to a Pre-Construction Solution Partner"

President Yoon Young-jun of Hyundai Engineering & Construction (right) and Chris Singh, CEO of Holtec, are signing a business cooperation agreement (Teaming Agreement) on the 22nd (local time). / Photo by Hyundai Engineering & Construction.

[Asia Economy Reporter Kangwook Cho] Hyundai Engineering & Construction has secured global exclusive rights to small modular reactors from a local U.S. company.

On the 22nd (local time), Hyundai Engineering & Construction announced on the 24th that it signed a business cooperation agreement (Teaming Agreement) with Holtec International, located in New Jersey, USA, for the joint development and business entry of small modular reactors. Through this business cooperation agreement for the global market, both companies agreed on overall business aspects including ▲joint development of commercialization models ▲joint participation in marketing and bidding ▲joint business promotion.

Holtec's SMR-160 model, currently undergoing detailed design and North American regulatory approval processes, is a 160MW-class pressurized water reactor type small modular reactor that can be deployed universally without regional or environmental restrictions such as deserts or polar areas. Developed based on proven pressurized water reactor technology, the model has verified safety through simulations of all potential hypothetical risks such as the Fukushima incident and terrorism. In particular, it can be installed on a small site, making site selection relatively flexible compared to large nuclear power plants, and through modularization, it can be linked with existing small modular reactors if necessary after deployment.

It has passed the first stage of preliminary reactor design approval by the Canadian Nuclear Safety Commission (CNSC), and approval by the U.S. Nuclear Regulatory Commission (USNRC) is underway. It has also been selected as a model for the U.S. Department of Energy's 'Next Generation Reactor Demonstration Program,' receiving high evaluations for safety and commercial viability, and negotiations are ongoing to deploy the first SMR-160 at Oyster Creek in New Jersey.

Chris Sing, CEO of Holtec, said, "We expect the SMR-160 model to reliably supply carbon-free energy worldwide," adding, "Through joint development and joint deployment contracts with Hyundai Engineering & Construction, a global EPC leader, not only will the project proceed successfully, but the timeline for contributing to global climate change will be accelerated."

Hyundai Engineering & Construction evaluated that it has laid the foundation to build a diverse business portfolio through securing future growth engines and strengthening engineering capabilities, including ▲enhancing future responsiveness ▲expanding eco-friendly, low-carbon new business areas ▲securing exclusive business rights in design, procurement, and construction for the global market ▲acquiring participation shares in the North American market, and preparing the cornerstone to lead future construction projects. In particular, it plans to solidify its position as a leader in small modular reactors (SMRs) as a game changer in the global construction market.

Yoon Young-jun, President of Hyundai Engineering & Construction, said, "Through this contract, we have laid the foundation to shift from a past business scope focused on orders and construction to an expanded EPC partner covering future new technology development, global sales, procurement, and construction," emphasizing, "We will continue to focus on new businesses such as construction automation and smart cities, evolving into a 'Total Solution Creator' encompassing all areas of construction from investment development to operation."

This content was produced with the assistance of AI translation services.