Hyundai Engineering Invests in USNC, Secures Exclusive EPC Rights for 4th Generation MMR

Securing Global EPC Exclusive Rights for Micro Modular Reactor (MMR) to Capture World Market
Advancing Construction and Commissioning of Canada's Chalk River MMR Demonstration Plant by 2025

Kim Chang-hak, President of Hyundai Engineering (left), and Francesco Veneri, CEO of USNC, are signing an investment agreement and taking a commemorative photo.

Hyundai Engineering announced on the 11th that it has signed an equity investment agreement with US-based USNC, a specialized company in small modular reactors (SMR) using 4th generation high-temperature gas reactors, securing exclusive rights for the global EPC business of Micro Modular Reactors (MMR). Hyundai Engineering's investment amount this time is $30 million (approximately 37.5 billion KRW).

Hyundai Engineering and USNC began cooperation on high-temperature gas reactor technology development in March 2012 and have been conducting conceptual and basic design of high-temperature gas reactors together with the Korea Atomic Energy Research Institute. In February 2019, they passed the pre-licensing approval from the Canadian Nuclear Regulatory Authority, and this year, they started construction of an MMR demonstration plant at the Chalk River Nuclear Laboratory site northeast of Toronto, eastern Canada, aiming for commercial operation to begin in 2025.

In this project, Hyundai Engineering participates as the EPC contractor, USNC is responsible for nuclear fuel supply, reactor design, manufacturing, and supply, and the Korea Atomic Energy Research Institute is in charge of nuclear fuel loading design and safety analysis.

The ‘4th generation high-temperature gas reactor MMR’ developed by USNC applies patented micro-encapsulated ceramic tri-coated nuclear fuel technology to the MMR reactor design. This technology prevents the leakage of radioactive materials even at 1800 degrees Celsius, and fundamentally excludes nuclear fuel melting even in the event of a severe accident like the Fukushima nuclear disaster, thus being evaluated as having the highest level of safety among small modular reactors.

The MMR, which secures safety by mounting ceramic-coated nuclear fuel, can produce steam at a higher temperature (above 750 degrees Celsius) than existing reactors. This can be utilized not only for power generation but also for supplying high-temperature process heat and mass production of hydrogen through electrolysis. Additionally, developed based on a modular design, it allows rapid construction, easy installation in polar and remote areas, and scalability by adding reactor modules according to demand to increase thermal output.

A Hyundai Engineering official said, "With this investment, we have secured an exclusive position in the USNC-MMR global EPC business in the field of next-generation energy sources, micro modular reactors," adding, "We will lead the global small modular reactor market in Canada, the United States, Europe, and the Middle East based on the highest level of safety and economic feasibility in the MMR business, which is essential for achieving carbon neutrality and revitalizing the hydrogen economy."

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