Hyundai Engineering targets global SMR market with US partnerships
Hyundai Engineering is stepping up its push into the global small modular reactor (SMR) market, signing agreements with two U.S. nuclear technology developers to pursue demonstration projects involving next-generation reactor designs. The Korean engineering company said Tuesday it signed memorandums of understanding with Nano Nuclear Energy, known as NNE, and ARC Clean Technology to explore…
Hyundai Engineering is expanding its reach into the global small modular reactor (SMR) market by forming partnerships with two American nuclear technology companies. The company announced on Tuesday that it has signed memorandums of understanding with Nano Nuclear Energy, or NNE, and ARC Clean Technology to collaborate on next-generation SMR designs.
As the demand for reliable, low-carbon electricity rises, driven by advancements in artificial intelligence and data centers, Hyundai Engineering aims to play a significant role in this burgeoning sector.
Through its agreement with NNE, Hyundai Engineering will contribute to the KRONOS micro modular reactor project at the University of Illinois Urbana-Champaign. This project seeks to supply heat for the campus while advancing carbon neutrality objectives. The collaboration will cover various aspects, including engineering, procurement, construction for auxiliary reactor facilities, modular design reviews, supply chain development, and business planning.
NNE, based in New York and listed on Nasdaq, is currently developing a high-temperature gas-cooled microreactor. Hyundai Engineering's involvement in this partnership signifies its commitment to contributing to the global transition towards sustainable and clean energy solutions.
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- Hyundai Engineering targets global SMR market with US partnerships koreatimes.co.kr
