Hyundai Engineering and the Korea Atomic Energy Research Institute on Monday formalized an agreement to export Korean-made small modular reactors internationally, beginning with a project in Canada.

Hyundai Engineering CEO Hong Hyeon-sung and KAERI President Joo Han-gyu signed the agreement at the institute's Daejeon headquarters to globally promote Korea’s System-integrated Modular Advanced Reactor, or "Smart."

Under this partnership, Hyundai Engineering will spearhead business development and financing, as well as engineering, procurement and construction aspects. KAERI will contribute its expertise in reactor design and licensing.

Smart, a 110-megawatt small modular reactor in development since 1997, represents a significant advancement in nuclear technology. In 2012, it became the first SMR to receive a standard design license from Korea’s Nuclear Safety and Security Commission for its comprehensive safety design.

The system merges key components like the reactor, steam generator and coolant pump into a single unit, significantly enhancing safety by minimizing the risk of coolant leakage -- a crucial concern in nuclear reactor operations.

This technology enables Smart to generate not only electricity, but also steam, hydrogen and process heat, alongside a seawater desalination function, making it a versatile and economical solution.

The collaboration's immediate focus is the construction of a small modular reactor in Alberta, following a 2021 memorandum of understanding with the Alberta provincial government. Progress so far includes a site application to the Canadian Nuclear Laboratories and a letter of intent for Canada's new nuclear power plant program.

"This MOU really sets the stage for Smart to make its mark globally, starting with our projects in Canada. We're also eyeing future expansions into markets like Uzbekistan, the US and India," an official from Hyundai Engineering commented.

Hyundai Engineering is also leading the world's first demonstration project of a fourth-generation Micro Modular Reactor in the Chalk River region in Ontario. MMRs are even smaller, more efficient, versatile reactors that can be used in remote locations or for specific industrial applications where larger reactors are impractical.