We are pleased to announce that Holtec International and Hyundai Engineering & Construction (HDEC) have formalized an agreement for completion of the standard design of the SMR-160 plant and delivery of SMR-160 projects worldwide. Hyundai Engineering & Construction will perform the detailed design of the balance of plant and prepare the full plant construction specification for the SMR-160 under development by Holtec since 2010. The partnership provides for projectdelivery rights for HDEC, subject to certain provisos, to validate Holtec’s Standard Design and its adaptation for a given site; perform the needed engineering, procurement and construction activities; and construct the plant.
This agreement is global in scope with provisions to comply with the preference of the customer, effect the most competitive project cost, and in accord with Holtec’s existing commitment with Kiewit for the North American market announced in Holtec Highlights issue #35.12. Holtec will serve as the overall Architect Engineer for the plant and provide the major nuclear components through its U.S. manufacturing facilities and international supply chain. Holtec will provide the instrumentation and control systems through its partnership with Mitsubishi Electric Corporation. Framatome is Holtec’s selected fuel vendor for SMR-160.
The cooperation combines Holtec’s expertise in design, engineering, manufacturing, and project delivery of nuclear components with Hyundai’s EPC and construction management capabilities for major projects. The long-term framework of the agreement and worldwide collaboration supports standardization of the SMR-160 design as it is deployed across the globe to support carbon attenuation objectives. The companies will cooperate to provide project financing and to achieve local content objectives, and are committed to deliver projects on a turnkey basis.
“The partnership with Hyundai Engineering & Construction enhances our ability to deliver SMR-160 projects on schedule and at a competitive price,” commented Dr. Rick Springman, Senior Vice President of International Projects, who led the negotiations.
SMR-160 is an advanced pressurized water reactor that produces up to 160 MWe electric power with excellent economics and flexible operations for competitiveness in today’s global electricity markets. Designed with flexibility to produce process heat for industrial applications and hydrogen to support the transition to a clean transportation sector, SMR-160 is envisioned to serve as the foundation to support tomorrow’s economies. SMR-160 promises unconditional safety through an across-the-board passive design, and the resulting physical simplicity imbedded in SMR-160 undergirds its competitive cost. As a pressurized water reactor with traditional reactor core configuration, SMR-160 is readily licensable, and benefits from the decades of project delivery experience and global supply chains of both companies.
“We have evaluated numerous SMR technologies, applying our extensive nuclear power plant experience, and firmly believe the SMR-160 is an eminently practical design in terms of construction and operations and will play a key role in the battle against climate change,” stated a high ranking official from Hyundai Engineering & Construction.
Hyundai Engineering & Construction performed the construction of 18 nuclear plants in South Korea and the construction of four APR-1400 units in the United Arab Emirates, Barakah Units 1-4, delivered on budget and on schedule. Hyundai Engineering & Construction has an annual revenue of over 16 BB USD. Hyundai Engineering & Construction is a subsidiary of Hyundai Motor Group.
The agreement marks another major milestone for Holtec’s SMR-160. Last year, Holtec’s SMR, LLC successfully completed Phase 1 of the Canadian Nuclear Safety Commission (CNSC) “Pre-Licensing Review of a Vendor’s Reactor Design.” The CNSC staff concluded that “overall, SMR, LLC understands and has correctly interpreted the high-level intent of CNSC’s regulatory requirements for the design of nuclear power plants in Canada pertaining to the scope of the Phase 1 VDR.”
In addition, Holtec also initiated the licensing process with the U.S. Nuclear Regulatory Commission with the goal of securing a site construction license in 2025. The company is actively exploring the possibility of deploying the first SMR-160 at the Oyster Creek decommissioning site in New Jersey and at two states in the south of the country with rapidly growing regional demand for carbon-free energy.
To support the development of the SMR-160, the U.S. Department of Energy (DOE) awarded a grant valued at $147.5 million (DOE share is $116 million with Holtec’s investment share being $31.5 million) last year. To date, Holtec has invested more than $400 million of the Company’s funds on the SMR-160 program and holds 25 U.S. patents on the SMR-160 technology with many patents also extended to other countries.
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