Ultra Safe Nuclear and Hyundai Engineering collaborate on microreactors

1 September 2022

US-based Ultra Safe Nuclear Corporation (USNC) and South Korea’s Hyundai Engineering have entered into a Framework Agreement for Procurement, extending existing collaboration in project development and deployment. The agreement, signed in Ottawa (Canada) builds on many years of collaboration between the two companies, a business cooperation agreement signed in January 2022, and an engineering agreement signed in June 2022.

Under the Framework Agreement, Hyundai Engineering will bring its supplier network to support procurement of materials and services to USNC’s Micro Modular Reactor (MMR) based projects globally, strengthen USNC’s ability to serve international markets deploying MMR energy systems.

“It is a great opportunity to contribute not only to the development of Ultra Safe Nuclear’s key projects globally, but also to advance the capabilities and performance of these power plants to deliver reliable, carbon-free energy anywhere,” said Hyeon Sung Hong, CEO of Hyundai Engineering. “We are pleased to help bring this advanced micro reactor technology to the world at a very important time of global energy transition.”

USNC and Hyundai also signed a memorandum of understanding to build on USNC’s fully ceramic micro-encapsulated (FCM) nuclear fuel and MMR fuel and reactor technology, and to develop a “Multi-Purpose High Temperature Reactor” (MP-HTR) suitable for high efficiency power production and process heat applications, including but not limited to the production of hydrogen. The signing ceremony took place at USNC’s recently completed Pilot Fuel Manufacturing (PFM) radiological facility in Oak Ridge, Tennessee. TRISO particle fuel and FCM fuel elements manufactured in the PFM facility will be used for irradiation testing and qualification.

“We are seeing tremendous interest in our micro reactor for a growing number of power and industrial process heat applications,” said Francesco Venneri, CEO of Ultra Safe Nuclear. “Partnering with global EPC leader Hyundai Engineering positions us well to meet this market demand worldwide.”

Earlier this month, following a review by the Committee on Foreign Investment in the United States (CFIUS), USNC and Hyundai Engineering closed a previously announced $30 million equity investment. “The investment further strengthens the strategic relationship between the companies and advances the deployment of clean, carbon-free energy systems in the United States and globally,” the companies said.

Image: Ultra Safe Nuclear CEO Francesco Venneri (l) and Hyundai Engineering CEO Hyeon Sung Hong (r) have signed a Framework Agreement extending collaboration on MMR project development and deployment at a ceremony in Ottawa (courtesy of Ultra Safe Nuclear).

Privacy Policy
We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.