Hyundai will perform the detailed design of the balance of plant and prepare the full plant construction specification for the SMR-160, an SMR unit that has been under development by Holtec since 2010.
Holtec said the companies will cooperate to provide project financing and are committed to delivering SMR-160 projects on a turnkey basis and at a competitive price.
The SMR-160 is an advanced pressurised water reactor that produces up to 160 MW electric power and is designed with flexibility to produce process heat for industrial applications and hydrogen.
Last year, Holtec completed Phase 1 of a Canadian Nuclear Safety Commission (CNSC) pre-licensing review for the SMR-160. The company has also begun the licensing process with the US Nuclear Regulatory Commission with the goal of securing a site construction licence in 2025.
Holtec said it is 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.
Last year the US Department of Energy awarded a grant to support the development of the SMR-160. The DOE share of the grant is $116m with Holtec’s share $31.5m. Holtec has invested more than $400m in the SMR-160 programme.