Hyundai Engineering CEO Hong Hyun-sung, right, and Korea Atomic Energy Research Institute President Joo Han-gyu pose after signing a memorandum of understanding at the institute's headquarters in Daejeon, Monday. Courtesy of Hyundai Engineering

Hyundai Engineering signed a memorandum of understanding (MOU) with the Korea Atomic Energy Research Institute (KAERI) to export system-integrated modular advanced reactors (SMARTs), Korea's locally developed small modular reactors (SMRs), the company said Wednesday.

The construction firm will take charge of fundraising to demonstrate and commercialize SMART, as well as the engineering, procurement and construction (EPC) work. The state-run nuclear energy research institute will design the reactors and seek approvals for their projects.

Their recent MOU is expected to give momentum to their cooperation for the construction of an SMR in Canada. They signed an MOU in 2021 with the government of Alberta for the construction and asked Canadian Nuclear Laboratories in September to provide a site to demonstrate SMART.

They also expressed their intention to join a Canadian nuclear power plant operator's new project.

In addition, Hyundai Engineering is testing the world's first fourth-generation micro modular reactor in Chalk River, a small rural village in the Canadian province of Ontario.

"Through our recent partnership with KAERI, we finished preparation for the export of SMART, so our overseas projects will gain momentum," a Hyundai Engineering official said. "From our project in Canada where we are seeing a power generation transition towards SMR, we are also considering expanding our business to Uzbekistan, the U.S. and India."

KAERI has developed the 110-megawatt-class SMART model since 1997. It incorporates an integrated pressurized water reactor system used in the world's leading nuclear plants. Being one-tenth the size of regular nuclear power plants, it can be built even in remote and mountainous areas due to fewer physical and geographical constraints.