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Hyundai Engineering CEO Hong Hyun-seong and the Korea Atomic Energy Research Institute (KAERI) President Joo Han-gyu have signed a memorandum of understanding (MOU) to jointly promote the commercialisation and export of KAERI’s SMART small modular reactor (SMR). Hyundai Engineering will be responsible for business development, financing and EPC (engineering, procurement & construction) for verification and commercialisation of SMART and KAERI will continue to support reactor design and licensing.

Date: Thursday, 14 December 2023
Original article: neimagazine.com/news/newskaeri-and-hyundai-engineering-to-promote-export-of-smart-smr-11369646

Even oil-rich companies of Middle East are eying reactors, as more nations announce plans for SMRs Russian troops occupied the Zaporizhzhia nuclear station, which was damaged by shelling. File photo courtesy IAEA. 2022 was a year of mega milestones for nuclear energy.

Countries around the world turned to nuclear as a reliable low-carbon energy source as they looked for ways to wean themselves off Russian imports and lower carbon emissions.

New plants began operating, deals for small modular reactors were signed and countries announced ambitious plans for new-build.

On the political front, US president Joe Biden signed into law new legislation that will help to finance struggling nuclear reactors and could save dozens from being shut down early. In Europe, the nuclear industry celebrated when members of the European parliament decided to “follow the science” and support legislation which includes nuclear in the bloc’s sustainable finance taxonomy for green investment.

Date: Tuesday, 10 January 2023
Original article: nucnet.org/news/five-major-developments-that-are-setting-the-stage-for-2023-and-beyond-1-1-2023

Seoul to resume construction of two units as president says building reactors is ‘global trend’ Work on Shin-Hanul-3 and Shin-Hanul-4 was halted in 2017 under the nuclear phaseout policy of the previous administration. Courtesy KHNP. South Korea has announced a new energy policy that calls for a “feasible and reasonable energy mix” with construction of the Shin-Hanul-3 and - 4 nuclear powers to resume and the aim of increasing the share of nuclear power to a minimum of 30% by 2030.

The policy effectively reverses the previous administration’s plans to phase out commercial nuclear energy.

Former president Moon Jae-in’s policy had been to retire the country’s 24 commercial reactors, which supply about 30% of its electricity generation, and refrain from building new ones.

By contrast, new president Yoon Suk-yeol, who took office earlier this year, is bullish on the need for South Korea to embrace nuclear energy. He has said building nuclear power plants is a global trend and essential to the reduction of carbon and energy security, noting that the EU had recently classified nuclear power as green energy in its sustainable finance taxonomy.

Date: Thursday, 07 July 2022
Original article: nucnet.org/news/new-energy-policy-reverses-phaseout-plans-and-targets-30-nuclear-share-in-2030-7-3-2022

South Korea and Saudi Arabia signed a memorandum of understanding (MOU) on comprehensive cooperation in nuclear research and development on the sidelines of the IAEA General Conference in Vienna on 17 September. They agreed to collaborate on the commercialisation of Korea’s SMART small modular reactor and to work together to licence and construct the first SMART unit in Saudi Arabia.

Date: Wednesday, 25 September 2019
Original article: neimagazine.com/news/newssouth-korea-and-saudi-arabia-to-co-operate-on-smart-smr-7421502