Korea Hydro and Nuclear Power Co, ARC Clean Technology, and NB Power sign Collaboration Agreement to advance SMR fleet deployment
On May 1st, 2024, ARC Clean Technology shared the following press release:
Today, Korea Hydro and Nuclear Power (KHNP), ARC Clean Technology (ARC), and New Brunswick Power (NB Power) signed a trilateral Collaboration Agreement to further cooperation between the three parties with the goal of establishing teaming agreements for global SMR fleet deployment. The Collaboration Agreement was signed at the Reuters SMR and Advanced Reactor 2024 Conference in Atlanta, Georgia.
Since 2023, KHNP, ARC, and NB Power have been exploring potential areas of collaboration for a global fleet deployment of ARC’s advanced small modular reactor. The agreement signed today establishes firm commitments to deliverables, processes, and timelines to advance discussions for participation and potential investment in the deployment of ARC units, starting with the commercial demonstration unit in the Province of New Brunswick.
“While we focus our capabilities on technological development for Korea's Innovative SMR (i-SMR) to have the highest level of competitiveness in the world, we are pushing for timely entry into the 4th generation SMR market" said Dr. Jooho Whang, the CEO of KHNP, adding that "global cooperation is necessary for accelerating the development and construction of 4th generation SMRs, and the strengths of the leading companies in Canada as well as KHNP will lead to synergy in cooperation.”
“We are excited to take the next step in formalizing our relationship through today’s agreement,” said Bill Labbe, President and CEO of ARC Clean Technology Canada. “ARC is seeing significant growth and interest from multiple heavy industries and global jurisdictions for use of our technology. Together, ARC, KHNP and NB Power will be first movers in the industry with a turnkey solution for commercial deployment.”
“Small modular reactors are an important part of NB Power’s strategic plan to meet government mandates to phase out coal by 2030 and achieve net-zero supply by 2035,” said Lori Clark, President & CEO and Chief Nuclear Officer of NB Power. “The agreement with KHNP and ARC will assist us in deploying the clean energy we need to meet our climate goals and maintain energy security for New Brunswickers. In addition, we are excited about what this could mean for potential future commercialization opportunities.”
The three companies bring significant capabilities in the technical design, operation, and construction of nuclear facilities.
KHNP is the largest electric power company in Korea and one of the world’s largest nuclear operators. The company has acquired world-class capabilities in the construction and operation of nuclear power plants globally. ARC is developing the ARC-100, a versatile Generation IV advanced sodium-cooled fast reactor suitable for on-grid and industrial applications. The first deployment of the ARC reactor is an on-grid commercial demonstration unit serving NB Power, one of Canada’s three nuclear operators, at the site of the Point Lepreau Nuclear Generating Station. In 2023, NB Power’s license to prepare site application for the ARC-100 was the first application submitted by a nuclear operator for a Generation IV advanced reactor.
The province of New Brunswick recently made a commitment to double their carbon-free nuclear baseload generation by adding 600 MW of SMRs by 2035.
To read the original press release, visit: www.arc-cleantech.com/news/