Hyundai Engineering Establishes Nuclear Power Business Division to Strengthen Small Modular Reactor Projects

A bird's-eye view of the 'Chalk River Micro Modular Reactor (MMR)' demonstration plant being promoted by Hyundai Engineering in Canada. (Provided by Hyundai Engineering)

[Asia Economy Reporter Kim Hyemin] Hyundai Engineering announced on the 23rd that it has established a Nuclear Business Division to strengthen its Small Modular Reactor (SMR) business.

This upgrade elevates the nuclear sector from a team-level organization to a dedicated division, reinforcing the existing workforce with additional design personnel and recruiting external experts.

Through this, Hyundai Engineering plans to advance projects involving small reactors (SMR, MMR), hydrogen production, nuclear power plant decommissioning, research reactors, and nuclear fuel manufacturing facilities. Furthermore, the company intends to expand its business scope to secure proprietary SMR technology.

In particular, in the small reactor sector, based on the ongoing Canadian Chalk River MMR project, Hyundai Engineering aims to enter markets in the United States, Poland, and other countries by 2029. Additionally, through technological advancement, it plans to develop the MMR++ (tentative name) with higher output than existing models and enter the large-scale hydrogen production business.

SMRs are regarded as a key means to achieve carbon neutrality, and according to the UK National Nuclear Laboratory, the market size is expected to reach approximately 390 trillion to 630 trillion KRW by 2035.

Hyundai Engineering began its nuclear power plant design business with the launch of the Nuclear Department in 1985 and has carried out various projects such as the design service for Wolseong Nuclear Power Plant Unit 1. The company has also ventured into securing 4th generation nuclear technology by collaborating with the US nuclear specialist company USNC on high-temperature gas reactor design in 2012 and on small modular reactor development cooperation in 2015.

A Hyundai Engineering official stated, "We will establish ourselves as a leader in both technology and business execution capabilities in the small modular reactor field, accelerating ESG management by strengthening our eco-friendly portfolio. Through active investment and continuous R&D in eco-friendly energy sectors, we will transform into a global environmental energy company."