Published : Jan. 11, 2022 - 11:48
Hyundai Engineering Co. CEO Kim Chang-hag (L) poses for photo with Francesco Venneri, CEO of USNC, during a signing ceremony in this undated photo provided by Hyundai on Tuesday. (Hyundai)
Hyundai Engineering Co., a plant engineering affiliate of Hyundai Motor Group, said Tuesday it has secured a deal to construct micro modular nuclear reactors (MMR) for a US developer of the next-generation nuclear energy.
Hyundai Engineering said it has agreed to invest $30 million in Ultra Safe Nuclear Corporation for an undisclosed stake.
The deal gives the South Korean company the exclusive rights to the engineering, procurement and construction for all MMR projects of the Seattle-based company, according to Hyundai Engineering.
The MMR energy system -- high-temperature gas-cooled reactor -- is considered safer, cleaner and more cost-effective, as it delivers carbon-free power and requires minimal operations and maintenance. It can also produce hydrogen. (Yonhap)