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SAINT JOHN, NB, November 29, 2023 /24-7PressRelease/ — Today, ARC Clean Technology (ARC), Korea Hydro and Nuclear Power Co (KHNP), and New Brunswick Power (NB Power) signed a Memorandum of Understanding (MOU) to explore collaboration opportunities for the commercialization of ARC’s advanced SMR technology in Canada, Korea, United States and other jurisdictions where KHNP has business operations.
Since 2018, ARC and NB Power have been working together on the development of the ARC-100, a modular, advanced sodium-cooled fast reactor that will generate at least 100 megawatts of electricity. The project, at NB Power’s existing Point Lepreau Nuclear Generating Station, submitted a license to prepare site application in June 2023 and is expected to be the first deployment of an on-grid advanced SMR facility in Canada.
KHNP operates 25 nuclear power units in South Korea and supplies approximately 30% of the electric power within the country. The company has also constructed 4 nuclear power units in United Arab Emirates. KHNP operates internationally, with offices in New York, Washington, Paris, Tokyo, Abu Dhabi and Prague.
The opportunities for collaboration to be explored under the MOU could include participation in current and future projects by providing specific expertise for the design, construction, project management, commissioning, operation, and maintenance of ARC’s advanced small modular reactor in multiple countries.
ARC President & CEO, Bill Labbe says the agreement is acknowledgment of the opportunity for ARC technology on a global scale.
“ARC is extremely excited to explore opportunities for collaboration with KHNP, one of the world’s largest nuclear operators. This agreement builds on the successful partnership we have established with NB Power in the Canadian market, and is the first step towards our companies working together to bring the ARC-100 to a global market.”
Lori Clark, President and CEO, highlights “NB Power is pleased to continue to lead the small modular reactor project forward by exploring collaboration opportunities and expanding on existing partnerships. Small modular reactors are a key part of NB Power’s solution to phase out coal by 2030 and achieve net-zero supply by 2035, while maintaining energy security for New Brunswickers, and we are excited about potential future commercialization opportunities. This is an example of our Strategic Plan: Energizing our Future in action, finding new, cleaner and greener energy solutions and building partnerships.
Jooho Whang, KHNP CEO, stated, “This agreement will afford us significant momentum for entering the Gen 4 SMR market. While our tripartite collaboration is in its early stages, I am confident that, leveraging our extensive know-how gained through 40 years of development and operation of nuclear reactors both at home and abroad, we can advance strengthened by a solid partnership with NB Power and ARC Clean Technology.”
About ARC Clean Technology
ARC Clean Technology (ARC) is a clean energy technology company developing the ARC-100, an advanced small modular reactor (aSMR) offering inherently safe, reliable, and economical carbon free power. Leveraging proven technology from the 30-year performance of its prototype, the ARC-100’s simple, modular design provides 100 megawatts of electricity and industrial heat that will be cost competitive with fossil fuels. Important applications include the decarbonization of heavy industry, the fueling of low-carbon hydrogen projects, and the creation of life-saving medical isotopes. The ARC-100 has been selected by New Brunswick Power for implementation on their Point Lepreau site with completion by the end of this decade. ARC Clean Technology has offices in Saint John, New Brunswick and Washington, DC.
For more information, please visit: www.arc-cleantech.com
About NB Power
For over 100 years, NB Power has been a part of the fabric of New Brunswick, Canada. The provincial electric utility has one of the most diverse generation fleets in North America, with approximately 80 per cent non-emitting generation. Over 2,600 energy experts provide reliable, safe and sustainable energy for over 400,000 direct and indirect customers every day. Using a customer-centric approach, NB Power is committed to developing sustainable energy for future generations of New Brunswickers. Part of this commitment includes investments in energy efficiency programs, energy solutions, renewable energy sources and smart grid technology.
About KHNP
Korea Hydro & Nuclear Power Co., Ltd (KHNP), Korea’s largest power generation company that produces about 30% of domestic electricity with 25 nuclear power plants, 37 hydropower plants (including small-scale hydropower plants), and 16 pumped-storage hydropower plants, new and renewable energy such as solar power, wind power, and fuel cells. KHNP is recognized as trusted global clean energy company based on its solid financial status and excellent operational performance.
For more information, please visit: www.khnp.co.kr
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