This file photo taken May 10, 2023, shows a model of the System-integrated Modular Advanced Reactor, a small modular reactor developed by South Korea, displayed at the International Atomic Energy Agency’s headquarters in Vienna, Austria. (Yonhap)
SEOUL, July 10 (Korea Bizwire) — South Korea launched a government-lead project worth 399.2 billion won (US$305.4 million) to foster research and development of a homegrown small modular reactor (SMR) in an effort to lead the global market of the emerging energy sector, the science ministry said Monday.
Co-led by the Ministry of Science and ICT and the Ministry of Trade, Industry and Energy, the project is aimed at developing a next-generation innovative SMR by 2028, according to the ministry.
State-run energy firms and private companies, including Korea Hydro & Nuclear Power Co., Samsung C&T Corp. and POSCO E&C Co., are also participating in the project.
As advanced nuclear reactors, SMRs have a power capacity of up to 300 megawatts per unit, which is about one-third of the generating capacity of traditional nuclear power reactors, and can produce a large amount of low-carbon electricity.
SMRs can be installed in locations not suitable for large nuclear power plants, and reduce costs and construction time, according to experts.
“In order to develop an innovative SMR and secure competitiveness in a timely manner, government-private cooperation is important,” Science Minister Lee Jong-ho said during a kick-off ceremony in the central city of Daejeon.
“For the success of the project, the government will give full support.”
(Yonhap)
