Partnership for ARC-100 commercialisation

Through the MoU signed last year, the three companies have been exploring collaboration opportunities for the commercialisation of ARC's ARC-100 - an advanced small modular reactor (SMR) - in Canada, South Korea, the USA and other jurisdictions where Korea Hydro & Nuclear Power (KHNP) has business operations.

The new collaboration agreement - signed during the Reuters SMR and Advanced Reactor 2024 Conference in Atlanta, Georgia - 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 Canadian province of New Brunswick.

Since 2018, ARC and NB Power have been working together on the development of the ARC-100. In July last year, NB Power, in partnership with ARC, submitted an environmental impact assessment registration document and an application for a site preparation licence for an SMR at the Point Lepreau nuclear power plant site in New Brunswick. The demonstration unit is slated for commissioning by 2029, subject to approvals and licensing. The deployment of the ARC-100 in New Brunswick is part of a joint strategic plan on SMR development and deployment released by the governments of Ontario, Saskatchewan, New Brunswick and Alberta in 2022.

"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 KHNP CEO Jooho Whang. He added 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".

ARC Clean Technology Canada President and CEO Bill Labbe said: "We are excited to take the next step in formalising our relationship through today’s agreement. 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,” added NB Power President, CEO and Chief Nuclear Officer Lori Clark. "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 commercialisation opportunities."

The ARC-100 is currently undergoing the second phase of the Canadian Nuclear Safety Commission's pre-licensing Vendor Design Review process, having completed the first phase in 2019.