Korean consortium pledges $83M for reactor

South Korean companies have pledged to contribute US$83 million to complete designs on the Smart reactor.

Smart is a 330 MWt pressurised water reactor with integral steam generators and advanced safety features. The unit is designed for electricity generation up to 100 MWe as well as thermal applications such as seawater desalination, with a 60-year design life and three-year refuelling cycle. While the basic design is complete, development had been stalled by the absence of any orders for an initial reference unit. Earlier this year, Kaeri and Posco signed a memorandum of understanding to carry out joint research and development on technologies for Smart and Very High Temperature Reactors.

A consortium of 13 South Korean companies led by Korea Electric Power Co agreed to invest in the development of the Korea Atomic Energy Research Institute. Kepco group companies will take up a total of 51 percent equity participation in the consortium, with companies from the Posco group taking up 28 percent and other companies including Daewoo companies, STX Heavy Industries and Iljin Energy taking smaller shares.

A standard design for the reactor is now expected to be completed by the end of the year. Kaeri has previously announced its intention to proceed to licensing the design by 2012.