Korea Hydro and Nuclear Power Co, ARC Clean Technology, and New Brunswick Power sign Collaboration Agreement to advance SMR fleet deployment

    ATLANTA, GA, May 01, 2024 /24-7PressRelease/ -- Today, Korea Hydro and Nuclear Power (KHNP), ARC Clean Technology (ARC), and New Brunswick Power (NB Power) signed a trilateral Collaboration Agreement to further cooperation between the three parties with the goal of establishing teaming agreements for global SMR fleet deployment. The Collaboration Agreement was signed at the Reuters SMR and Advanced Reactor 2024 Conference in Atlanta, Georgia.

Since 2023, KHNP, ARC, and NB Power have been exploring potential areas of collaboration for a global fleet deployment of ARC's advanced small modular reactor. The agreement signed today 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 Province of New Brunswick.

"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 Dr. Jooho Whang, the CEO of KHNP, adding 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."

"We are excited to take the next step in formalizing our relationship through today's agreement," said Bill Labbe, President and CEO of ARC Clean Technology Canada. "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," said Lori Clark, President & CEO and Chief Nuclear Officer of NB Power. "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 commercialization opportunities."

The three companies bring significant capabilities in the technical design, operation, and construction of nuclear facilities.

KHNP is the largest electric power company in Korea and one of the world's largest nuclear operators. The company has acquired world-class capabilities in the construction and operation of nuclear power plants globally. ARC is developing the ARC-100, a versatile Generation IV advanced sodium-cooled fast reactor suitable for on-grid and industrial applications. The first deployment of the ARC reactor is an on-grid commercial demonstration unit serving NB Power, one of Canada's three nuclear operators, at the site of the Point Lepreau Nuclear Generating Station. In 2023, NB Power's license to prepare site application for the ARC-100 was the first application submitted by a nuclear operator for a Generation IV advanced reactor.

The province of New Brunswick recently made a commitment to double their carbon-free nuclear baseload generation by adding 600 MW of SMRs by 2035.

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

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 a minimum 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 commercial demonstration on their Point Lepreau site. 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, including nuclear power. 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 and non-emitting energy sources such as SMRs, and smart grid technology.

MEDIA CONTACT FOR ARC: Sandra Donnelly, Corporate Services, [email protected]

MEDIA CONTACT FOR KHNP: Siye Choi, Corporate Communications Office, [email protected]

MEDIA CONTACT FOR NB POWER: D'Arcy Walsh, Corporate Communications, [email protected]

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