Small modular reactor developer ARC Clean Technology, Canadian utility New Brunswick Power, and nuclear plant operator Korea Hydro & Nuclear Power have signed a memorandum of understanding to explore opportunities for commercializing ARC technology in Canada, South Korea, and the United States, as well as in other regions where KHNP has business operations.

Fast reactor technology, which can run on used nuclear fuel to generate energy, could fulfill U.S. energy needs for 100 years using existing waste, according to Jess Gehin, associate lab director at Idaho National Laboratory and an ANS member in a recent interview with CNBC. Gehin and other nuclear experts believe that this technology could provide substantial energy for the country, help resolve the debate over storing spent nuclear waste, and address the issue of climate change with more carbon-free energy generation. However, the commercial development of fast reactor technology has been hampered by political and economic roadblocks, which researchers are now seeking to overcome.