Hyundai E&C Signs Framework Deal With FANCO On EAGL-1 SMR Project

South Korea's Hyundai Engineering & Construction has signed a framework agreement with First American Nuclear Company (FANCO) to cooperate on the EAGL-1 small modular reactor project, giving one of Asia's most experienced nuclear contractors a foothold in a next-generation US design.

The EAGL-1 Reactor

EAGL-1 is a 240 MWe lead-bismuth cooled fast-spectrum small modular reactor. FANCO says the design can operate in a closed fuel cycle in which spent fuel is continuously reprocessed and reused, cutting long-lived nuclear waste by over 95%. It is engineered to be 100% factory-fabricable, licensable under the NRC's existing regulatory framework, and to use existing US Department of Energy stockpiles of mixed-oxide and transuranic fuels — while remaining fuel-agnostic enough to run on high-assay low-enriched uranium.

Scope Of Cooperation

The two companies will collaborate on early-stage work including balance-of-plant design for the EAGL-1 nuclear power plant, support for FANCO's BridgePower phased-deployment product, constructability reviews and modularisation strategies. Both sides also plan to explore Hyundai E&C's participation as an engineering, procurement and construction (EPC) partner on the EAGL-1 project itself, with the signing taking place in New York on July 13.

Fitting Into A Wider SMR Portfolio

The agreement completes a Hyundai E&C portfolio that already includes cooperation with Holtec, TerraPower and Thorizon across each of the major 4th-generation reactor families. Hyundai officials said the deal is significant because it opens the door to a US SMR project from initial design review all the way through to EPC execution, and expands the Korean firm's reactor cooperation network in the American market. FANCO, meanwhile, is separately building out its supply chain through a strategic alliance with AtkinsRéalis announced in May and plans for a nuclear energy park with the state of Indiana.

A Global SMR Race

The deal is another data point in a fast-moving global SMR race, following recent moves such as Samsung Heavy Industries and Sargent & Lundy's floating SMR MoU, Meitner Energy's USD 1.2 billion Atucha SMR plan and Aalo Atomics' criticality milestone at Idaho National Laboratory.

Reporting based on coverage from World Nuclear News, Korea Herald, Seoul Economic Daily and First American Nuclear.