Signs Master Service Agreement with U.S.-based FANCO for the “EAGL-1 Project”

■ FANCO Executives Visit Hyundai E&C Headquarters on Oct. 30 (Fri.) to Sign Agreement

■ Five-Year Agreement to Provide Design, Engineering and Construction Advisory Services for an SMR Based on Lead (Pb)–Bismuth (Bi)-Cooled Fast Reactor Technology

■Hyundai E&C Deepens US Advanced Nuclear Partnerships to Strengthen Its Position in the Global Nuclear Market

Hyundai E&C is stepping up its efforts to expand into the U.S. nuclear power market by strengthening its collaboration with a U.S. developer of next-generation small modular reactors (SMRs), beginning at the initial design stage.

The company announced that it had met with executives from First American Nuclear Co. (FANCO), a U.S. developer of next-generation SMRs, at its headquarters in Gye-dong, Jongno-gu, Seoul, on Friday, October 30, and signed a Master Service Agreement (MSA).

The signing was attended by senior executives from both companies, including Hyundai E&C CEO Lee Han-woo and George Malone, FANCO’s head of nuclear programs. The two sides also held detailed discussions on cooperation on FANCO’s “EAGL-1 project”.

The MSA builds on the Framework Agreement the two companies signed in July for the “EAGL-1 project”, advancing their partnership into a formal contractual stage and laying the groundwork for long-term business cooperation. An MSA is a master agreement that establishes the common contractual terms, conditions and responsibilities governing ongoing cooperation between companies. As specific work arises, the parties will issue individual task orders setting out the scope of work, duration, and contract value.

The agreement between Hyundai E&C and FANCO runs for five years, with an option to extend it by mutual consent. During the contract period, Hyundai E&C will support FANCO’s development of its next-generation SMR, “EAGL-1”, by providing ▲ constructability reviews ▲ technical advisory services on design and engineering and ▲ technical feedback on construction. Notably, the company is credited with incorporating its EPC (engineering, procurement, and construction) expertise from the design stage onward, raising the likelihood of its participation in the project’s construction phase.

FANCO is developing the “EAGL-1 project”, a liquid metal-cooled fast reactor (LMFR) that uses a liquid lead (Pb)-bismuth (Bi) alloy as its coolant. The company is laying the groundwork for commercializing the technology, including submitting a regulatory engagement plan to the U.S. Nuclear Regulatory Commission (NRC).

“EAGL-1”, which generates about 240MWe of electricity from a single reactor, features a modular design that allows multiple reactors to be deployed in clusters, with generating capacity expanded as demand for power grows. It also features a Bridge Power solution, which draws on existing power sources to meet initial demand before shifting in stages to nuclear generation, allowing large data centers, industrial complexes, and similar projects to move forward faster and with greater flexibility.

A Hyundai E&C official said, “Hyundai E&C is expanding its international track record in both large-scale nuclear power projects and the next-generation energy construction market.” The official added, “Through this agreement with FANCO, we will drive the commercialization of the “EAGL-1 project” and further strengthen our leading position in the U.S. SMR market.”

[Hyundai E&C CEO Lee Han-woo (second from left), FANCO’s head of nuclear programs, George Malone, and other representatives from both companies pose for a commemorative photograph following the signing of the MSA]