Hyundai E&C, FANCO Sign 5-Year Master Deal for 240 MWe EAGL-1 SMR
Hyundai E&C will advise on design and constructability of FANCO's EAGL-1 reactor under the Oct. 30 agreement, but no contract value, site or customer has been set.
Chips & Power DeskEdited by Ege Erten
2 min readAI-assisted
FANCO's illustration of its Bridge Power approach, which starts with conventional boilers and a turbine-generator before EAGL-1 is licensed. It is not an image of EAGL-1 or of the Hyundai E&C agreement.
Image: First American Nuclear Co. (FANCO)
Source · Press image from the FANCO website, used for news reporting.
Hyundai Engineering & Construction (Hyundai E&C) signed a five-year master service agreement on Oct. 30 with US reactor developer First American Nuclear Co. (FANCO) to advise on its 240 MWe EAGL-1 small modular reactor (SMR).
The pact can be extended by mutual consent, Seoul Economic Daily reported, and it moves a framework agreement the two companies signed in July to the contract stage. Hyundai E&C will carry out constructability reviews, give design and engineering advice and pass on construction feedback, according to Seoul Economic Daily and Aju Press.
The master agreement has a 5-year term, but task orders and the EPC role are not set or confirmed, and no contract value was disclosed.
Illustration (AI-generated)
The terms stop short of a build order. A master service agreement sets the shared conditions in advance, and the scope, duration and value of each job are fixed later through separate task orders, Seoul Economic Daily said. No contract value was set at this stage. Hyundai E&C said that working from the design stage improves its chances of taking part in construction later.
What EAGL-1 Is and Where It Stands
FANCO is developing EAGL-1 as a liquid metal fast reactor cooled by a lead-bismuth alloy. Both outlets put its output at about 240 megawatts of electricity per reactor, which is a design figure rather than an operating plant. Seoul Economic Daily said the modular design allows several reactors to be built in clusters as demand grows.
FANCO has submitted a regulatory engagement plan to the US Nuclear Regulatory Commission (NRC), according to both reports. That is a preparatory step, not a construction permit application, and neither report gives an NRC review schedule.
Why It Matters for Data-Center Power
FANCO pairs EAGL-1 with what it calls a bridge power solution, which meets early demand from existing sources before shifting gradually to nuclear generation. Seoul Economic Daily said the company is aiming it at large data centers and industrial complexes. No site, customer or power purchase agreement (PPA) has been named, so the 240 MWe per reactor is not tied to any data-center load.
For buyers, the useful signal is the supply chain: a Korean builder is now contracted from the design stage on a lead-cooled design that has no announced offtaker. The July framework had already said the two would explore Hyundai E&C as engineering, procurement and construction (EPC) contractor, a role the new agreement does not confirm.
Hyundai E&C's Other Reactor Ties
The agreement adds to a run of reactor deals at the Hyundai group. As Voltgrid reported, Hyundai Engineering signed memoranda of understanding with NANO Nuclear and ARC on Oct. 28, also with no contract value disclosed. Unlike those memoranda, the FANCO agreement is a master contract with a stated five-year term, though its value depends on task orders that have not been issued.
What Is Not Confirmed Yet
No contract value, first task order or start date has been published. Seoul Economic Daily and Aju Press based their reports on Hyundai E&C's statement; neither quotes FANCO on the agreement, and neither gives a date for the next NRC filing. Whether Hyundai E&C becomes the EPC contractor remains open until a task order or separate construction contract is signed.
