The contract, signed on Oct. 30 at Hyundai E&C's Seoul headquarters by CEO Lee Han-woo and FANCO nuclear program chief George Malone, elevates a framework agreement inked in July into a five-year deal that can be extended by mutual consent.
Hyundai E&C will review constructability, provide design and engineering advice and feed construction know-how into FANCO's EAGL-1, a fourth-generation fast reactor cooled by a liquid lead-bismuth alloy, staking an early claim to a future construction role.
FANCO has submitted a regulatory engagement plan to the US Nuclear Regulatory Commission as it lays the groundwork for commercialization.
A single EAGL-1 unit is designed to generate about 240 megawatts of electricity.
"Through this contract with FANCO, we will drive the commercialization of the EAGL-1 project and further cement our leading position in the US SMR market," a Hyundai E&C official said.
The deal follows South Korea's first hosting of the International Atomic Energy Agency's nuclear energy ministerial conference, which drew about 800 participants from 60 countries to Incheon last week.
Deputy Prime Minister Bae Kyung-hoon pledged to accelerate SMR development amid surging AI power demand.
AJP Takeaways
- Hyundai Engineering & Construction signed a five-year comprehensive master agreement with US small modular reactor developer First American Nuclear Co. (FANCO) on Oct. 30, 2026, upgrading a framework agreement the two companies signed in July 2026.
- Under the contract, Hyundai E&C will provide constructability reviews, design and engineering advice and construction feedback for FANCO's EAGL-1, a lead-bismuth-cooled fast reactor designed to generate about 240 megawatts of electricity per unit.
- The deal came days after South Korea hosted the International Atomic Energy Agency's nuclear energy ministerial conference for the first time, held in Incheon from Oct. 27 to 29, 2026, where the government pledged to accelerate SMR development.
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