Hyundai Engineering & Construction said on the 14th it will work with First American Nuclear Co (FANCO), a U.S. next-generation Small Modular Reactor (SMR) developer, on a nuclear power project based on a lead-bismuth–cooled fast reactor.
Hyundai Engineering & Construction signed a basic agreement on the 13th (local time) with FANCO at the InterContinental New York Times Square hotel in New York for cooperation on the "EAGL-1 project."
The signing was attended by Choi Young, executive vice president of the new energy division at Hyundai Engineering & Construction, and Mike Reinboth, FANCO chief executive officer (CEO), among officials from both companies.
FANCO is developing "EAGL-1," a liquid metal–cooled fast reactor (LMFR) that uses a liquid lead-bismuth alloy as coolant. It is pursuing commercialization procedures, including submitting a regulatory engagement plan to the U.S. Nuclear Regulatory Commission (NRC).
EAGL-1 is a next-generation Small Modular Reactor (SMR) that produces about 240 MW of electricity per single reactor. When six reactors are built in a cluster, it is designed to supply power to about 1.2 million households.
By recycling spent nuclear fuel, it can reduce long-lived radioactive waste by more than 95%, and it also plans to apply a "bridge power (BRIDGE POWER)" approach that gradually transitions from gas-fired power to nuclear power.
Under the agreement, the two companies will cooperate in the early phase of the project on items including ▲ balance-of-plant (BOP) design for the EAGL-1 nuclear plant ▲ bridge power support ▲ constructability reviews ▲ modularization strategy. They will also review ways for Hyundai Engineering & Construction to participate in future engineering, procurement and construction (EPC).
FANCO has announced plans with the state of Indiana to create a nuclear energy park and is pushing to build a nuclear cluster that links a nuclear manufacturing facility with an energy complex.
An official at Hyundai Engineering & Construction said, "This contract is significant in that it creates an opportunity for Hyundai Engineering & Construction to participate from the initial design review of the U.S. next-generation Small Modular Reactor (SMR) business through engineering, procurement and construction, and expands the reactor cooperation network in the United States," adding, "Through strategic cooperation with FANCO, we will support the commercialization of EAGL-1 and expand business opportunities in the U.S. Small Modular Reactor (SMR) market."
Hyundai Engineering & Construction is working with Holtec on a light-water–type Small Modular Reactor (SMR), with TerraPower on a sodium-cooled fast reactor (SFR), and with Netherlands-based Thorizon on a molten salt reactor (MSR). With this agreement with FANCO, it has broadened cooperation to include the lead-bismuth–cooled fast reactor field.