Korean companies partner with U.S. start-ups

In recent months, much attention has been paid to the deal between the United States and South Korea involving the potential construction of eight new gigawatt-scale reactors. Outside of that spotlight, however, significant U.S.-Korean collaboration continues on the small reactor front.

In the past two weeks, Elementl Power partnered with DS Investment Partners and Hyundai partnered with ARC Clean Technology, Nano Nuclear, and First American Nuclear.

Hyundai partnerships: With announcements relating to three different start-ups, Hyundai Engineering & Construction stands out as having had a particularly active two weeks of U.S. deal-making.

With Indiana-based First American Nuclear (FANCO), Hyundai E&C announced that it has signed a five-year master service agreement for the EAGL-1, FANCO's 240-MWe, lead-bismuth-cooled fast reactor.

Through their partnership, Hyundai E&C plans to support FANCO by providing "constructability reviews, technical advisory services on design and engineering, and technical feedback on construction," the company said, adding that it is incorporating its engineering, procurement, and construction expertise from the design stage onward, "raising the likelihood of its participation in the project's construction phase."

The other two recently announced partnerships specifically involved Hyundai Engineering, a subsidiary of Hyundai E&C. With ARC Clean Technology, Hyundai Engineering signed a memorandum of understanding to "explore collaboration on the deployment of ARC-100," the company's 100-MWe sodium-cooled fast reactor design.

The MOU between the companies focuses on two areas for cooperation. First, Hyundai Engineering will support ARC's plans to deploy its first reactor at Idaho National Laboratory. Second, Hyundai Engineering will provide support for the "completion of the ARC-100 design" and for Nuclear Regulatory Commission licensing under Part 53.

With Nano Nuclear, Hyundai Engineering signed an MOU "to establish a framework for potential collaboration" to advance the Kronos MMR project at the University of Illinois-Urbana-Champaign. The MOU also will "evaluate broader cooperation on future Nano Nuclear manufacturing and deployment activities."

Nano and Hyundai tentatively plan to collaborate across numerous stages of project execution planning. Hyundai may also expand its role to include engineering, procurement, and construction responsibilities, among other possible roles. Hyundai teaming up with Nano builds on its long history with the technology. Starting in 2012, the company worked with the Korea Atomic Energy Research Institute and Ultra Safe Nuclear Corporation to help develop the technology now planned for deployment at UIUC.

Elementl partnership: Elementl Power, which describes itself as a "nuclear project delivery and capital management platform," signed a preliminary agreement to "form and fund a development partnership of up to $750 million." This partnership would be backed by a consortium led by South Korean investment firm DS Investment Partners. Samsung C&T Engineering & Construction Group is named by Elementl as a potential strategic investor.

The proposed partnership would provide support for up to three of Elementl's nuclear projects, helping each achieve a final investment decision and support preconstruction activities. One of the projects up for support would be Elementl's planned 1.5-GW site in Ohio, where it plans to deploy GE Vernova Hitachi's BWRX-300.