Hyundai Engineering Signs Dual SMR Cooperation Agreements with US Developers

KRONOS MMR Partnership

Hyundai Engineering has signed a memorandum of understanding with NANO Nuclear Energy to support advancement of the KRONOS MMR Energy System project at the University of Illinois Urbana-Champaign. The KRONOS MMR is a 45 MWt, 15 MWe high-temperature gas-cooled reactor using TRISO fuel in prismatic graphite blocks with a sealed transportable core. NANO Nuclear submitted a Construction Permit Application on 31 March 2025 and signed a strategic collaboration agreement with the university in April 2025 to site the first research unit on campus.

Under the MoU, the two companies initially plan to concentrate on project-execution planning, procurement readiness, constructability, modularisation, logistics, supply-chain development, and localisation planning for the United States. The agreement explicitly preserves interfaces with the university, existing expected contractors, and applicable public-procurement requirements.

Subject to technical and commercial evaluation and separate definitive agreements, the scope could later expand to include architecture and engineering, full EPC delivery, construction management, equipment fabrication, and support for broader KRONOS MMR fleet deployment. The parties may also assess balance-of-plant and infrastructure opportunities across industrial heat, hydrogen, desalination, and maritime applications.

ARC-100 Sodium-Cooled Fast Reactor

Hyundai Engineering has separately concluded an MoU with ARC Clean Technology, developer of the 100 MWe ARC-100 sodium-cooled fast reactor. The ARC-100 uses a metallic uranium alloy core and is designed for both grid electricity and industrial heat. Its lineage traces to the Experimental Breeder Reactor-II, which operated at Argonne National Laboratory from 1961 until 1994.

In August 2025, ARC signed a multi-year framework agreement with Battelle Energy Alliance — the management and operating contractor for Idaho National Laboratory — targeting first-of-a-kind deployment of an ARC-100 at that site. The framework spans engineering and design, advanced materials and manufacturing, high-performance computing, irradiation testing, commissioning, and site development across the full project lifecycle. The initial commercial demonstration plant is planned at approximately 200 MWe, with ARC considering a future expansion to around 600 MWe.

Hyundai Engineering stated that the ARC MoU is expected to broaden its business scope into fourth-generation reactor technology, encompassing both high-temperature gas reactors and sodium-cooled fast reactors.

Supply-Chain and EPC Context

Since establishing its Nuclear Power Division in 1985, Hyundai Engineering reports completing 254 nuclear projects, including 145 designs for operating plants, 32 research reactors, 31 nuclear fuel manufacturing and storage facilities, and six SMR technology development projects. The company characterised the two new agreements as a platform for building first-of-a-kind project experience and developing qualified supplier networks in the United States market.

Both MoUs reflect a broader objective of combining Korean and US industrial capabilities to support localisation, supplier qualification, project financing, and repeatable fleet execution as advanced reactor designs progress through regulatory review toward construction.

Deep Fission secures Kansas power purchase agreement amid short-seller scrutiny

Reactor developer Deep Fission has entered into a master energy purchase agreement with the Great Plains Development Authority in Kansas, the company announced last week. The agreement represents a concrete commercial step for the Department of Energy-backed start-up, which has been working to establish its position in the emerging small reactor market.

The signing comes at a notable moment for the company. A recent report published by a short-seller firm accused Deep Fission of exaggerating its commercial viability, casting doubt on the start-up's market standing. The Kansas agreement provides a tangible counterpoint to those claims, though the scope, pricing terms, and timeline of the power purchase arrangement were not detailed in available reporting.

Master energy purchase agreements are framework contracts that establish the terms under which energy will be bought and sold between parties over time. For a reactor developer at an early commercial stage, such an agreement with a regional development authority can signal offtake interest and help underpin project financing discussions, though it does not necessarily indicate that construction or regulatory approvals are imminent.

The Great Plains Development Authority, based in Kansas, serves as the counterparty in the deal. Kansas has seen growing interest in advanced nuclear technologies as utilities and regional bodies seek to diversify long-term power supply options. The state's energy landscape, historically shaped by wind generation and conventional thermal capacity, is increasingly being evaluated as a potential host for next-generation reactor projects.

Deep Fission has received backing from the Department of Energy, positioning it among a cohort of federally supported advanced reactor developers competing for commercial contracts and project sites across the United States. The short-seller report targeting the company reflects broader market scrutiny that several nuclear start-ups have faced as investor enthusiasm for the sector is tested against the long development timelines and capital requirements typical of nuclear projects.

Supply-chain professionals tracking the advanced reactor segment will note that a master energy purchase agreement, while commercially meaningful, represents an early-stage commitment. Translating such agreements into firm orders for components, engineering services, and fuel supply typically requires subsequent project development milestones, including site selection, licensing progress, and financial close. The terms and conditions governing the Kansas agreement, including any contingencies or exclusivity provisions, have not been publicly disclosed.

The announcement adds to a series of offtake and partnership deals across the advanced nuclear sector, as developers seek to demonstrate demand ahead of seeking construction financing and regulatory approvals.

Key facts

  • Deep Fission signed a master energy purchase agreement with the Great Plains Development Authority in Kansas.
  • The company is backed by the Department of Energy.
  • A short-seller firm recently published a report accusing Deep Fission of overstating its commercial viability.
  • Financial terms, project timelines, and capacity details were not disclosed in available reporting.

DOE Issues Conditional Loan Commitment to Constellation for Nuclear Uprates Across Nine Plants

Federal Financing Framework

The US Department of Energy launched its Utility Power Reactor Incremental Scaling Effort, known as UPRISE, in March of this year with a target of adding 5 GW of nuclear generating capacity by 2029. The programme focuses on power uprates, life extensions, and facility restarts as the most cost-effective near-term routes to capacity growth, with an interim milestone of 2.5 GW by the end of next year and a further 2.5 GW within three years after that.

Under UPRISE, the DOE's Office of Energy Dominance Financing holds more than USD 289 billion in available loan authority and is authorised to cover up to 80% of eligible project costs for qualifying uprate work at attractive interest rates. The office is also tasked with facilitating collaborative agreements between plant owners and end users.

Scope of the Conditional Commitment

Constellation has received a conditional loan commitment under UPRISE covering planned uprate investments at nine facilities: Braidwood, Byron, Clinton, Dresden, LaSalle, and Quad Cities in Illinois; Calvert Cliffs in Maryland; and Limerick in Pennsylvania. The combined capacity addition across these sites is nearly 1.1 GWe.

The commitment also includes an option to finance future uprate projects at additional Constellation facilities beyond those currently identified. However, the arrangement remains subject to completion of due diligence, negotiation of definitive financing documents, and satisfaction of applicable conditions. It does not constitute a final decision to proceed at every facility under consideration.

Private-Sector Demand as a Catalyst

Constellation noted that the federal commitment builds on substantial private investment already in place. Separate 20-year power agreements with Google and Amazon have underpinned a commitment by Constellation to invest more than USD 7 billion to add approximately 1,080 MW of nuclear capacity. An agreement with Meta, announced last year, supports a 30 MW expansion specifically at the Clinton Clean Energy Center in Illinois.

The company stated that these long-term offtake arrangements demonstrate how large energy consumers can enable new reliable generation that feeds into regional grids and benefits a broader customer base. The conditional DOE loan is expected to lower financing costs and allow Constellation to advance projects at greater scale and pace than private capital alone would support.

Conditions and Next Steps

If the loan commitment is finalised, Constellation has indicated it will continue engagement with the DOE, customers, regulators, and local stakeholders to advance individual uprate projects. The conditional nature of the commitment means each facility will require separate project-level decisions before work proceeds.

The United States has a stated national goal, announced by President Donald Trump, of expanding the country's nuclear generating capacity from 100 GW to 400 GW by 2050. The UPRISE initiative and this commitment to Constellation represent early steps toward that longer-term objective.