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Hyundai Engineering & Construction (Hyundai E&C) shares soared on Monday after reports revealed that the South Korean construction giant secured its first major nuclear power contract in the United States. The company signed a basic design agreement with U.S. energy developer Fermi America to spearhead front-end engineering work for four large nuclear reactors in Texas.
The deal, inked on October 24 at Hyundai E&C’s Seoul headquarters, marks a milestone as the first time a South Korean firm has won a basic design contract for a large-scale U.S. nuclear power project. Following the announcement, Hyundai E&C’s stock on the Korea Exchange surged as much as 11.7% to 74,400 won as of 05:41 GMT, signaling strong investor confidence in the company’s expanding global footprint.
The partnership with Fermi America is part of the U.S. developer’s ambitious “Complex Energy and Artificial Intelligence Campus,” a $480 billion (approximately 700 trillion won) project planned near Amarillo, Texas. The energy complex aims to generate up to 11 gigawatts of power, combining large nuclear reactors, small modular reactors (SMRs), and solar facilities to supply renewable and nuclear energy to a massive AI data center.
Analysts at Morgan Stanley noted that the development also holds positive implications for Doosan Enerbility, which previously signed an MOU with Fermi America in August. “While this news provides a short-term boost in sentiment, we await further details and management guidance during Hyundai E&C’s upcoming third-quarter earnings to assess the longer-term order pipeline,” the analysts said.
The deal strengthens Hyundai E&C’s presence in the global nuclear energy market, aligning with South Korea’s growing influence in clean and advanced power technologies as nations accelerate efforts toward sustainable and AI-driven energy infrastructure.
