US nuclear developer Elementl Power has signed a preliminary agreement to establish a development partnership worth up to $750m (€672m) with a consortium led by South Korea’s DS Investment Partners, as the company seeks to accelerate the construction of advanced nuclear power capacity in the US.

South Korea-based Samsung C&T’s Engineering & Construction Group is participating as a potential strategic investor, bringing international nuclear construction expertise to the proposed partnership.

The agreement, announced on 26 October, outlines plans to finance pre-construction activities for as many as three advanced nuclear projects, including regulatory permitting, grid interconnection and procurement of equipment with long manufacturing lead times.