Key facts
- HD Hyundai, Hyundai Engineering & Construction, and TerraPower are collaborating on the U.S. small modular reactor (SMR) market.
- The collaboration aims to accelerate the commercialization of TerraPower's Natrium advanced reactor.
- TerraPower will provide reactor technology, HD Hyundai will manufacture key equipment, and Hyundai E&C will handle EPC.
- The companies signed a memorandum of understanding in May 2025 to cooperate on the Natrium reactor.
- HD Hyundai is investing in production facilities to supply two to three reactor vessels annually.
HD Hyundai Co., Hyundai Engineering & Construction (E&C) Co., and U.S. nuclear energy firm TerraPower are strengthening their cooperation to tap into the U.S. small modular reactor (SMR) market. The companies aim to accelerate the commercialization of TerraPower's Natrium advanced reactor, which is based on sodium-cooled fast reactor (SFR) technology.
HD Hyundai Chairman Chung Ki-sun, TerraPower founder and Chairman Bill Gates, and Hyundai E&C CEO Lee Han-woo met in Seoul to discuss their collaboration. Under their agreement, TerraPower will provide the reactor technology, HD Hyundai will manufacture key equipment, and Hyundai E&C will handle the engineering, procurement, and construction (EPC) aspects.
This collaboration builds on a memorandum of understanding signed in May 2025. HD Hyundai Heavy Industries, an affiliate of HD Hyundai, has also previously signed a framework agreement with TerraPower for the manufacturing and supply of key reactor equipment. HD Hyundai is currently involved in producing reactor equipment for TerraPower's 345-megawatt Natrium project in Wyoming and plans to invest in production facilities to supply two to three reactor vessels annually.
Bill Gates also met with South Korean Industry Minister Kim Jung-kwan to discuss expanding South Korean firms' participation in TerraPower's SMR projects. Minister Kim emphasized the importance of timely and budget-conscious project execution and suggested South Korea could serve as a production hub for TerraPower, leveraging its advanced manufacturing ecosystem.