Key facts
- TerraPower and SK Innovation signed a preliminary deal for small modular reactor (SMR) projects.
- Prime Minister Han Seong-sook met with Bill Gates to discuss cooperation on next-generation nuclear reactors.
- South Korea is exploring an energy mix that includes renewable energy and SMRs.
- Bill Gates stated South Korea's potential contribution to carbon neutrality and the SMR ecosystem.
- TerraPower's Natrium SMR plant in Wyoming received its construction permit from the U.S. Nuclear Regulatory Commission.
- HD Hyundai and Korea Hydro and Nuclear Power are involved in partnerships with TerraPower.
TerraPower, the nuclear power company founded by Bill Gates, and South Korea's SK Innovation have signed a preliminary agreement to collaborate on small modular reactor (SMR) projects. This development follows Gates' visit to Seoul, where he met with Prime Minister Han Seong-sook to discuss energy cooperation between the United States and South Korea.
During their meeting, Prime Minister Han highlighted South Korea's "three megaprojects" initiative, emphasizing the need for a stable power supply, and noted the country's consideration of renewable energy and SMRs in its energy mix. Gates expressed confidence in South Korea's ability to contribute significantly to carbon neutrality and the SMR sector, citing its experience in nuclear power plant construction and operation. He also pledged to strengthen partnerships with South Korean companies.
TerraPower recently secured a permit from the U.S. Nuclear Regulatory Commission for its flagship Natrium SMR nuclear power plant in Wyoming. South Korean companies are increasingly involved in TerraPower's projects, with SK Group being a significant shareholder. HD Hyundai has been selected as a preferred manufacturer for components of the Natrium reactor enclosure system, and Korea Hydro and Nuclear Power has acquired a stake in TerraPower.