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U.S. nuclear company TerraPower and South Korea’s SK Innovation agreed on key terms for a global joint business, laying the groundwork for cooperation on TerraPower’s small modular reactor (SMR) projects in the United States and overseas.
The agreement was signed Friday in Seoul in the presence of TerraPower Chairman Bill Gates, SK Group Chairman Chey Tae-won and South Korea’s Trade, Industry and Energy Minister Kim Jung-kwan, Seoul’s Trade, Industry and Energy Ministry said.
Under the preliminary agreement, SK Innovation plans to work with TerraPower to develop its Natrium technology, including South Korea’s first commercial plant and potential overseas projects.
The two companies also plan to explore engineering and digital innovation, including digital twin technology and artificial intelligence, to optimize reactor operations and maintenance, TerraPower said.
Alongside its agreement with SK Innovation, TerraPower selected Hyundai Engineering & Construction (HDEC) as the engineering, procurement and construction contractor for up to eight future Natrium reactors. Financial terms were not disclosed.
The agreement includes completion, price and performance guarantees intended to facilitate conventional commercial financing for the planned fleet.
TerraPower is developing its Natrium SMR project in Kemmerer, Wyoming. The company obtained a construction permit from the U.S. Nuclear Regulatory Commission in March and is targeting commercial operation in 2031.
The Natrium reactor uses sodium as a coolant instead of conventional light water and is a fourth-generation SMR with a capacity of 345 MWe per module, according to the ministry.
South Korean company Doosan Enerbility also won a TerraPower contract to manufacture key Natrium components, including the reactor vessel and support and internal structures. The deal’s value was not disclosed.
At the meeting, Kim stressed that South Korean companies have the capabilities to deliver projects on time and within budget, making them strong partners for TerraPower’s overseas expansion.
He also called for TerraPower’s standardized reactor design to be combined with South Korea’s nuclear manufacturing supply chain and urged the company to consider South Korea as a production base and Korean firms as key suppliers.
TerraPower Chairman Bill Gates and President and CEO Chris Levesque also met with South Korean Prime Minister Han Seong-sook and executives from the Export-Import Bank of Korea, HD Hyundai, HDEC and SK Innovation.
"Today marks a pivotal moment for TerraPower as we embark on a new chapter of international collaboration with Korea’s leading organizations," Levesque said.
"Combining TerraPower’s innovative advanced nuclear technology with Korea’s nuclear construction and operational expertise will strengthen our global cooperation and accelerate the deployment of a Natrium fleet."
Global demand for SMRs is rising as companies expand AI infrastructure and data centers, with more than 100 SMRs under development worldwide, the ministry said. It sees the early stage of the SMR supply chain as an opportunity for South Korean companies to enter overseas projects.
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