SK, Samsung Accelerate Fourth-Generation SMR... Exploring 'Pre-Review' with Nuclear Safety Commission

Saltfoss of Denmark and U.S. TerraPower Expected to Apply for Pre-Review
Saltfoss Signs Business Agreements with Samsung Heavy Industries, GS E&C, and Others
TerraPower Receives U.S. Construction Approval; SK Becomes Second-Largest Shareholder

TerraPower is holding a groundbreaking ceremony for an SMR demonstration site in Wyoming, USA. The ceremony was attended by TerraPower founder Bill Gates (center in photo), TerraPower CEO Chris Leveck (fifth from the left in photo), and Wyoming Governor Mark Gordon (third from the left in photo), among others. June 11, 2024. Provided by SK Corporation.

Major Korean corporations such as SK Innovation and Samsung Heavy Industries are preparing to enter the commercialization of fourth-generation small modular reactors (SMRs) in Korea. They plan to accelerate the pace of development and licensing by actively utilizing the Nuclear Safety and Security Commission's pre-review system, which is scheduled to take effect in November 2026. As a result, unlike the large-scale nuclear power plants previously led by the government and Korea Hydro & Nuclear Power, there is a growing possibility that private companies will take the lead in SMRs.

According to the Nuclear Safety and Security Commission and the nuclear industry on July 16, three domestic and overseas companies have recently expressed their intention to participate in the pre-review system. An official from the Commission explained, "We have received inquiries about the pre-review system, which is scheduled to be introduced in November. However, it is not yet decided whether they will actually participate."

The pre-review system allows businesses to request a preliminary review by the Nuclear Safety and Security Commission before applying for construction permits or standard design approval. This system enables the early identification of regulatory issues during the development phase, reducing uncertainties that may arise in the licensing process. It was introduced by law to expedite the development of next-generation reactors such as SMRs. Companies must submit a pre-review request document, design details, and detailed reports.

Countries such as the United States and Canada are also operating pre-review systems. In Korea, the revised Nuclear Safety Act containing the relevant provisions passed the National Assembly in April 2026 and is set to take effect on November 20, 2026. Korea's innovative small modular reactor (i-SMR), for which a design certification was filed with the Commission in February 2026, also underwent a preliminary review through a business agreement.

According to the nuclear industry, Denmark's startup Saltfoss (formerly Seaborg Technologies) and the US-based TerraPower are reported to have inquired about participating in the pre-review system with the Commission. These companies are preparing to enter the Korean market in partnership with major domestic corporations.

Saltfoss is developing an offshore floating SMR that uses molten salt as a coolant. Their model involves placing a reactor on a ship and docking it where power supply is needed.

The company has already signed a financial business agreement with Korean firms such as Samsung Heavy Industries, Korea Hydro & Nuclear Power, and GS E&C to develop a floating power facility based on a compact molten salt reactor (CMSR). Doosan Enerbility is also known to be participating in this project. An industry source explained, "Saltfoss is responsible only for nuclear power plant design, while all reactor manufacturing, construction, and shipbuilding will be led by Korean companies."

TerraPower, a startup founded by Microsoft founder Bill Gates, is developing a sodium-cooled fast reactor (SFR) that uses liquid sodium as its coolant. In 2022, SK Innovation jointly invested $250 million with SK Corporation in TerraPower, becoming the company’s second-largest shareholder. In March 2026, TerraPower obtained approval from the U.S. Nuclear Regulatory Commission to build a power plant in Kemmerer, Wyoming.

TerraPower is expected to apply for a domestic preliminary review of its SFR reactor in cooperation with SK Innovation. Because it has already obtained approval from the U.S. regulatory authority, the process for commercialization in Korea may also be expedited.

In addition, Korean startup BEES (CEO Park Yunwon) has reportedly expressed its intention to seek a preliminary review. Founded in 2014, BEES is conducting a project to develop micro nuclear reactors, which can provide power to island or mountainous regions or be used for hydrogen or ammonia production. CEO Park Yunwon is a nuclear energy expert who served as president of Korea Institute of Nuclear Safety from 2011 to 2013.

Meanwhile, an SMR refers to a small reactor with an electric output of 300 megawatts (MWe) or less, which can be manufactured in modules at a factory, transported, and then assembled on site. i-SMR, which is based on a pressurized water reactor, is classified as a third-generation SMR, while non-light water reactor types such as molten salt reactor (MSR), sodium-cooled fast reactor (SFR), very high temperature gas-cooled reactor (VHTR), and high temperature gas-cooled reactor (HTGR) are categorized as fourth-generation SMRs.

This content was produced with the assistance of AI translation services.