Kim Jungkwan Meets Bill Gates: “Korean Companies Are the Ideal Partners for TerraPower SMRs”

Discussing Ways to Expand Korean Participation in TerraPower’s SMR Project
TerraPower and SK Innovation Sign “Key Terms Agreement for Global Joint Project Promotion”

On August 14, Kim Jungkwan, Minister of Trade, Industry and Energy, met with Bill Gates, Chair of the Board of Directors of TerraPower, and emphasized that "Korean companies can play a pivotal role in making TerraPower's vision a reality."

The Ministry of Trade, Industry and Energy announced that Minister Kim had a meeting in Seoul with Chairman Gates, who is visiting Korea, to discuss ways to expand the participation of Korean companies in TerraPower's small modular reactor (SMR) project, among other topics. The ministry stated that Minister Kim made these remarks during the meeting.

Kim Junggwan, Minister of Trade, Industry and Energy, held a meeting with Bill Gates, Chair of the Board at TerraPower, in Seoul on the 14th to discuss ways to expand Korean companies' participation in TerraPower's Small Modular Reactor (SMR) project. Ministry of Trade, Industry and Energy

Korean companies such as SK and HD Hyundai have made financial investments in TerraPower and established cooperative relations. In addition, several Korean companies are seeking to participate in a variety of fields within TerraPower's U.S. and global projects, including equipment supply, operations, and construction.

TerraPower is currently promoting its Natrium SMR project in the Kemmerer area of Wyoming, United States. The Natrium SMR is a fourth-generation small modular reactor that uses sodium—not the conventional light water (H2O)—as a coolant to transfer heat generated in the reactor to the steam generator. TerraPower received a construction permit from the U.S. Nuclear Regulatory Commission (NRC) in March and is aiming to begin commercial operation in 2031.

During the meeting, Minister Kim stated, "To achieve the economic viability of SMRs and the 'standardization and dissemination of SMRs,' it is essential to combine TerraPower's standard design with Korea's highly reliable, large-scale supply chain." He further remarked, "Korea has built a foundry-level nuclear power plant manufacturing and construction ecosystem through domestic and overseas nuclear power plant construction and operation over the past 50 years, making it the optimal partner." Minister Kim also requested that "Korea becomes a production base for TerraPower and that Korean companies become part of the core supply chain."

After the meeting, Minister Kim, together with Chairman Gates and, in the presence of SK Group Chairman Chey Tae-won, witnessed the signing of a "key terms agreement for the promotion of a global joint business" between TerraPower and SK Innovation. With the signing of this agreement, SK Innovation has secured opportunities to participate in the development of TerraPower's SMR business in the U.S. market as well as internationally.

An official from the Ministry of Trade, Industry and Energy stated, "Amid surging demand for SMRs by big tech companies globally, driven by a recent expansion of artificial intelligence (AI) infrastructure and an increase in data centers, more than 100 SMRs are currently under development around the world." The official added, "This meeting is expected to actively facilitate the entry of not only large Korean corporations but also small and medium-sized nuclear power companies into overseas SMR supply chains going forward."

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