HD Hyundai, Hyundai E&C, TerraPower to collaborate to tap into U.S. SMR market

HD Hyundai, Hyundai Engineering & Construction, and TerraPower have agreed to collaborate on the small modular reactor (SMR) market in the United States, according to a report by Yonhap. The three companies met in Seoul to discuss accelerating the commercialization of TerraPower's Natrium advanced reactor, a next-generation SMR based on sodium-cooled fast reactor (SFR) technology.

Under the memorandum of understanding signed in May 2025, HD Hyundai will manufacture key equipment while Hyundai E&C handles engineering, procurement, and construction (EPC) for the Natrium reactor. HD Hyundai Chairman Chung Ki-sun expressed optimism about the partnership, stating that the companies aim to respond to the growing demand for SMR power generation by developing their technologies and collaborating with global entities.

This marks the first meeting between Chung and TerraPower founder and Chairman Bill Gates since their discussions at the World Economic Forum in Davos, Switzerland. HD Hyundai has been expanding its partnership with TerraPower to enter the U.S. nuclear energy market, having signed a framework agreement in May to manufacture and supply key reactor equipment for the sodium-cooled fast reactor.

The company also participates in the production of reactor equipment for the 345-megawatt Natrium project in Wyoming, with plans to accelerate investment in production facilities to establish a system capable of supplying two to three reactor vessels annually.