Korea Seeks to Become Next-Gen. Nuclear Hub in SMR Talks With Bill Gates
Bill Gates, the Microsoft co-founder and chair of the Gates Foundation who also leads next-generation nuclear power company TerraPower, arrived in South Korea via Gimpo Airport on a private jet at around 9:20 p.m. on Aug. 13. It was his first visit to the country in a year, since August last year, a
Bill Gates, co-founder of Microsoft and chairman of the Gates Foundation, visited South Korea on a private jet on August 13, marking his first trip to the nation in a year. The visit aims to bolster collaboration on small modular reactors (SMRs), which are essential for meeting electricity demand in the AI era. Gates will meet with Prime Minister Han Sung-sook on August 14 and is reportedly planning a closed-door meeting with National Assembly Speaker Cho Jung-sik.
The talks will focus on the institutional framework for developing the SMR industry and exploring ways to cooperate on nuclear power technology as a strategic asset.
President Lee Jae-myung had previously pledged to promote seven advanced technologies, including SMRs, as growth engines for the AI era. The business community is closely watching a series of meetings with SK Group and Hyundai Heavy Industries (HD Hyundai), both key collaborators of TerraPower. Gates is scheduled to meet HD Hyundai Chairman Chung Ki-sun on August 14 to discuss SMR sector cooperation. The two parties have not met since the Davos Forum earlier this year.
HD Hyundai has had a long-standing partnership with TerraPower, supplying the reactor enclosure system for TerraPower's Natrium reactor. SK Group, a major investor in TerraPower with a $250 million investment, is also likely to be a key participant in the upcoming meetings. SK Group is a significant shareholder in TerraPower, having previously cooperated on vaccine development and expanded the relationship into carbon neutrality and energy.
The surge in electricity demand due to the proliferation of AI is behind the visit. The International Energy Agency predicts that global data center electricity consumption will increase to 945 terawatt-hours by 2030, more than double the current level. SMRs, which provide stable electricity supply and low carbon emissions, are seen as an effective solution to power shortages at data centers.
TerraPower's fourth-generation reactor, the Natrium, uses a sodium-cooled fast reactor design that generates less nuclear waste and offers greater safety compared to conventional nuclear power plants. TerraPower obtained a permit to build a commercial-scale next-generation nuclear power plant in Wyoming in March, and South Korean companies aim to become a key player in the global SMR supply chain.
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