(LEAD) HD Hyundai, Hyundai E&C, TerraPower to collaborate to tap into U.S. SMR market
SEOUL, Aug. 14 (Yonhap) -- Heads of HD Hyundai Co., Hyundai Engineering & Co...
HD Hyundai, Hyundai Engineering & Construction, and TerraPower have agreed to collaborate in the small modular reactor (SMR) sector, aiming to accelerate the commercialization of TerraPower's Natrium advanced reactor. The three companies signed a memorandum of understanding in May 2025, with HD Hyundai to manufacture key equipment and Hyundai Engineering & Construction handling engineering, procurement, and construction (EPC).
TVP founder and chairman Bill Gates, HD Hyundai chairman Chung Ki-sun, and Hyundai Engineering & Construction CEO Lee Han-woo met in Seoul to discuss the collaboration. HD Hyundai Chairman Chung stated that the partnership aims to respond to growing demand for SMR power generation by developing technologies and collaborating with global companies.
The meeting marked their first since discussing the project at the World Economic Forum in Davos, Switzerland. HD Hyundai has been expanding its partnership with TerraPower to tap into the U.S. nuclear energy market, having signed a framework agreement in May for manufacturing and supplying key reactor equipment for TerraPower's Natrium project in Wyoming.
The company plans to accelerate production facilities to supply two to three reactor vessels annually. Gates also met with Industry Minister Kim Jung-kwan to discuss expanding South Korean firms' participation in TerraPower's SMR projects, emphasizing the importance of executing projects within budget and on schedule.
Written by urgent.news from Yonhap News's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
