PM meets with Bill Gates, discusses cooperation on SMRs

Prime Minister Han Seong-sook met with Bill Gates in Seoul on Friday to discuss cooperation on next-generation small modular reactors (SMRs) and energy partnerships between South Korea and the United States, according to her office. The Microsoft founder and CEO of nuclear power company TerraPower arrived in Seoul on Thursday, drawing significant attention as his visit aimed to bolster collaboration with South Korea in the SMR sector.

SMRs are seen as the future of nuclear energy due to their safety, flexibility, cost-effectiveness, and rapid construction time compared to traditional large-scale nuclear power plants.

During the meeting, Prime Minister Han emphasized South Korea's three megaprojects initiative, which aims for national transformation through semiconductors, physical AI, and AI data centers, underscoring the importance of power supply for this transformation. She also highlighted the country's exploration of an energy mix utilizing renewable energy and SMRs.

Prime Minister Han particularly praised South Korea's cooperation with TerraPower on SMRs and expressed confidence in the nation's ability to contribute significantly to carbon neutrality and the SMR ecosystem. This is attributed to South Korea's experience in building and operating nuclear power plants.

Bill Gates conveyed his intention to strengthen partnerships with South Korean companies following TerraPower's recent permitting success. TerraPower won approval from the U.S. Nuclear Regulatory Commission in July for constructing its flagship Natrium SMR nuclear power plant, Kemmerer Unit 1, in Wyoming, marking the first commercial-scale, advanced nuclear power plant to receive such a permit.

South Korean firms have been actively expanding partnerships with TerraPower; SK Group holds a $250 million stake in the company, while shipbuilder HD Hyundai has been designated a preferred manufacturer for components of the Natrium reactor enclosure system, and Korea Hydro and Nuclear Power has acquired a $40 million stake.