Strengthening SMR Cooperation… Bill Gates - Industry Ministry, SK, HD Hyundai, Doosan Hold Successive Meetings

As part of efforts to enhance cooperation in small modular reactor (SMR) development, high-ranking officials from the government and domestic companies have been actively strengthening their ties. SMRs are considered a major solution to rising energy demand, especially with the growth of artificial intelligence (AI) data centers.

During a meeting on July 14th, Kim Jung-gwan, the Minister of Industry and Trade, and Bill Gates, chairman of the SMR partnership, discussed expanding Korean companies' participation in SMR projects. TeraPower, a US-based SMR developer, is pursuing a 4th-generation SMR project in Wyoming, using liquid metal sodium (sodium) as a coolant instead of water. SMRs are known for their stability and advanced technology.

The meeting resulted in a joint agreement on key conditions for a "global joint project proposal" between TeraPower and SK Innovation. SK Innovation has pledged to secure SMR participation opportunities in the US and other overseas markets. Meanwhile, HD Corporation, in collaboration with TeraPower and modern construction company, recently signed a 3-way business agreement for a "next-generation sodium reactor project."

Additionally, Lotte World Energy signed a deal with TeraPower for manufacturing key components such as reactor containment vessels, reactor support structures, and internal structures. The government has also prioritized SMRs as part of its 7-seed (SEED) growth plan, aiming for commercialization of SMRs by 2030 and 2035, alongside other advanced technologies such as nuclear fusion, renewable energy, quantum computing, space and aviation, advanced bio, and advanced supply chains.