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U.S. TerraPower, South Korea's SK Innovation sign preliminary deal on global SMR projects

finance.yahoo.com ·

U.S. TerraPower, South Korea's SK Innovation sign preliminary deal on global SMR projects

SEOUL, Aug 14 (Reuters) - TerraPower and SK Innovation, a South Korean company, have inked a preliminary deal to collaborate on small modular reactor (SMR) projects worldwide, the Industry Ministry in Seoul announced. The agreement, signed at a meeting between TerraPower co-founder Bill Gates, SK Group Chairman Chey Tae-won, and Industry Minister Kim Jung-kwan, opens avenues for SK Innovation to join TerraPower's SMR initiatives both in the United States and abroad.

The deal's specifics, such as financial terms and investment scope, remain undisclosed. TerraPower, backed by Gates, is in the developmental phase of its sodium-cooled Natrium reactor project in Kemmerer, Wyoming, with a target commercial operation date of 2031. SK Group's Doosan Enerbility has secured a contract to manufacture crucial reactor components, including the vessel, support structures, and internal structures, though the contract's value was not disclosed.

South Korean firms, including SK and Hyundai Heavy Industries, have made investments in TerraPower and are exploring roles in equipment supply, operations, and construction for its U.S. and international projects. The ministry cited rising electricity demand from AI infrastructure and data centers as driving global interest in SMRs, presenting opportunities for Korean suppliers to enter emerging overseas supply chains.

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The Seoul Metropolitan Government has expressed its opposition to the Ministry of Land, Infrastructure and Transport's housing supply measures, following its previous stance on green belt preservation, and this time, on the utilization of Yongsan Park. On the 4th, the Ministry of Land, Infrastructure and Transport announced a plan to supply 250,000 housing units in the metropolitan area by 2025, including 100,000 in Seoul, through a 'Housing Supply Innovation Plan'. In response, the Seoul Metropolitan Government announced its opposition to the plan, stating that it is 'difficult to accept' the central government's measures. The Seoul Metropolitan Government pointed out that the housing supply measures announced by the Ministry of Land, Infrastructure and Transport focus on 'development' rather than 'stimulation of supply'. The government plans to promote the development of 30,000 housing units in Yongsan Park, which is currently under construction, and to redevelop 16 areas, including the Yongsan Electronics Market and the Ichon-dong area near the Hangang River, in addition to the existing 4 areas. However, the Seoul Metropolitan Government expressed concerns that the development of Yongsan Park and the redevelopment of the 16 areas will lead to an increase in the number of high-rise buildings, resulting in increased traffic and environmental problems. In particular, the Seoul Metropolitan Government emphasized that Yongsan Park is a 'symbol of the city's history and a resting place for citizens', and that it is necessary to preserve it as a 'green space' rather than developing it as a housing site. The Seoul Metropolitan Government also expressed concerns that the redevelopment of the 16 areas will lead to gentrification and displacement of small businesses and residents. The Seoul Metropolitan Government plans to submit its opinions to the Ministry of Land, Infrastructure and Transport and to actively participate in the discussion on the housing supply plan. The Ministry of Land, Infrastructure and Transport plans to finalize the housing supply plan by the end of this month after taking into account the opinions of local governments, including the Seoul Metropolitan Government.

·hani.co.kr

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