US TerraPower, South Korea's SK Innovation sign preliminary deal on global SMR projects

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SEOUL, Aug 14 : TerraPower and South Korea's SK Innovation signed on Friday a preliminary global agreement on small modular reactors (SMRs), Seoul's Industry Ministry said, opening a path for the SK Group affiliate to participate in the U.S. company's projects at home and abroad.

The agreement was signed at a meeting in Seoul between TerraPower co-founder Bill Gates, SK Group Chairman Chey Tae-won and Industry Minister Kim Jung-kwan, the ministry said.

The deal gives SK Innovation, the parent of South Korea's largest oil refiner, an opportunity to take part in development of TerraPower's SMR projects in the United States and overseas, the ministry said. It did not disclose financial terms or the scope of any investment.

TerraPower, backed by Gates, is developing its sodium-cooled Natrium reactor project in Kemmerer, Wyoming. The company received a construction permit from the U.S. Nuclear Regulatory Commission in March and is targeting commercial operation in 2031, the ministry said.

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South Korea's Doosan Enerbility said on Friday it won a contract from TerraPower to manufacture key components for the reactor, including the reactor vessel, support structures and internal structures, without disclosing the value of the deal.

South Korean companies including SK and HD Hyundai have made financial investments in TerraPower and are also seeking roles in equipment supply, operations and construction for its U.S. and overseas projects, the ministry said.

The ministry said growing electricity demand from AI infrastructure and data centres was increasing global interest in SMRs, creating opportunties for Korean suppliers to enter emerging overseas supply chains.

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