SK Group and TerraPower Strengthen Strategic Partnership to Commercialize Advanced Nuclear Energy Technology

• SK Chairman Chey Tae-won and Bill Gates meet in Seoul to discuss TerraPower’s Natrium® technology
• Companies brief Korean officials on building Korea-U.S. SMR ecosystem and market leadership
• Partnership builds on SK’s $250 million investment and strategic collaboration with TerraPower

SEOUL -- SK Group Chairman Chey Tae-won and Bill Gates, founder and Chairman of TerraPower, recently met in Seoul to discuss strategic cooperation for the development and commercialization of the Natrium® technology by TerraPower, of which SK is an investor.

Also attending the dinner were Ahn Jae-yong, CEO of SK bioscience; Kim Moohwan, Head of the Energy Solution Business at SK Innovation; Chey Yoon-Jung, Head of Business Development at SK Biopharm; and Chris Levesque, President and CEO of TerraPower.

At the meeting, Chairman Chey commented, “I believe that Korea and SK can play a critical role in the commercialization of TerraPower’s advanced nuclear designs. Let’s work together to enhance market acceptance, leveraging the safety, efficiency, and clean power of the next generation of nuclear technologies.”

In August 2022, SK Inc. and SK Innovation jointly invested $250 million (USD) in TerraPower and have continued to cooperate on the commercialization of TerraPower’s advanced reactor technology and global business expansion. SK Inc. and SK Innovation are part of SK Group, South Korea’s second-largest conglomerate.

In March 2023, SK Innovation, Korea Hydro & Nuclear Power (KHNP), and TerraPower signed an MOU for the development and commercialization of next-generation nuclear plants, and have since been cooperating on the demonstration and commercial reactor development for TerraPower’s Natrium technology, a sodium-cooled fast reactor (SFR)-based Gen-4 reactor.

Last year, TerraPower began construction on the first commercial-scale advanced reactor project in Wyoming, with the project progressing toward anticipated completion by 2030.

Chris Levesque, TerraPower President and CEO said, “We have received great support from SK since they joined our visionary investor base in 2022 and began participating on our Board. There is strong alignment between our technology solutions and SK’s industry-leading businesses. We see many opportunities for collaborations with SK in Korea and in the global marketplace.”

During the visit, Lee Hyung-hee, Head of the SK SUPEX Council’s Communication Committee; Kim Moohwan, Head of Energy Solution Business at SK Innovation; Chairman Gates; and CEO Levesque met with Minister Kim Jeong-gwan of South Korea’s Ministry of Trade, Industry and Energy, as well as Director Ahn Se-jin of the Nuclear Power Industry Policy Bureau for South Korea. They discussed building a Korea–U.S.-based Korean SMR ecosystem and related cooperation.

At the meeting, SK and TerraPower explained their investments and technological developments for advanced nuclear reactors. TerraPower’s Natrium reactor features a 345 MWe sodium-cooled fast reactor and built-in gigawatt-scale energy storage. The sodium-coolant allows the Natrium reactor to operate at atmospheric pressure, a key safety feature, and the energy storage system can boost the plant’s output to 500 MWe+ of power when needed while base output remains steady. The Natrium plant is the only advanced reactor design with this feature, and as a result, it is recognized globally for its economic and business potential.

SK requested that the Ministry support incentives to encourage private sector participation, strengthen global partnerships at the governmental level, and introduce advanced regulatory systems to help secure a lead in the global SMR market, which is expected to grow to hundreds of billions of dollars by 2040.

Kim Moohwan, Head of the Energy Solution Business at SK Innovation, said, “SMRs are an innovative technology that can achieve both carbon reduction and energy security. Based on our strategic partnership with TerraPower, SK Innovation will play a leading role in building the domestic SMR ecosystem and entering the global market.”

About SK

SK Group, South Korea’s second-largest conglomerate, is a global technology leader delivering innovations to build the backbone for a new era of industry. Based in Seoul, SK has more than 175 companies and over 100,000 employees worldwide with a focus on developing and producing advanced solutions in semiconductors, artificial intelligence, energy and life sciences. SK businesses have a shared commitment to create economic value while having a positive impact on society. For more on SK, visit sk.com.