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TerraPower and SK Innovation sign preliminary SMR deal
The agreement opens the door for SK Innovation to join TerraPower’s SMR development in the United States and overseas, without disclosing financial terms or investment scope.
TerraPower and South Korea’s SK Innovation have signed a preliminary global agreement on small modular reactors, South Korea’s Industry Ministry said. The accord is intended to allow an SK Group affiliate to take part in TerraPower’s SMR projects both at home and abroad.
The ministry said the deal was signed in Seoul during a meeting that included TerraPower co-founder Bill Gates, SK Group Chairman Chey Tae-won and Industry Minister Kim Jung-kwan. The ministry did not disclose financial terms or define 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.
South Korea’s Doosan Enerbility said it won a contract from TerraPower to manufacture key components for the reactor, including the reactor vessel, support structures and internal structures, with no value disclosed. South Korea’s ministry also said growing electricity demand tied to AI infrastructure and data centers is boosting global interest in SMRs, creating opportunities for Korean suppliers in overseas supply chains.