Minister of Trade, Industry and Energy Kim Jeong-kwan stated during his meeting with Bill Gates and TerraPower Lee Sa-hoe (Chairman) that "South Korea is the ideal nuclear partner" and urged them to pay attention so that South Korea can become a production hub for TerraPower and Korean companies can become part of its core supply chain.
On the 14th, Kim (Minister) met with Bill Gates, who visited South Korea, in Seoul to discuss ways to expand Korean company participation in TerraPower's SMR (small modular reactor) projects.
Bill Gates, co-founder of Microsoft (MS), established TerraPower in 2008 to enter the energy sector and has been actively promoting its SMR business. TerraPower received construction approval from the U.S. Nuclear Regulatory Commission (NRC) last March to build a sodium-cooled Natrium SMR in the Camarero area of Wyoming, U.S., and is currently under construction with commercial operations targeted for 2031.
Korean companies such as SK Group and HD Hyundai have made financial investments in TerraPower and established cooperative relationships. Various domestic companies are also working to participate in TerraPower's projects in the U.S. and overseas in areas including equipment supply, operation, and construction.
During that day's meeting, Kim (Minister) stated, "To expand into overseas markets, it is crucial for TerraPower to have the project capabilities to complete planned projects within budget and schedule," adding, "Korean companies with such capabilities can play a pivotal role in realizing TerraPower's vision."
He also emphasized that combining TerraPower's technological expertise with the construction and operational know-how of South Korea's nuclear power companies could generate greater synergy. Kim (Minister) remarked, "To ensure the economic viability of SMRs and promote their standardization, it is essential to combine TerraPower's standardized designs with South Korea's highly reliable mass production supply chain in Yangsan." He further noted that over the past 50 years, South Korea has built a "foundry-level nuclear power manufacturing and construction ecosystem" through domestic and international nuclear power plant construction and operations.
He continued, "South Korea's nuclear power supply chain is characterized not only by large corporations' capabilities in supplying major equipment but also by an advanced manufacturing ecosystem composed of small and mid-sized nuclear companies," highlighting South Korea's advantages as a production hub for TerraPower.
Following the meeting, under the presence of Kim (Minister), Bill Gates, Chairman of TerraPower, and SK Group Chairman Choi Tae-won, SK Innovation and TerraPower signed a "Memorandum of Understanding on Key Conditions for Promoting Global Joint Projects." Through this agreement, SK Innovation secured opportunities to participate in TerraPower's SMR project development in the U.S. and overseas markets as well as domestic projects in the U.S.
An official from the Ministry of Trade, Industry and Energy stated, "The current early stage of SMR supply chain formation is an opportune time for Korean companies to enter the global SMR supply chain," adding, "Through this meeting, not only large Korean corporations but also small and mid-sized nuclear power companies will actively enter the overseas SMR supply chain."
in ECONOMY
