Seoul: TerraPower LLC, a nuclear power startup founded by Bill Gates, has expressed hope for closer business ties with SK Group, South Korea's second-largest conglomerate. This announcement came following a meeting in Seoul last week between Gates and SK Group Chairman Chey Tae-won, where they discussed potential business collaborations ranging from small modular reactors (SMRs) to vaccines.
According to Yonhap News Agency, TerraPower emphasized the strong support it has received from SK Group since the latter joined its investor base in 2022 and began participating on its board. TerraPower's Chief Executive Officer, Chris Levesque, highlighted the alignment between the company's technology solutions and SK Group's industry-leading businesses, indicating numerous opportunities for collaboration in both Korea and the global market.
In 2022, SK Inc., the holding company of SK Group, along with SK Innovation Co., invested $250 million in TerraPower, making them the second-largest shareholder in the company, which focuses on SMRs. Kim Moo-hwan, head of SK Innovation's energy solution business, noted that SMRs represent an innovative technology capable of achieving both carbon reduction and energy security. He further stated that SK Innovation aims to play a leading role in developing the domestic SMR ecosystem and expanding into the global market through its strategic partnership with TerraPower.