Seoul:<Text>
A senior executive of HD Hyundai Co., South Korea's leading shipbuilding conglomerate, engaged in talks with Bill Gates to explore cooperation in small modular reactor (SMR) projects spearheaded by the U.S. billionaire's startup, TerraPower LLC. HD Hyundai Executive Vice Chairman Chung Ki-sun met Gates, chairman and founder of TerraPower, in Seoul to discuss strategies to expand the supply of Natrium reactors developed by the U.S. firm and to promote their commercialization, the company revealed in a press release.
According to Yonhap News Agency, TerraPower's Natrium reactors are recognized as among the most advanced SMRs under development, offering high thermal efficiency and enhanced safety. These reactors generate approximately 40 percent less nuclear waste compared to conventional reactors. "Next-generation SMR technology is a core solution for realizing sustainable future energy. Our partnership with TerraPower will serve as a turning point in building a glo bal nuclear supply chain and accelerating the energy transition," Chung stated.
Under a memorandum of understanding (MOU) signed in the United States in March, HD Hyundai agreed to supply TerraPower with reactor vessels for the first Natrium reactor. "HD Hyundai is not only a globally recognized shipbuilder but also a key supply chain partner with deep manufacturing expertise that will play an important role in the global nuclear industry," said Chris Levesque, president and CEO of TerraPower. He expressed optimism that the collaboration would accelerate the commercialization of Natrium reactors and create new opportunities in the global market.
HD Hyundai is also intensifying efforts to develop nuclear-powered vessels, including joint work with TerraPower on molten salt reactor (MSR) technologies for potential applications in shipbuilding, the company added. Gates, co-founder of Microsoft, visited South Korea to explore cooperation with local pharmaceutical companies on va ccine supply projects for low-income countries. He also met President Lee Jae Myung to exchange views on advanced industries, including artificial intelligence (AI) and SMRs, a type of advanced reactor designed for modular deployment.
SK Group Chairman Chey Tae-won met Gates as well, discussing potential business cooperation ranging from SMRs and vaccines to energy. "I believe South Korea and SK can play a key role in the commercialization of TerraPower's SMR," Chey was quoted as saying during the meeting. "We should make joint efforts to enhance the market viability of SMRs based on their safety, efficiency, and environmental friendliness." SK Inc., the holding company of SK Group, and SK Innovation Co. invested US$250 million in 2022 to become the second-largest shareholder of TerraPower. In response, Gates emphasized the South Korean government's role in establishing regulatory systems and supply chains to accelerate the development of next-generation SMRs.