Seoul:<Text>
A senior executive of HD Hyundai Co., South Korea's leading shipbuilding conglomerate, held talks with Bill Gates on cooperation in small modular reactor (SMR) projects pursued 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 ways to expand the supply of Natrium reactors developed by the U.S. firm and to promote their commercialization, the company said in a press release.
According to Yonhap News Agency, TerraPower's Natrium reactors are regarded as among the most advanced SMRs currently in development. They offer high thermal efficiency and enhanced safety, and generate about 40 percent less nuclear waste compared with 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 global nuclear supply chain and accelerati ng the energy transition," Chung said.
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, according to the release. "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," Chris Levesque, president and CEO of TerraPower, said. He said he expects the collaboration to speed up the commercialization of Natrium reactors and create new opportunities in the global market.
Meanwhile, HD Hyundai is also stepping up 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, was visiting South Korea to explore cooperation with local pharmaceutical companies on vaccine supply projects for low-income countries. He also met President Lee Jae Myung on Thursday to exchange views on advanced industries, including artificial intelligence (AI) and SMRs, a type of advanced reactor designed for modular deployment.