Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
TerraPower wins approval to build 1st commercial SMR in US
SK Group Chairman Chey Tae-won, right, shakes hands with TerraPower founder Bill Gates at SK Group's headquarters in Seoul, Aug. 21, 2025. Courtesy of SK Group
By Lee Min-hyung
SK, KHNP set to back up TerraPower's SMR project in Wyoming
TerraPower, a small modular reactor (SMR) developer, won approval to build an advanced commercial nuclear power plant in the United States — a key milestone that proves the firm's technological stability in the emerging industrial sector.
The approval will pave the way for SK Innovation and Korea Hydro & Nuclear Power (KHNP) to deepen their ties with TerraPower for its upcoming SMR project in the U.S. In 2023, the three firms forged a partnership to jointly develop fourth-generation SMR technology.
According to SK Innovation, the U.S. Nuclear Regulatory Commission recently authorized the construction of TerraPower’s first commercial SMR in the U.S. state of Wyoming. This marks the first time the authority has granted construction approval for an SMR.
Following the latest approval, TerraPower will build the world’s first commercial SMR plant in the U.S. state with a plan to start its operation by 2030.
The approval is widely seen as official recognition of the safety and technical maturity of TerraPower.
TerraPower was founded in 2008 by Microsoft co-founder Bill Gates and is considered a global leader in the next-generation SMR development. Its reactor design uses liquid sodium as a coolant, thereby improving safety, compared with conventional nuclear plants.
Liquid sodium has a boiling point of around 880 degrees Celsius and is capable of absorbing more heat than water-based coolants, which allows higher power output.
The technology is expected to cut the volume of spent nuclear fuel to about 10 percent of that generated by conventional reactors, making it an ideal option not only for the environment, but also for economic efficiency, according to the SK affiliate.
SK Inc. and SK Innovation jointly invested $250 million in TerraPower in August 2022, becoming the second-largest shareholders. The following year, SK Innovation, KHNP and TerraPower signed a memorandum of understanding on the development and commercialization of next-generation SMRs.
SK Innovation plans to combine its capabilities in energy and materials with KHNP’s expertise in nuclear plant construction to build an SMR ecosystem across industrial sites, such as data centers.
SK Group Chairman Chey Tae-won recently underscored the importance of securing energy resources in an era of artificial intelligence (AI). He stressed the need to find new energy sources, such as SMRs, to meet the massive electricity demand in this AI era.
TerraPower CEO Chris Luvesque called the latest approval a historic moment for the U.S. nuclear industry. He said the company will start constructing the commercial SMR plant by the end of this month.
Kim Moo-hwan, head of Energy Solution Business at SK Innovation, said it will fortify its ties with KHNP and TerraPower for the world’s first commercial SMR plant project.