SK deepens partnership with TerraPower to advance Natrium SMRs

SK Group Chairman Chey Tae-won, fourth from left, poses with Bill Gates, third from left, chair of TerraPower and the Gates Foundation during a meeting in Seoul, Thursday. From left are Kim Moo-hwan, head of Energy Solution Business at SK Innovation; Chris Levesque, president and CEO of TerraPower; Gates; Chey; Chey Yoon-chung, head of Business Development at SK Biopharm; and Ahn Jae-yong, CEO of SK bioscience. Courtesy of SK Group

SK Group is playing a central role in commercializing next-generation nuclear energy, deepening its partnership with U.S.-based TerraPower to advance Natrium small modular reactors (SMRs).

SK Group Chairman Chey Tae-won met with TerraPower Chairman Bill Gates in Seoul Thursday to discuss accelerating the development and global deployment of the Natrium reactor. Also attending the dinner were Ahn Jae-yong, CEO of SK bioscience; Kim Moo-hwan, head of Energy Solution Business at SK Innovation; Chey Yoon-chung, head of business development at SK Biopharm; and Chris Levesque, president and CEO of TerraPower.

“I believe Korea and SK will be able to play key roles in commercializing TerraPower’s SMRs,” Chey said. “Building on the safety, efficiency and eco-friendliness of SMR technology, we should work together so that the market embraces this innovation.”

The partnership builds on SK’s $250 million investment in TerraPower in 2022 and reflects a long-standing collaboration to commercialize advanced nuclear reactors and expand a Korea- and U.S.-based SMR ecosystem. In March 2023, SK Innovation, Korea Hydro & Nuclear Power and TerraPower signed a memorandum of understanding to develop and commercialize next-generation nuclear plants, with a focus on demonstration and commercial reactor projects using TerraPower’s Natrium technology — a Gen IV design based on a sodium-cooled fast reactor.

The Natrium reactor features a 345-megawatt electric fast reactor with built-in gigawatt-scale energy storage. It operates at atmospheric pressure, a key safety feature, and can boost output to more than 500 megawatts of electricity when needed. Globally, it is recognized for its economic viability and its potential to transform the nuclear power sector.

Following the dinner, SK executives including Kim met with Industry Minister Kim Jung-kwan and Nuclear Power Policy Director General Ahn Sei-jin on Friday to discuss government support for SMR commercialization, supply chain development and global partnerships.

“SMRs are an innovative technology that can achieve both carbon reduction and energy security,” Kim Moo-hwan said. “Based on our strategic partnership with TerraPower, SK Innovation will play a leading role in building the domestic SMR ecosystem and entering the global market.”

Levesque noted the synergy between SK and TerraPower.

“We have received great support from SK since they joined our visionary investor base in 2022 and began participating on our board. There is strong alignment between our technology solutions and SK’s industry-leading businesses. We see many opportunities for collaborations with SK in Korea and in the global marketplace,” he said.

The Natrium project is already underway in Wyoming, where TerraPower has begun construction on its first commercial-scale advanced reactor. The project is supported by a streamlined federal review from the U.S. Nuclear Regulatory Commission, with completion expected by 2030. SK’s involvement goes beyond financing to include strategic input on global commercialization and technological development.

In addition to SMRs, SK is leveraging its industrial footprint to bolster collaboration on global health initiatives. During the dinner, Ahn and Chey Yoon-chung discussed expanding a decade-long partnership to ensure vaccine access for low-income countries, highlighting SK’s dual commitment to sustainable energy and social impact.

SK Group’s partnership with TerraPower underscores Korea’s growing prominence in the global SMR market, which is projected to reach hundreds of trillions of won by 2040. By combining SK’s industrial capabilities, investment power and policy engagement with TerraPower’s advanced reactor designs, the conglomerate aims to secure a leading position in the next era of nuclear energy.