Han Seong-sook, Kim Jeong-gwan, Chey Tae-won, Jung Ki-sun, and others Hold back-to-back meetings with prime minister, ministers, and business leaders Discuss SMR projects and energy solutions Are also briefed on Korea’s three major megaprojects
From left, SK Group Chairman Chey Tae-won, TerraPower Board Chairman Bill Gates, and Minister of Trade, Industry and Energy Kim Jeong-gwan pose for a commemorative photograph at the signing ceremony for a conditional agreement on a joint small modular reactor (SMR) project between TerraPower and SK Innovation, held at Seonhyewon in Samcheong-dong, Jongno-gu, Seoul, on the 14th. Provided by the Ministry of Trade, Industry and Energy.
Bill Gates, founder of Microsoft (MS) and chairman of the board of next-generation nuclear power company TerraPower, visited Korea and met with Prime Minister Han Sung-sook and Minister of Trade, Industry and Energy Kim Jeong-gwan to discuss Korea–U.S. cooperation in next-generation small modular reactor (SMR) projects. Gates also met with SK Group Chairman Chey Tae-won and HD Hyundai Group Chairman Chung Ki-sun to explore specific SMR cooperation plans.
According to SK Group on the 14th, Chairman Chey and Gates held a dinner meeting and exchanged views not only on SMR cooperation but also on measures to respond to rising power demand driven by the proliferation of AI data centers. Earlier, SK Innovation CEO Chu Hyeong-wook and TerraPower CEO Chris Levesque signed a conditional agreement on key terms of business cooperation to expand the global business of the next-generation non-light-water “Sodium SMR” and apply it domestically. Having invested USD 250 million in 2022 to become the second-largest shareholder, SK Group, under this agreement, will participate not only in U.S. demonstration reactor and commercial projects but also in the development of a Korean-type “K-Sodium.”
On the same day, HD Hyundai Chairman Chung also discussed business cooperation measures with Chairman Gates for SMR commercialization. In May, HD Hyundai, Hyundai Engineering & Construction, and TerraPower signed a “three-party memorandum of understanding for cooperation on next-generation sodium reactor business.” Under this cooperation framework, TerraPower provides the technology, HD Hyundai manufactures the main equipment, and Hyundai E&C is responsible for EPC (engineering, procurement and construction). Chairman Chung said, “Based on the cooperation framework encompassing technology, manufacturing and EPC, it is expected that the commercialization of next-generation reactors can be accelerated.”
Gates also held separate meetings with Prime Minister Han and Minister Kim to discuss Korea–U.S. cooperation on next-generation SMRs and global energy solutions in the AI era. According to the Prime Minister’s Office, Prime Minister Han introduced the three major megaprojects being pursued by the Lee Jae-myung administration and stated that power supply to support them is critical, adding that the government is exploring an energy mix that utilizes SMRs and renewable energy. Gates said he would further strengthen strategic partnerships with Korean companies.
In his meeting with Gates, Minister Kim stressed, “For overseas market expansion, the ability to complete projects within the planned budget and timeframe is crucial, and Korean companies, which possess such capabilities, can play a central role.” On the same day, Doosan Enerbility announced that it had won an order for the manufacture of key equipment for TerraPower’s sodium-cooled fast reactor (SFR).
Lee Dong-hoon; Byun Jong-guk; Cho Dong-joo
AI-translated with ChatGPT. Provided as is; original Korean text prevails.
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