Major Korean conglomerates, TerraPower collaborate on small modular reactors
Top Korean business tycoons -- Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won and HD Hyundai Executive Vice Chairman Chung Ki-sun -- met with Microsoft co-founder Bill Gates and discussed ways to strengthen their partnerships, officials said Friday.
According to Samsung, Lee held a meeting with Gates at Samsung's office in Seocho-gu, southern Seoul, and discussed ways to work together in global corporate social responsibility initiatives.
Samsung has been collaborating with the Gates Foundation since 2018, when Samsung joined the foundation's Reinvent the Toilet project, which was launched in 2011 to install toilets that do not require wastewater treatment facilities in developing countries. Samsung eventually succeeded in developing key technologies for the Reinvent the Toilet Project in 2022, aiding the Gates Foundation's supply of new toilets in low-income countries.
According to SK Group, Chey and Gates agreed to expand collaboration in the development of Gates-founded TerraPower’s small modular reactors, or SMRs, and vaccines during their gathering at SK Seorin Building in Seoul. Also attending the meeting were SK Bioscience CEO Ahn Jae-yong; Kim Moo-hwan, executive vice president of the Energy Solution Division at SK Innovation; SK Biopharmaceuticals Vice President Chey Yoon-chung; and TerraPower CEO Chris Levesque.
SK Inc. and SK Innovation invested $250 million in TerraPower in 2022 to become the second-largest shareholder of the SMR developer. SK Bioscience and the Gates Foundation began working together in 2013, leading to the successful development and commercialization of Korea’s first domestic COVID-19 vaccine SKYCovione in 2022.
“I believe Korea and SK can play an important role in commercializing TerraPower’s SMRs,” said Chey. “Let’s put efforts into increasing the market acceptance (of SMRs) based on their safety, efficiency and eco-friendliness.”
In order to swiftly test next-generation SMRs and expand their use, Gates noted that the Korean government’s establishment of a regulatory system and its role in setting up supply chains is very important.
SK and Gates sat down together again on Friday with Minister of Trade, Industry and Energy Kim Jung-kwan in attendance. They discussed the investment and technological development of SMRs as well as their joint project to develop nuclear reactors in collaboration with state-run firm Korea Hydro & Nuclear Power.
Looking to secure the global SMR market, SK asked the Industry Ministry to provide incentives, strengthen global partnerships at the government level and introduce leading systems to energize the private sector’s participation in the SMR sector.
Meanwhile, HD Hyundai Executive Vice Chairman Chung Ki-sun also met with TerraPower leadership -- founder Gates and CEO Levesque -- in Seoul on Friday. The meeting came about five months after they met in the United States, where they signed a memorandum of understanding to expand the global manufacturing supply chain for the commercialization of TerraPower’s Natrium reactors.
“Next-generation SMR technology is a core solution for realizing sustainable future energy,” said Chung. “Our partnership with TerraPower will serve as a turning point in building a global nuclear supply chain and advancing the transition of the energy paradigm.”
Based on its expertise and manufacturing capabilities in SMRs, HD Hyundai signed a contract to supply TerraPower with the reactor vessels for the latter’s first Natrium reactor. HD Hyundai is also working with TerraPower to develop molten salt reactors, or MSRs, for potential applications in HD Hyundai's main business, shipbuilding.
“HD Hyundai is not only a premier, globally recognized shipbuilder but also a key supply chain partner with deep manufacturing expertise, which will play an important role in the global nuclear industry,” said Levesque.
“Through our collaboration, we aim to accelerate the commercialization of Natrium reactors and continue creating global opportunities in the market.”
TerraPower’s Natrium reactors, which are designed with built-in energy storage, are regarded as one of the most advanced SMRs as they offer high thermal efficiency and safety while generating approximately 40 percent less nuclear waste in comparison to existing reactors.
hwkan@heraldcorp.com
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