The US nuclear regulator has approved construction of an advanced small modular reactor developed by TerraPower, a US-based energy firm founded by Bill Gates and backed by SK Group, marking the first time a new commercial nuclear reactor has received clearance in about a decade.
The Nuclear Regulatory Commission on Wednesday granted approval in a unanimous decision for TerraPower to build a 345-megawatt sodium-cooled reactor in Kemmerer, Wyoming.
The new plant’s permit application was filed in 2024, with construction now expected to begin very soon. TerraPower has set a target completion date of 2030 for the up to $4 billion plant.
"Today is a historic day for the United States' nuclear industry,” said TerraPower President and CEO Chris Levesque. “We plan to start construction on the Natrium plant in the coming weeks and look forward to bringing the first Natrium reactor and energy storage system to market in the great state of Wyoming."
SK Innovation, along with SK Corp., the second-largest shareholder of TerraPower, said Thursday in a statement that the approval is expected to accelerate its entry into the global SMR market, together with Korea Hydro & Nuclear Power, which also invested an undisclosed amount in TerraPower.
It added that the US federal nuclear body’s approval serves as formal recognition of the safety credentials and technical readiness of TerraPower’s SMR technology, which is expected to speed up both its commercialization and broader global expansion.
SK Group has been expanding a partnership with TerraPower, founded by Gates in 2008, for several years as part of its push into next-generation energy sources, which it sees as critical to securing stable power supply chains for energy-intensive industries such as artificial intelligence and data centers.
In August 2022, SK Corp. and SK Innovation jointly invested $250 million in TerraPower, becoming the company’s second-largest shareholder.
The following year, SK Innovation, KHNP and TerraPower signed an agreement to jointly develop and commercialize advanced SMR technology, including demonstration projects and future commercial reactors.
In January, state-run KHNP secured a stake in TerraPower after SK Innovation transferred part of its stake in the company to support construction of the Wyoming reactor.
sahn@heraldcorp.com
