Bill Gates’ latest visit to South Korea is putting a spotlight on the country’s growing role in the global small modular reactor (SMR) industry, with major Korean companies moving beyond investment and technology discussions toward concrete participation in TerraPower’s commercial projects.
Gates, co-founder of Microsoft and founder of next-generation nuclear company TerraPower, met with senior government officials and business leaders in Seoul on Aug. 14, his second day in South Korea. His meetings included discussions with National Assembly Speaker Cho Jung-sik, Prime Minister Han Sung-sook and Industry Minister Kim Jung-kwan.
The visit comes at a different stage for TerraPower compared with Gates’ previous trip to Korea last year. TerraPower has since secured a construction permit for its first commercial-scale advanced reactor in the United States, giving its partnerships with Korean companies a more tangible business dimension.
<>From investment to commercial cooperation
One of the most notable developments was an agreement between TerraPower and SK Innovation to establish key terms for a global joint business.
SK Innovation has been an early investor in TerraPower. SK Inc. and SK Innovation invested a combined $250 million in the U.S. nuclear company in 2022, making SK one of TerraPower’s largest shareholders.
The relationship has since expanded into technology development and commercialization. In 2023, SK Innovation, Korea Hydro & Nuclear Power and TerraPower signed an agreement covering cooperation on the demonstration and commercialization of TerraPower’s sodium-cooled fast reactor-based fourth-generation SMR technology.
The latest agreement signals a further shift toward commercial cooperation, with SK Innovation expected to participate more actively in TerraPower’s SMR business in the U.S. and other global markets.
For SK, the partnership could provide an entry point into a rapidly emerging market while giving TerraPower access to Korea’s nuclear manufacturing and project-development capabilities.
<>HD Hyundai targets reactor manufacturing
HD Hyundai is also expanding its role in TerraPower’s Natrium reactor project. HD Hyundai Chairman Chung Ki-sun met with Gates, TerraPower CEO Chris Levesque and Hyundai Engineering & Construction CEO Lee Han-woo to discuss ways to accelerate commercialization of the company’s sodium-cooled reactor technology.
The group has already begun manufacturing a reactor vessel for TerraPower. HD Hyundai is now considering production capacity capable of supplying two to three reactor vessels annually as the technology moves toward commercialization.
The broader cooperation model divides responsibilities across the companies. TerraPower provides the reactor technology, while HD Hyundai focuses on major equipment manufacturing and Hyundai Engineering & Construction on engineering, procurement and construction, or EPC.
The arrangement could become a template for Korean companies seeking to participate in overseas SMR projects—not only as equipment suppliers but as part of an integrated project delivery chain.
<>Doosan secures core equipment role
Doosan Enerbility is taking another important position in TerraPower’s supply chain. The Korean power-equipment manufacturer said it has signed a contract to manufacture key components for TerraPower’s sodium reactor. The equipment includes a reactor protection vessel, reactor support structures and internal reactor structures.
The agreement builds on cooperation that began in December 2024, when Doosan Enerbility signed a contract with TerraPower to review the manufacturability of key components for the first SMR.
The latest deal means the partnership has moved from design and manufacturability reviews into actual equipment production.
For Doosan Enerbility, participation in TerraPower’s first commercial-scale project could provide valuable experience as SMR developers around the world begin building their initial plants.
<>TerraPower enters a new phase
The acceleration of these partnerships is closely tied to TerraPower’s progress in the United States. In March, the U.S. Nuclear Regulatory Commission approved a construction permit for TerraPower’s Natrium reactor in Kemmerer, Wyoming. It was the first commercial-scale advanced nuclear reactor in the United States to receive a construction permit.
The 345-megawatt Natrium system uses a sodium-cooled fast reactor and integrates a molten-salt energy storage system. TerraPower says the system can increase output to as much as 500 MW when additional electricity is needed.
Construction of the Kemmerer project has now begun, with the company targeting completion around 2030.
The transition from reactor design to construction is significant for potential suppliers. Until recently, many SMR developers were primarily focused on technology development, licensing and demonstrations. As projects enter the construction phase, manufacturers must begin building the actual supply chains needed for commercial deployment.
That is where Korean companies see an opportunity.
<>Korea seeks a role in the emerging SMR market
South Korea has spent decades building a large-scale nuclear power supply chain covering reactor components, engineering, construction and plant operation.
The government believes that industrial base can be adapted to the emerging SMR market. During his meeting with Gates, Industry Minister Kim emphasized the potential combination of TerraPower’s standardized reactor design with Korea’s high-reliability manufacturing and construction capabilities.
The government is also seeking opportunities for smaller Korean companies. Rather than limiting participation to major conglomerates, officials are encouraging TerraPower to consider Korean small and medium-sized nuclear suppliers as potential partners.
That approach could expand the economic impact of SMR exports beyond the country’s largest industrial groups.
<>AI power demand adds urgency
The growing interest in SMRs is also being driven by rapidly rising electricity demand from artificial intelligence and data centers. Large-scale AI facilities require stable, round-the-clock electricity supplies. Nuclear power is increasingly being considered as one potential source of reliable low-carbon electricity, while SMRs are being developed with the goal of offering more flexible deployment options than conventional large reactors.
More than 100 SMR designs and projects are reportedly under development worldwide, intensifying competition among reactor developers, utilities, technology companies and equipment manufacturers.
The companies that establish supply chains early could gain an advantage if their reactor designs move into wider commercial deployment.
<>The next test is commercial execution
Despite the momentum, the SMR industry still faces significant challenges. Many designs have yet to establish a long track record of commercial operation, while construction costs, regulatory requirements, fuel supply and project financing remain important uncertainties.
For Korean companies, the TerraPower partnership therefore represents both an opportunity and a test.
The initial objective is not simply to secure orders for a single reactor. Experience gained from the Kemmerer project could help Korean manufacturers qualify for subsequent TerraPower projects and potentially other international SMR programs.
The significance of Gates’ visit, therefore, extends beyond a series of high-level meetings. SK Innovation is expanding from an investor into a potential global business partner, HD Hyundai is positioning itself as a reactor manufacturing partner, Hyundai Engineering & Construction is involved in EPC capabilities, and Doosan Enerbility is supplying critical reactor components.
If TerraPower successfully delivers its first commercial-scale project, these relationships could give Korean companies an early position in an emerging global SMR supply chain.
The coming years will determine whether the current partnerships develop into repeat orders and broader exports. For now, however, South Korea is moving from the sidelines toward the center of TerraPower’s commercial nuclear strategy.
