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Gates, HD Hyundai and SK Deepen TerraPower Ties in Seoul to Speed Natrium SMRs

Gates used the Seoul meetings to press for a Korean regulatory framework to accelerate Natrium commercialization.

SK Group Chairman Chey Tae-won (R) shakes hands with Bill Gates, chair of the Gates Foundation, in Seoul on Aug. 21, 2025, in this photo released by SK Group on Aug. 22. (PHOTO NOT FOR SALE) (Yonhap)
Image
In this photo taken March 12, 2025, and provided by HD Hyundai Co., Won Kwang-shik (R, front row), head of the marine energy business division at HD Hyundai Heavy Industries Co., shakes hands with Chris Levesque (L, front row), president and CEO of TerraPower, after signing a memorandum of understanding (MOU) on cooperation in small modular reactor (SMR) projects in the United States. Behind them, Bill Gates (L, second row), chairman and founder of TerraPower, and HD Hyundai Executive Vice Chairman Chung Ki-sun (R, second row) also shake hands during the event. (PHOTO NOT FOR SALE) (Yonhap)
Samsung Electronics Chairman Lee Jae-yong (L) walks with Bill Gates, chair of the Gates Foundation, at Samsung's building in southern Seoul on Aug. 22, 2025, in this photo released by Samsung Electronics Co. (PHOTO NOT FOR SALE) (Yonhap)

Overview

  • HD Hyundai executive Chung Ki-sun met Bill Gates in Seoul to discuss expanding supply of TerraPower’s Natrium small modular reactors and advancing their commercialization, with joint work also moving forward on molten salt reactor concepts for nuclear-powered vessels.
  • A March memorandum of understanding commits HD Hyundai to supply reactor vessels for TerraPower’s first Natrium unit, and CEO Chris Levesque called the shipbuilder a pivotal supply-chain partner positioned to hasten deployment of the design, which is promoted for higher efficiency, strong safety features and reduced waste.
  • SK Group Chairman Chey Tae-won and Gates agreed to broaden collaboration on SMRs and vaccines, building on SK Inc. and SK Innovation’s $250 million investment in 2022 that made them TerraPower’s second-largest shareholder.
  • Gates and SK held follow-up talks with Industry Minister Kim Jung-kwan covering SMR investment, cooperation with state utility KHNP on reactor development and requests for incentives to strengthen market acceptance.
  • Gates underscored that South Korea’s establishment of clear regulatory pathways and robust supply-chain support is central to enabling rapid testing and wider adoption of next-generation reactors.