Chey Tae-won, chairman of SK Group, met with Bill Gates, chairman of the Gates Foundation, to strengthen collaboration and strategic partnerships in energy and bio sectors, including small modular reactors (SMR) and vaccines. Chey's eldest daughter, Choi Yoon-jung, head of business development at SK Bioscience, was also present.
According to SK Group on the 22nd, Chairman Chey and Chairman Gates held a dinner meeting the previous day at the SK Serin Building in Jongno-gu, Seoul. They discussed strategic cooperation plans regarding the development and commercialization of SMR technology from TerraPower, in which SK is the second-largest shareholder, and the expansion of a collaboration in the vaccine sector that has lasted for more than 10 years. Gates founded TerraPower in 2008 and currently serves as the chairman of its board.
In addition to Choi Yoon-jung, head of business development at SK Bioscience, the dinner was attended by Ahn Jae-yong, president of SK Bioscience; Kim Moo-hwan, director general of SK Innovation's Energy Solution Division; and Chris Levesque, CEO of TerraPower.
Chairman Chey noted, "I believe that Korea and SK can play an important role in the commercialization of TerraPower's SMR," and said, "Let us work together to enhance market acceptance based on the safety, efficiency, and environmental friendliness of SMRs." Gates stated, "Establishing a regulatory framework and building supply chains for the South Korean government is crucial for the rapid demonstration and dissemination of next-generation SMRs, and in this case, I believe SK and TerraPower can lead the global market in the future."
On the morning of the 22nd, SK Group and the Gates side held a follow-up meeting at the Conrad Hotel in Yeouido, Seoul, to discuss cooperation plans. From the SK side, Lee Hyung-hee, chairman of the SK SUPEX Council, and Director General Kim Moo-hwan attended, while from the Gates side, Chairman Gates and CEO Levesque joined. Notably, Minister of Trade, Industry and Energy, Kim Jung-kwan, and Director General Ahn Se-jin of the Nuclear Industry Policy Division also participated to discuss building a Korean SMR ecosystem based on South Korea-U.S. cooperation.
During the meeting, SK and TerraPower explained the status of SMR investment and technology development, as well as the progress of commercial reactor development being conducted in collaboration with Korea Hydro & Nuclear Power. The Natrium SMR being developed by TerraPower features enhanced safety with atmospheric operation and passive air cooling capabilities, and it is capable of flexible output regulation combined with thermal energy storage systems, making it compatible with renewable energy, which has recognized its economic viability and business potential in the global market.
In response, SK requested from the Ministry of Trade, Industry and Energy support for incentives to activate private participation and to enhance global partnerships at the government level to seize the global SMR market, which is projected to grow to hundreds of trillions of won by 2040.
Earlier, SK Inc. and SK Innovation jointly invested $250 million in TerraPower in August 2022 to become the second-largest shareholder and have continued cooperation in commercializing TerraPower's SMR technology and expanding global business. Subsequently, SK Innovation, Korea Hydro & Nuclear Power, and TerraPower signed a memorandum of understanding in March 2023 to develop and commercialize next-generation SMR, collaborating on the demonstration and development of commercial reactors based on the Sodium-cooled Fast Reactor (SFR) being developed by TerraPower. TerraPower commenced construction on the world's first commercial advanced SMR plant in Wyoming last year, and the project is progressing under strong support from the federal government with a goal of completion by 2030, including shortening the construction permit review period by the U.S. Nuclear Regulatory Commission (NRC).
Director General Kim Moo-hwan said, "SMRs are innovative technologies that can simultaneously achieve carbon reduction and energy security, and SK Innovation will play a leading role in building the domestic SMR ecosystem and advancing into the global market based on our strategic partnership with TerraPower."