SK Group Chair Chey Tae-won and Microsoft founder Bill Gates reaffirmed their partnership as the two business moguls discussed ways to advance their strategic collaboration in the next-generation nuclear energy sector in Seoul last week.
According to industry sources on Monday, Chey and Gates had a dinner meeting on Thursday evening and talked about cooperation for the development and commercialization of Gates-founded TerraPower’s Natrium technology. SK Inc. and SK Innovation pledged to invest $250 million in TerraPower in August 2022.
“I believe that Korea and SK can play a critical role in the commercialization of TerraPower’s advanced nuclear designs,” Chey was quoted as saying during the meeting with Gates. “Let’s work together to enhance market acceptance, leveraging the safety, efficiency and clean power of the next generation of nuclear technologies.”
In order to quickly test next-generation small modular reactors, or SMRs, and expand their use, Gates noted that the Korean government’s establishment of a regulatory system and its role in setting up related supply chains are important.
Also attending Thursday’s meeting were SK Bioscience CEO Ahn Jae-yong; Kim Moo-hwan, head of the Energy Solution Division at SK Innovation; SK Biopharmaceuticals Vice President Chey Yoon-chung, who is the eldest daughter of the SK chief; and TerraPower CEO Chris Levesque.
The SK representatives and Gates also touched upon the long-standing collaboration between SK Bioscience and the Gates Foundation, which began in 2013 when they started joining forces on numerous pro-health initiatives, while reiterating their shared commitment to cooperating on vaccine development and public health projects for the world.
The next day, SK and TerraPower continued discussions on how the two companies could work together for the development and application of new SMRs.
Kim of SK Innovation, Lee Hyung-hee, head of the SK Supex Council’s communication committee, Gates and Levesque sat down with Kim Jung-kwan, Minister of Trade, Industry and Energy, and Ahn Se-jin, director of the Nuclear Power Industry Policy Bureau at the trade ministry, to discuss the establishment of an SMR ecosystem based on Korea-US cooperation.
“SMRs are an innovative technology that can achieve both carbon reduction and energy security,” said Kim. “Based on our strategic partnership with TerraPower, SK Innovation will play a leading role in building the domestic SMR ecosystem and entering the global market.”
SK Innovation, the state-run Korea Hydro & Nuclear Power and TerraPower inked a memorandum of understanding for the development and commercialization of next-generation nuclear plants in March 2023. They have been working together to demonstrate and develop commercial reactors based on TerraPower’s Natrium technology.
“We have received great support from SK since they joined our visionary investor base in 2022 and began participating on our Board,” said TerraPower CEO Leveque.
“There is strong alignment between our technology solutions and SK’s industry-leading businesses. We see many opportunities for collaborations with SK in Korea and in the global marketplace.”
TerraPower began the construction of its first commercial-scale advanced reactor project in Wyoming last year. With strong support from the US federal government, including a streamlined review of its construction permit application by the US Nuclear Regulatory Commission, the project has enjoyed smooth sailing as it aims for completion by 2030.
Designed with built-in energy storage, TerraPower’s Natrium reactors are considered one of the most advanced nuclear reactors as they offer high thermal efficiency and safety while producing approximately 40 percent less nuclear waste in comparison to conventional reactors.
https://m.koreaherald.com/article/10561290
