Korea Eximbank to Promote Financial Cooperation with TerraPower on Small Modular Reactors

The Export-Import Bank of Korea (KEXIM) is in talks on financial cooperation with TerraPower, a U.S. next-generation nuclear energy company, with both sides planning to establish a support mechanism centered on the commercialization of small modular reactors (SMRs) and overseas market expansion.

According to KEXIM, bank Chairman Hwang Gi-yeon recently met with TerraPower Chairman Bill Gates, and the two sides exchanged views on expanding the global SMR ecosystem and advancing Korea-U.S. next-generation nuclear energy cooperation.

TerraPower was founded by Bill Gates in 2008 and focuses on developing next-generation nuclear energy technologies. The company has developed the "Natrium" next-generation reactor using sodium-cooling technology and is currently building a demonstration plant in Wyoming, U.S.

During the meeting, the two sides focused on how to combine TerraPower's SMR technology with the capabilities of Korean nuclear power companies in equipment manufacturing and engineering construction to jointly explore international markets. KEXIM plans to provide customized financing solutions, including loans and guarantees, for overseas nuclear power projects pursued jointly by TerraPower and Korean companies.

KEXIM stated that it will participate in financing structure design from the early stages of projects to support Korean companies in winning overseas projects and conducting subsequent business operations. Should SMRs enter the large-scale deployment phase, the bank will also consider establishing a joint financing support mechanism with overseas policy financial institutions such as the Export-Import Bank of the United States (US EXIM).

Bill Gates stated that the capabilities of Korean companies in nuclear power plant manufacturing and construction, along with the customized financing support provided by KEXIM, will serve as important momentum for accelerating the commercialization of TerraPower's SMRs. He expressed expectations that the cooperation would contribute to the global clean energy transition and development of third-country markets.

Hwang Gi-yeon stated that next-generation SMRs represent an important technological direction for addressing growing electricity demand in the artificial intelligence era and are a key area of strategic Korea-U.S. nuclear energy cooperation. KEXIM will combine Korea's nuclear energy supply chain strengths with financial support capabilities to help Korean companies enhance their competitiveness in the global SMR market.