SK Deepens Cooperation with TerraPower, Targeting Nuclear Power Supply for AI Data Centers

According to industry sources, SK Group Chairman Chey Tae-won recently met with TerraPower Board Chairman Bill Gates in Seoul. The two sides exchanged views on next-generation nuclear power technology, electricity demand from AI data centers, and global energy cooperation.

(From left to right) TerraPower CEO Chris Leveque, SK Innovation CEO Choo Hyung-wook, SK Group Chairman Chey Tae-won, TerraPower Board Chairman Bill Gates, and TerraPower Senior Vice President of Business Development Jeff Miller at a meeting before a dinner at Seonhyewon restaurant in Jongno-gu, Seoul, on August 14, 2026. [Photo from TerraPower LinkedIn

This is the second meeting between Chey Tae-won and Bill Gates in nearly a year. During Gates's visit to South Korea in August last year, the two also held talks. Industry observers believe the relationship between the two companies is gradually extending from early-stage investment cooperation to strategic collaboration in project development and energy solutions.

In 2022, SK Innovation and SK Co., Ltd. jointly invested $250 million in TerraPower, becoming its second-largest shareholder. At that time, TerraPower had not yet launched a commercial small modular reactor. SK's investment decision was primarily based on the anticipated growth in electricity demand in the AI era and its long-term assessment of next-generation nuclear technology in line with its electrification business strategy.

TerraPower is currently advancing the "Natrium" project in Kemmerer, Wyoming, United States. The project employs fourth-generation sodium-cooled fast reactor technology, a non-light-water small modular reactor design that can adjust power output based on electricity demand through a thermal energy storage system. This technology is considered capable of compensating for the intermittency of renewable energy and providing more stable power support for high-energy-consuming facilities such as AI data centers.

After the project received a commercial advanced reactor construction permit from the U.S. Nuclear Regulatory Commission (NRC) in March this year, the focus of cooperation between SK Innovation and TerraPower is also believed to be shifting from equity investment to business development and project execution.

SK Innovation's business portfolio covers direct LNG import, LNG power generation, electricity business, as well as batteries and energy storage systems. Under current plans, the two sides will explore combining TerraPower's sodium-cooled small modular reactor technology with LNG power generation and energy storage systems to form integrated energy solutions for AI data centers.

The basic concept of this approach is: in the early phase of a project, LNG power generation and energy storage systems provide rapid power supply; in the medium to long term, small modular reactors deliver carbon-free baseload power. SK aims to leverage this to transition from traditional power generation business toward becoming an energy solutions provider that integrates power sources, energy storage, and customer energy demand.