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HD Hyundai Heavy Industries to Invest KRW 238.6 Billion in Dedicated Plant for Manufacturing Major SMR Equipment

HD Hyundai Heavy Industries announced on September 10 that it will invest KRW 238.6 billion to build a dedicated plant for manufacturing major equipment for small modular reactors (SMRs). The plant will be built on the site of HD Hyundai Heavy Industries' Ulsan Shipyard, with the goal of commencing operations in 2029. SMRs are regarded as one of the next-generation nuclear power technologies. Compared with conventional nuclear power units, SMRs have lower output power, and their major equipment can be configured in a modular manner, combining features such as stable power supply and reduced carbon emissions. As AI data centers requiring round-the-clock, large-scale power supply increase rapidly, SMRs are attracting more attention. According to projections by the Organisation for Economic Co-operation and Development (OECD), by 2050, the global SMR market is expected to grow to 150G...

2026-09-10

UK's First TerraPower Natrium Reactor Could Generate Power by 2034

TerraPower, the US nuclear power company backed by Bill Gates, expects its Natrium sodium-cooled reactor could generate electricity in the UK as early as 2034. If the project progresses smoothly, the UK will become the company's first market for deploying this technology outside the United States. TerraPower CEO Chris Levesque said that given the company's first Natrium reactor project is scheduled for completion in 2031, the Natrium technology is highly likely to become a reality in the UK by 2034. The technology has already met relevant US regulatory requirements, and the first unit is under construction in Wyoming. In recent years, the UK has accelerated the development of small modular re...

2026-09-08

US TerraPower Awards Additional Natrium Reactor Supplier Contracts

US nuclear innovation company TerraPower announced on August 31 that it has selected 12 suppliers to continue advancing the supply chain for its first Natrium nuclear power plant—Kemmerer Unit 1 in Wyoming, USA. The project is currently under construction, and TerraPower describes it as the first utility-scale advanced reactor project under construction in the Western Hemisphere. Pat Young, Senior Vice President of TerraPower and Director of the Natrium Project, stated that securing supplier contracts is a critical step in building the resilient supply chain needed for advanced nuclear power plant construction. With the signing of these contracts, the company is expanding its network of qualified partners and advancing the key milestones required for Natrium reactor commercialization.

2026-09-01

Hyundai E&C Signs Framework Agreement with TerraPower for Natrium Nuclear Power Plant Project

Hyundai Engineering & Construction announced on the 18th that it has signed a framework agreement with U.S. nuclear energy company TerraPower for the execution of the Natrium next-generation nuclear power plant project. Under the agreement, Hyundai E&C has been granted priority status to serve as the engineering, procurement, and construction (EPC) general contractor for up to eight additional Natrium nuclear units developed by TerraPower. The signing ceremony was attended by senior executives from both companies, including Hyundai E&C CEO Lee Han-woo and TerraPower CEO Chris Levesque. The two parties plan to expand cooperation in the nuclear energy sector and jointly explore new business opportunities...

2026-08-18

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 techn...

2026-08-16

U.S. nuclear company TerraPower partners with Korean firms to advance Natrium advanced nuclear deployment in America

U.S. nuclear company TerraPower, backed by Bill Gates, is accelerating the commercialization of its advanced nuclear reactors. The company announced on August 14 that it has reached cooperation agreements with South Korea's Hyundai Engineering & Construction and SK Innovation, aiming to advance the deployment of up to eight 345 MW Natrium reactors in the U.S. nuclear expansion. The first plant is expected to be completed by 2030, a timeline that underscores the urgency of deploying next-generation nuclear technology in the United States. Under the agreement, Hyundai Engineering & Construction has been selected as the engineering, procurement, and construction contractor for up to eight future Natrium reactor projects. The cooperation arrangement also includes related financing guarantee mechanisms, intended to enhance project bankability and reduce uncertainties in the early stages of large-scale construction. TerraPower President and CEO Chris Levesque stated that this marks a new phase of international cooperation with leading Korean institutions, reflecting the growing reliance of advanced nuclear projects on cross-border supply chains and engineering capabilities.

2026-08-15