Global SMR Collaboration
U.S. TerraPower and South Korea's SK Innovation Ink Preliminary Global SMR Project Agreement
TerraPower, the U.S. nuclear company co-founded by Bill Gates, and South Korea's SK Innovation have signed a preliminary deal to work together on small modular reactor (SMR) projects in the U.S. and around the world, according to Reuters. The agreement was signed in Seoul at a meeting between Gates, SK Group Chairman Chey Tae-won, and South Korean Industry Minister Kim Jung-kwan.
Financial terms were not disclosed. SMRs are compact nuclear reactors that can be built faster and at lower cost than traditional nuclear plants. The deal gives SK Innovation — the parent of South Korea's largest oil refiner — a seat at the table in TerraPower's growing global pipeline.
AI Data Centers Are Fueling the SMR Gold Rush
South Korea's Industry Ministry pointed to surging electricity demand from AI infrastructure and data centers as a key force driving global interest in SMRs, according to Reuters. Tech giants are scrambling for reliable, low-carbon power to run energy-hungry data centers. That demand is pushing nuclear energy back into the spotlight after decades on the sidelines.
SMRs are seen as a practical answer. They are smaller and more flexible than traditional reactors, making them easier to place near data centers or industrial sites. The global race to build them is accelerating, and both the U.S. and South Korea want a leading role.
SK Innovation Steps Into TerraPower's Global Projects
Under the preliminary agreement, SK Innovation can participate in TerraPower's projects both inside the U.S. and abroad, according to Yahoo Finance. SK Innovation is part of the sprawling SK Group conglomerate, which spans energy, semiconductors, and telecommunications. The deal marks a major push by SK Group into next-generation nuclear power.
TerraPower is developing the Natrium reactor, a sodium-cooled SMR designed to be faster and cheaper to build than conventional nuclear plants. The company broke ground on its first Natrium plant in Kemmerer, Wyoming in 2024. A partnership with SK Innovation could help fund and expand that global rollout.
Korean Suppliers Eye a Piece of the Overseas SMR Market
South Korea's Industry Ministry said the deal creates real opportunities for Korean suppliers to enter emerging SMR supply chains overseas, according to KELO. South Korea already has deep expertise in nuclear manufacturing, built over decades of domestic reactor construction. Now the country wants to export that know-how.
The ministry's involvement signals that Seoul sees SMR exports as a national economic priority, not just a private business deal. Korea's nuclear industry has been pushing hard to win contracts abroad, including in Europe, the Middle East, and Southeast Asia. This TerraPower deal could open new doors in the U.S.-led global market.
Bill Gates Brings Star Power to Seoul Nuclear Diplomacy
The signing ceremony had unusual star power. Gates personally traveled to Seoul for the meeting with SK Group Chairman Chey Tae-won and Minister Kim Jung-kwan, according to WKZO. The high-profile gathering underlines how seriously both sides are treating the partnership.
Gates founded TerraPower in 2006 with a mission to reinvent nuclear power for the 21st century. His presence in Seoul sends a clear signal: this is not just a routine business agreement. It is part of a broader push to build global alliances around next-generation nuclear technology at a moment when the world is hungry for clean, reliable power.
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