Industry Minister, Bill Gates discuss strategic cooperation on next-gen nuclear supply chain TerraPower Founder and Chairman Bill Gates arrives at the office of National Assembly Speaker Cho Jeong-sik for a meeting on Friday. (Yonhap) South Korea and the US are deepening their strategic nuclear partnership as Korean industrial leaders, including SK Group and HD Hyundai, expand their presence in the fast-growing small modular reactor (SMR) market.On Friday, Korean Industry Minister Kim Jung-kwan met with Bill Gates, founder and Chairman of TerraPower, who visited Seoul for the first time since last August. The two discussed ways to integrate Korean suppliers into the US nuclear developer’s global SMR supply chain.SK Group and HD Hyundai have carried out years of collaborative ties with TearraPower. While SK became TerraPower’s second-largest shareholder with a $250 million investment in 2022, HD Hyundai invested $30 million in the same year, followed by an agreement in May to supply sodium-cooled reactors.In addition, other Korean firms such as Doosan Enerbility are participating or bidding for equipment manufacturing, construction and operational roles in TerraPower’s domestic and global projects.TerraPower is currently building its Natrium reactor in Kemmerer, Wyoming, targeting commercial operation by 2031. The Natrium system integrates a molten-salt energy storage system with a sodium-cooled fast reactor to enhance both safety and power flexibility compared with traditional reactors that use high-pressure water systems.Korea as global nuclear foundryDuring the meeting, Minister Kim emphasized that the execution capabilities of Korean companies — including their ability to deliver projects on time and within budget — will be critical to supporting TerraPower’s leading position in the SMR market.“To lower costs and standardize SMR deployment worldwide, combining TerraPower’s standardized reactor design with Korea’s highly reliable mass-manufacturing supply chain is essential,” Kim noted. "With over 50 years of experience building and operating nuclear facilities, Korea has established a ‘foundry-grade’ manufacturing and construction ecosystem, making it the ideal partner to for TerraPower.”The Minister urged TerraPower to leverage Korea’s advanced manufacturing resources — including both major conglomerates and highly specialized small-to-medium suppliers — as a key global production base and supply chains.SK-TerraPower expand AI power tiesAfter the meeting, SK Innovation and TerraPower signed a heads of agreement to establish key terms for joint business opportunities, attended by Minister Kim, Gates and SK Group Chairman Chey Tae-won.The agreement enables SK Innovation to partner in TerraPower’s SMR project development in the US and key global markets.The high-level meeting, where Chey and Gates met again after a year, signals that their next-generation nuclear alliance is evolving from a venture investment into a more advanced strategic alignment.As demand for power to support artificial intelligence continues to surge, SK’s integrated ecosystem spanning AI semiconductors, data centers and energy solutions is increasingly converging with Gates’ vision of deploying advanced nuclear reactors to provide reliable, carbon-free electricity.A major driver behind the deepening partnership is TerraPower’s landmark deal with Meta earlier this year, which solidified its position as a primary energy provider for AI-driven infrastructure.Under the agreement, Meta will fund the deployment of up to eight Natrium plants across the US. The project will supply 2.8 gigawatts of baseload power — with a potential to expand to 4 gigawatts when using integrated energy storage. Initial deliveries are slated to begin in 2032.SK Telecom’s ambitious plan to build 15 gigawatts of AI data center infrastructure also requires a massive supply of zero-carbon energy — meaning expanded business ties with TerraPower could power SK Group’s AI expansion.HD Hyundai boosts US nuclear push HD Hyundai Chairman Chung Ki-sun and TerraPower Founder and Chairman Bill Gates pose for a photo after meeting in Seoul on Aug. 22 2025. (HD Hyundai) Separately, HD Hyundai Chairman Chung Ki-sun met Gates for the first time in seven months to advance their ongoing cooperation on the Natrium reactor project.HD Hyundai said TerraPower CEO Chris Levesque and Hyundai E&C CEO Lee Han-woo also attended the meeting, marking the first gathering of all three companies’ chief executives since they signed a memorandum of understanding in May.During the meeting, the executives reviewed progress on their joint initiatives and held in-depth discussions on strategies to commercialize onshore reactors.To prepare for commercial-scale deployment, HD Hyundai plans to accelerate investments in its production facilities, targeting an annual supply capacity of two to three reactor vessels.The strategy focuses heavily on the US, the world’s largest nuclear energy market with approximately 95 gigawatts of generating capacity, roughly 25 percent of global output. With many of the US' nuclear plants dating back to the 1970s and facing aging infrastructure, replacement demand is expected to climb sharply, alongside a rapid surge in electricity demand from AI data centers.In May, HD Hyundai was designated as the preferred bidder to manufacture and supply core equipment for TerraPower’s main Natrium reactor system.The three partners agreed to accelerate the commercial rollout of the Natrium reactor, with TerraPower supplying the technology and reactor designs, HD Hyundai manufacturing key equipment, and Hyundai E&C leading engineering, procurement and construction.