Trade minister meets Bill Gates to discuss expanding Korean firms' role in SMR projects

South Korea's Ministry of Trade, Industry and Energy said Minister Kim Jung-kwan met Bill Gates — co-founder of Microsoft, founder of next-generation nuclear energy company TerraPower and chairman of the Bill & Melinda Gates Foundation — in Seoul on Friday to discuss ways to expand Korean companies' participation in small modular reactor projects.

Gates' visit draws particular attention because it comes after TerraPower has begun delivering concrete results in its next-generation nuclear power business.

TerraPower received a construction permit from the US Nuclear Regulatory Commission in March for its Kemmerer Unit 1 plant in Wyoming — the first time a commercial-scale next-generation nuclear reactor has been licensed for construction in the United States.

Korean companies are also deepening their involvement. HD Hyundai Heavy was selected in May as the preferred negotiating partner to supply the reactor enclosure system, a core component of TerraPower's sodium reactor.

TerraPower's fourth-generation reactor, known as "Natrium," uses liquid sodium as a coolant in a sodium-cooled fast reactor design and is regarded as a next-generation nuclear technology capable of complementing renewable energy.

Gates' visit also coincides with the South Korean government's push to accelerate development of the SMR industry.

According to the International Energy Agency, global data center power consumption is projected to more than double from 415 terawatt-hours in 2024 to 945 TWh by 2030, driven by the spread of AI.

At the meeting, Kim said "the ability to complete projects on schedule and within budget is critical for expanding into overseas markets," adding that "Korean companies with such capabilities can play a pivotal role in turning TerraPower's vision into reality."

He went on to say that "combining TerraPower's standard design with Korea's highly reliable mass-production supply chain is essential for standardizing and scaling SMR deployment to ensure economic viability." He added that "Korea has built a foundry-level nuclear manufacturing and construction ecosystem through more than 50 years of building and operating nuclear plants at home and abroad, making it the ideal partner."

Kim also said the strength of Korea's nuclear supply chain lies not only in large companies' capacity to supply major equipment, but in the advanced manufacturing ecosystem made up of small and mid-sized nuclear firms. He urged Gates to "pay attention to making Korea a production base for TerraPower and Korean companies its core supply chain."

Following the meeting, TerraPower and SK Innovation signed a key terms agreement for a global joint business development contract in the presence of Kim, Gates in his capacity as TerraPower board chairman, and SK Group Chairman Chey Tae-won. The agreement gives SK Innovation an opportunity to participate in TerraPower's SMR project development in the United States and other overseas markets.