South Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced Wednesday that two affiliates of South Korea's SK Group, SK Inc. and SK Innovation Company, have signed a partnership agreement with TerraPower, a U.S. nuclear company backed by Microsoft Corp. founder Bill Gates. Alongside the state-run Korea Hydro & Nuclear Power Company, they will collaborate on the development and commercialization of small modular reactors (SMRs). SK Inc. and SK Innovation Company jointly invested $250 million in TerraPower during a $750 million fundraising event co-led by Gates in August last year.
The partnership aims to commercialize TerraPower’s Natrium advanced reactor, a sodium-cooled fast reactor (SFR) with a molten salt-based energy storage system that significantly enhances power output. This collaboration was announced during President Yoon Suk-yeol’s state visit to the U.S., which saw the unveiling of numerous new business collaborations and agreements in advanced energy fields.
South Korea’s Ministry of Trade, Industry and Energy (MOTIE) announced Wednesday that two affiliates of South Korea's SK Group, SK Inc. and SK Innovation Company, have signed a partnership agreement with TerraPower, a U.S. nuclear company backed by Microsoft Corp. founder Bill Gates. Alongside the state-run Korea Hydro & Nuclear Power Company, they will collaborate on the development and commercialization of small modular reactors (SMRs). SK Inc. and SK Innovation Company jointly invested $250 million in TerraPower during a $750 million fundraising event co-led by Gates in August last year.
The partnership aims to commercialize TerraPower’s Natrium advanced reactor, a sodium-cooled fast reactor (SFR) with a molten salt-based energy storage system that significantly enhances power output. This collaboration was announced during President Yoon Suk-yeol’s state visit to the U.S., which saw the unveiling of numerous new business collaborations and agreements in advanced energy fields.
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