{"id":2200830,"date":"2023-04-27T08:00:03","date_gmt":"2023-04-26T23:00:03","guid":{"rendered":"https:\/\/koreapro.org\/?p=2200830"},"modified":"2023-04-26T19:43:22","modified_gmt":"2023-04-26T10:43:22","slug":"sk-group-affiliates-khnp-join-forces-with-us-firm-on-small-modular-reactors","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/04\/sk-group-affiliates-khnp-join-forces-with-us-firm-on-small-modular-reactors\/","title":{"rendered":"SK Group affiliates &#038; KHNP join forces with US firm on small modular reactors"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s Ministry of Trade, Industry and Energy (MOTIE) <\/span><a href=\"http:\/\/www.motie.go.kr\/motie\/ne\/presse\/press2\/bbs\/bbsView.do?bbs_seq_n=167122&amp;bbs_cd_n=81&amp;currentPage=1&amp;search_key_n=&amp;cate_n=&amp;dept_v=&amp;search_val_v=\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> Wednesday that two affiliates of South Korea&#8217;s SK Group, SK Inc. and SK Innovation Company, have signed a partnership agreement with <\/span><a href=\"https:\/\/www.terrapower.com\/\"><span style=\"font-weight: 400;\">TerraPower<\/span><\/a><span style=\"font-weight: 400;\">, a U.S. nuclear company backed by Microsoft Corp. founder Bill Gates. Alongside the state-run Korea Hydro &amp; Nuclear Power Company, they will collaborate on the development and commercialization of small modular reactors (SMRs). SK Inc. and SK Innovation Company jointly <\/span><a href=\"https:\/\/koreajoongangdaily.joins.com\/2022\/08\/15\/business\/industry\/Korea-SK-TerraPower\/20220815180440872.html\"><span style=\"font-weight: 400;\">invested<\/span><\/a><span style=\"font-weight: 400;\"> $250 million in TerraPower during a $750 million fundraising event co-led by Gates in August last year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The partnership aims to commercialize TerraPower\u2019s <\/span><a href=\"https:\/\/www.terrapower.com\/our-work\/natriumpower\/\"><span style=\"font-weight: 400;\">Natrium advanced reactor<\/span><\/a><span style=\"font-weight: 400;\">, 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\u2019s state visit to the U.S., which saw the unveiling of <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20230426001152320?section=national\/politics\"><span style=\"font-weight: 400;\">numerous<\/span><\/a><span style=\"font-weight: 400;\"> new business collaborations and agreements in advanced energy fields.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">SMRs hold the potential to revolutionize the energy industry and contribute to decarbonization efforts. TerraPower\u2019s Natrium advanced reactor exemplifies this innovative technology. It enables nuclear power plants to integrate seamlessly with renewable resources, promoting cost-effective decarbonization of electricity generation. As a net-zero energy source, SMRs like the SFR can replace coal-fired power plants, significantly reducing greenhouse gas emissions and supporting global climate goals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In 2021, Seoul <\/span><a href=\"https:\/\/www.korea.net\/NewsFocus\/policies\/view?articleId=205222\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> it would reduce carbon emissions by 2030 to 40% of its 2018 levels and achieve net-zero emissions by 2050.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Collaboration between South Korean and U.S. companies can accelerate the commercialization of SMRs and create new business opportunities in advanced energy fields. Countries with expertise in SMR technology can export their reactors, generating a new revenue stream and strengthening their domestic nuclear industry. The importance of a robust nuclear industry has been highlighted by <\/span><a href=\"https:\/\/koreajoongangdaily.joins.com\/2022\/12\/30\/business\/industry\/Korea-Kepco-Electricity\/20221230165125686.html\"><span style=\"font-weight: 400;\">supply chain disruptions<\/span><\/a><span style=\"font-weight: 400;\"> resulting from Russia\u2019s invasion of Ukraine.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s Ministry of Trade, Industry and Energy (MOTIE) announced Wednesday that two affiliates of South Korea&#8217;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 &amp; Nuclear Power Company, they will collaborate [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2200831,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2200830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SK Group affiliates &amp; KHNP join forces with US firm on small modular reactors - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/04\/sk-group-affiliates-khnp-join-forces-with-us-firm-on-small-modular-reactors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SK Group affiliates &amp; KHNP join forces with US firm on small modular reactors - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s Ministry of Trade, Industry and Energy (MOTIE) announced Wednesday that two affiliates of South Korea&#8217;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. 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