Additional Meeting Held This Morning in Yeouido
Jung Kiseon, Vice Chairman of HD Hyundai, Also Meets Gates
Bill Gates, founder of the U.S. next-generation nuclear power company TerraPower and Chairman of the Gates Foundation, held a series of meetings with the heads of major Korean conglomerates to discuss cooperation in the fields of small modular reactors (SMRs) and vaccines. This is seen as significant, as Korean companies are emerging as key partners amid the rapid restructuring of the global energy and bio industries.
Chairman Chey Tae-won of SK (right in the photo) and Bill Gates, Chairman of the Gates Foundation, shake hands on the 21st at the SK Seorin Building in Jongno-gu, Seoul. Photo by SK
According to the business community on August 22, Chairman Gates had a dinner meeting with SK Group Chairman Chey Tae-won at the SK Seorin Building in Jongno-gu, Seoul the previous day, where they reviewed implementation strategies for the commercialization of TerraPower’s sodium SMRs and expanding cooperation in vaccines.
During the dinner, Chairman Chey stated, “I believe Korea and SK can play an important role in the commercialization of TerraPower’s SMRs,” and added, “Let’s work together to increase market acceptance based on safety, efficiency, and eco-friendliness.” Chairman Gates responded, “The establishment of a regulatory framework and supply chain by the Korean government is extremely important for the rapid demonstration and deployment of next-generation SMRs,” and continued, “If this is achieved, I believe SK and TerraPower can lead the global market in the future.”
Earlier that morning, both sides also held an additional meeting at the Conrad Hotel in Yeouido, attended by Minister of Trade, Industry and Energy Kim Jungkwan, where they discussed building a Korean-style SMR ecosystem based on Korea-U.S. cooperation and ways to expand private sector participation. In 2022, SK Inc. and SK Innovation invested $250 million in TerraPower, becoming its second-largest shareholders, and are jointly pursuing next-generation SMR development with Korea Hydro & Nuclear Power.
HD Hyundai signed a 'Strategic Agreement to Expand the Manufacturing Supply Chain for the Commercialization of Sodium Reactors' with TerraPower last March. From the front row right, counterclockwise: Won Kwangsik, Head of Marine Energy Business Division at HD Hyundai Heavy Industries; Jung Kiseon, Senior Vice Chairman of HD Hyundai; Bill Gates, Founder of TerraPower; Chris Leveque, CEO. HD Hyundai Photo by HD Hyundai
Chairman Gates also met with Jung Kiseon, Senior Vice Chairman of HD Hyundai, to review the progress of the memorandum of understanding (MOU) signed last March and discuss strategies for expanding the sodium reactor supply chain and commercialization. Previously, HD Hyundai and TerraPower had signed an MOU to expand the manufacturing supply chain for the commercialization of sodium reactors.
The sodium reactor developed by TerraPower is a fourth-generation SMR using a sodium-cooled fast reactor (SFR) system with energy storage capabilities. It produces 40% less nuclear waste compared to conventional reactors and offers higher thermal efficiency and safety, making it a promising next-generation nuclear power plant.
Senior Vice Chairman Jung stated, “Next-generation SMR technology is a key solution for realizing sustainable future energy,” and added, “Cooperation between our companies will serve as a catalyst for building a global nuclear power supply chain and accelerating the energy paradigm shift.” Chris Leveque, CEO of TerraPower, said, “Through this cooperation, we will accelerate the commercialization of sodium reactors and continue to create new opportunities in the global market.”
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