HD Hyundai Chairman Jeong Kisun Reunites with Bill Gates in Davos... Accelerating SMR Cooperation

Meeting TerraPower Again After Five Months
Discussing Commercialization of Sodium Reactors and More

Jeong Kisun, Chairman of HD Hyundai, met again with Bill Gates, founder and chairman of TerraPower, at the site of the 56th World Economic Forum (WEF, also known as the Davos Forum) held in Davos, Switzerland. As cooperation surrounding small modular reactors (SMRs), which have emerged as a key pillar of the energy transition, gains momentum, both parties are accelerating their efforts.

According to HD Hyundai's official social media on January 23, Chairman Jeong and Chairman Gates met separately on January 22 (local time) to exchange views on the future of the energy industry and next-generation nuclear technology. This was their first meeting in about five months since they last met in Seoul in August of the previous year to discuss the expansion of the SMR supply chain and progress in commercialization.

HD Hyundai and TerraPower are strengthening their strategic cooperation in the SMR sector. In December of last year, HD Hyundai Heavy Industries signed a contract to supply cylindrical reactor vessels for TerraPower's first sodium reactor. Then, in March of this year, the two companies signed an agreement to expand the manufacturing supply chain for the commercialization of sodium reactors.

The sodium reactor is a fourth-generation sodium-cooled fast reactor under development by TerraPower. It generates electricity by cooling the heat produced by the fission of fast neutrons with liquid sodium. Compared to conventional reactors, it is considered to have higher safety and technical maturity, and it produces about 40% less nuclear waste.

This meeting in Davos took place as the collaboration between the two companies entered a stage of tangible results. In December of last year, TerraPower passed a major safety assessment by the U.S. Nuclear Regulatory Commission (NRC) one month ahead of schedule. This month, TerraPower signed a large-scale nuclear power generation contract with Meta. HD Hyundai Heavy Industries is also accelerating the production and construction of pilot projects with TerraPower. Previously, in November 2022, HD Hyundai invested 30 million dollars (approximately 42.5 billion won) in TerraPower.