Small Modular Reactors

US-South Korea / Three Agreements Signed Towards ‘Global Reactor Deployment’

By David Dalton
27 April 2023

International partnerships critical, says TerraPower president

Three Agreements Signed Towards ‘Global Reactor Deployment’
The TerraPower signing ceremony (L-R): Whang Ju-ho, president of Korea Hydro & Nuclear Power, Chris Levesque, president of TerraPower and Kim Jun, vice-chairman of SK Innovation.

US and South Korean companies have signed three agreements related to the deployment of small modular reactors.

Doosan Enerbility and the Export-Import Bank of Korea (Kexim) signed a memorandum of understanding to cooperate with NuScale Power. SK and Korea Hydro & Nuclear Power (KHNP) agreed to collaborate with Bill Gates’ TerraPower, while Holtec International, Korea Trade Insurance Corporation and Hyundai E&C signed a financial support agreement to “deploy Holtec’s SMR-160s globally”.

At a signing ceremony for the TerraPower agreement, the company’s president Chris Levesque spoke about the importance of bilateral relationships and global cooperation in developing nuclear technology.

“These partnerships are critical for the first Natrium reactor and the many additional facilities we plan to construct in the US and globally,” Levesque said. “We already have a strong partner in SK and look forward to adding the recognised global expertise of KHNP as a long-term partner to help realise the benefits of advanced nuclear energy.”

Gates said earlier this year that TerraPower is looking for more sites as the company steps up efforts to deploy the Natrium reactor technology beyond the first proposed location in Wyoming.

NuScale said its agreement with Doosan and Kexim aims to strengthen support for the deployment of NuScale’s Voygr SMR.

The Holtec agreement will enable “multi-lateral financing support” from the US and South Korea to meet the world’s demand for 24/7 clean energy provided by the SMR-160 power plant, the company said.

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