HD Hyundai Partners with TerraPower to Target Next-Generation Nuclear Market

HD Hyundai recently signed a basic agreement for sodium reactor supply with nuclear innovation company TerraPower in the U.S. (Pictured from left are Won Kwang-sik, head of HD Hyundai Heavy Industries' Marine Energy Division, and Chris Levesque, CEO of TerraPower.) [Photo=HD Hyundai]

Jung Ki-sun, chairman of HD Hyundai, is accelerating efforts to target the global market for next-generation small modular reactors (SMRs) as a key growth area. The company is expanding its business portfolio, traditionally focused on shipbuilding and marine industries, into the nuclear equipment sector to strengthen its energy value chain.

On May 21, HD Hyundai announced that its shipbuilding subsidiary, HD Hyundai Heavy Industries, has signed a basic agreement with TerraPower for the supply of sodium reactors in the United States. The signing ceremony was attended by Won Kwang-sik, head of HD Hyundai Heavy Industries' Marine Energy Division, and Chris Levesque, CEO of TerraPower, among other officials.

Under the agreement, HD Hyundai Heavy Industries has become the preferred negotiation partner for manufacturing and supplying key equipment for TerraPower's sodium reactor systems (RES), leveraging its strong manufacturing capabilities and extensive track record.

This collaboration is seen as a strategic move for HD Hyundai to establish itself as a key player in the global SMR supply chain, going beyond mere equipment supply. The two companies have been jointly researching manufacturing feasibility, cost competitiveness, and supply schedules since signing a strategic agreement in March 2025 to expand the manufacturing supply chain for sodium reactors.

Notably, Chairman Jung previously met with Bill Gates, founder of TerraPower, in the U.S. last year to discuss expanding cooperation on SMRs, marking a significant push for the nuclear power business. At that time, HD Hyundai also participated in supplying key equipment for TerraPower's next-generation sodium reactor, gaining recognition for its technological capabilities.

Won Kwang-sik stated, "The signing of this agreement will strengthen our strategic partnership with TerraPower and serve as a crucial foundation for entering the global SMR market. We will strive to ensure timely supply of sodium reactor equipment and establish a continuous production base through our joint research, enhancing our global competitiveness."

Additionally, on the same day, HD Hyundai signed a tripartite memorandum of understanding with TerraPower and Hyundai Engineering & Construction to collaborate on the next-generation sodium reactor business. This agreement will enable HD Hyundai and Hyundai Engineering & Construction to establish a foundation for design, procurement, and construction execution, as well as major equipment supply, to actively respond to the next-generation nuclear power market in the U.S. and globally.

* This article has been translated by AI.

Lee nakyeong nakk@ajunews.com