HD Hyundai is intensifying efforts to capture the U.S. small modular reactor (SMR) market in collaboration with TerraPower and Hyundai Engineering.
On August 14, HD Hyundai announced that Chairman Chung Ki-sun met with TerraPower founder and chairman Bill Gates, CEO Chris Levesque, and Hyundai Engineering CEO Lee Han-woo in Seoul.
This meeting marked the first gathering of the top executives since the three companies signed a tripartite memorandum of understanding (MOU) in May to collaborate on next-generation sodium reactor projects.
During the meeting, the executives discussed various cooperation strategies for the commercialization of land-based reactors based on the progress made so far.
Chairman Chung expressed optimism, stating, "We expect to accelerate the commercialization of next-generation reactors based on a collaborative framework that encompasses technology, manufacturing, and EPC (engineering, procurement, and construction). We will actively respond to the growing demand for SMR power generation through independent technology development and collaboration with global companies."
HD Hyundai has been refining the scope of its supply chain cooperation and plans to expedite investments in production facilities ahead of commercialization, aiming to supply 2-3 reactor vessels annually.
In May, the three companies established a cooperation framework where TerraPower would provide sodium technology, HD Hyundai would manufacture the main reactor components, and Hyundai Engineering would handle EPC.
Since beginning its investment in TerraPower in 2022, HD Hyundai has been producing cylindrical reactor vessels for sodium reactors, having secured an order from TerraPower in December 2024.
In March 2025, the companies signed a strategic agreement to expand the manufacturing supply chain for sodium reactors, conducting research on manufacturing feasibility, cost competitiveness, and delivery schedules for over a year.
Building on these achievements, HD Hyundai was designated as the preferred negotiator for the core equipment of TerraPower's sodium reactor main components in May.
The meeting between Chairman Chung and Bill Gates took place approximately seven months after their encounter at the World Economic Forum Annual Meeting in Davos, Switzerland, in January.
* This article has been translated by AI.
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