TerraPower and SK Innovation Sign Preliminary SMR Agreement | SMR News - News and Statistics

Aug 14, 2026

TerraPower and SK Innovation, an affiliate of South Korea’s SK Group, signed a preliminary global agreement on small modular reactors (SMRs) on Friday, according to Seoul’s Industry Ministry. The deal, finalized at a meeting in Seoul attended by TerraPower co-founder Bill Gates, SK Group Chairman Chey Tae-won, and Industry Minister Kim Jung-kwan, opens the door for SK Innovation to participate in TerraPower’s SMR projects in the United States and abroad. Financial terms and the scope of any investment were not disclosed.

The agreement allows SK Innovation, the parent of South Korea’s largest oil refiner, to join development efforts for TerraPower’s SMR initiatives. TerraPower, backed by Gates, is advancing its sodium-cooled Natrium reactor project in Kemmerer, Wyoming. The company secured a construction permit from the U.S. Nuclear Regulatory Commission in March and aims for commercial operation in 2031, the ministry said.

Separately, South Korea’s Doosan Enerbility announced on Friday that it won a contract from TerraPower to manufacture key reactor components, including the reactor vessel, support structures, and internal structures. The value of that contract was not revealed.

South Korean firms, including SK and HD Hyundai, have already made financial investments in TerraPower and are seeking roles in equipment supply, operations, and construction for its U.S. and overseas projects, the ministry added. The ministry noted that rising electricity demand from AI infrastructure and data centers is boosting global interest in SMRs, creating opportunities for Korean suppliers to enter emerging overseas supply chains.

1. INTRODUCTION

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REPORT DESCRIPTION
RESEARCH METHODOLOGY AND THE AI PLATFORM
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
GLOSSARY AND SPECIFIC TERMS

2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance

KEY FINDINGS
MARKET TRENDS This Chapter is Available Only for the Professional EditionPRO

3. MARKET OVERVIEW

Understanding the Current State of The Market and its Prospects

MARKET SIZE: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
CONSUMPTION BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
MARKET FORECAST TO 2035

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TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
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Choosing the Best Countries to Boost Your Export

TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
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UNSATURATED MARKETS
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PRODUCTION VOLUME AND VALUE: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
PRODUCTION BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)

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The Largest Import Supplying Countries

IMPORTS: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)

9. EXPORTS

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EXPORTS: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)
EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2025) AND FORECAST (2026–2035)

10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles

11. COUNTRY PROFILES

The Largest Markets And Their Profiles

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11.1

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