(Credit: TerraPower)

TerraPower, a nuclear company founded by Bill Gates, has announced two key agreements, one with Hyundai Engineering & Construction (HDEC) and one with SK Innovation, to develop and commercialize the Natrium reactor technology across the United States, Korea and select international markets, during a visit to Korea by TerraPower leadership.

TerraPower founder and Chairman Bill Gates, along with TerraPower President and CEO Chris Levesque met with Prime Minister Han Seong-sook and leaders from the Export-Import Bank of Korea, HD Hyundai, HDEC and SK Innovation.

Following the day of meetings in Seoul, TerraPower announced a framework agreement with HDEC to support the commercial deployment of Natrium reactors. Under the agreement, TerraPower selected HDEC as its engineering, procurement and construction (EPC) contractor to build up to eight of its future Natrium reactors with completion, price and performance guarantees, intended to facilitate conventional commercial financing of the Natrium reactor fleet. TerraPower argues the collaboration will accelerate the commercial deployment of Natrium reactors by streamlining costs, improving design and construction efficiencies and strengthening global supply chains to deploy a fleet of Natrium plants across the United States and in select international markets.

Separately, TerraPower and SK Innovation announced a term sheet agreement to advance their intent to develop Korea’s first commercial Natrium plant along with plans to expand internationally. The two companies plan to explore opportunities to collaborate on engineering and digital solutions, including digital twin technology and artificial intelligence.

“Today marks a pivotal moment for TerraPower as we embark on a new chapter of international collaboration with Korea’s leading organizations,” said Chris Levesque, president and CEO of TerraPower. “Combining TerraPower’s innovative advanced nuclear technology with Korea’s nuclear construction and operational expertise will strengthen our global cooperation and accelerate the deployment of a Natrium fleet that will transform the world’s energy landscape.”

What is Natrium?

The Natrium plant design features a 345 MW sodium-cooled fast reactor with a patented molten salt-based energy storage system. TerraPower argues the storage technology can boost the system’s output to 500 MW of power when needed, as it is designed to keep base output steady and can ramp up when demand peaks.

The first Natrium plant is being developed in Wyoming through the U.S. Department of Energy’s Advanced Reactor Demonstration Program (ARDP), a public-private partnership. That project is expected to be completed in 2030 and would be the first utility-scale advanced nuclear power plant in the United States. TerraPower is commercializing the Natrium technology, which includes an agreement with Meta for up to eight Natrium plants by 2035.

The project’s timeline has already been shaped by fuel realities: Natrium requires high-assay low-enriched uranium, or HALEU, a fuel in short supply domestically. TerraPower announced a schedule delay in late 2022, pointing to insufficient commercial HALEU manufacturing capacity and the loss of Russian supply options.

Natrium was the first utility scale advanced reactor project in the United States to receive a construction permit from the U.S. Nuclear Regulatory Commission (NRC). Additionally, it was NRC’s first approval to build a commercial reactor in nearly a decade and its first construction green light for a non-light-water reactor design in more than 40 years, according to the agency.