Bill Gates Discusses SMR Collaboration in Seoul

Bill Gates, Chairman of TerraPower, met with Minister of Trade, Industry and Energy Kim Jong-kwan and SK Group Chairman Chey Tae-won in Seoul on the 14th to discuss expanding collaboration on small modular reactors (SMRs). The Ministry of Trade, Industry and Energy stated that during the meeting, they discussed ways to broaden the connection between TerraPower's SMR projects and Korea's nuclear power supply chain. Minister Kim emphasized the importance of operational capabilities for expanding the overseas nuclear power market, explaining that Korean companies could become partners in realizing TerraPower's vision. He mentioned the need to combine TerraPower's standardized designs with Korea's mass production supply chain to promote the standardization of SMRs. Minister Kim requested attention to ensure that Korea becomes a production base for TerraPower and that Korean companies can enter the core supply chain. TerraPower and SK Innovation signed a memorandum of understanding on key conditions for a global joint venture. This agreement provides SK Innovation with the opportunity to participate in the development of TerraPower's global SMR business. SMRs are next-generation nuclear power plants designed with smaller output units than large nuclear plants, focusing on reducing construction time and supply chain burdens through standardized designs and modular production. Currently, the SMR supply chain is in its early formation stage, and it is considered a critical time for Korean companies to enter the overseas SMR supply chain.

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