Hyundai Engineering & Construction

TerraPower announced two agreements with Hyundai Engineering & Construction and SK Innovation to develop and commercialize its Natrium nuclear technology across the United States, Korea and select international markets. Under a framework agreement, TerraPower selected HDEC as its engineering, procurement and construction contractor to build up to eight future Natrium reactors with completion, price and performance guarantees. Separately, TerraPower and SK Innovation signed a term sheet to advance their intent to develop Korea's first commercial Natrium plant and explore collaboration on digital twin technology and artificial intelligence. The first Natrium plant is being developed through the U.S. Department of Energy's Advanced Reactor Demonstration Program and is expected to be completed in 2030.

HD Hyundai, TerraPower and Hyundai E&C held their first executive-level meeting since signing a memorandum of understanding in May, aiming to accelerate commercialization of next-generation Natrium small modular reactors. HD Hyundai Chairman Chung Kisun met with TerraPower Founder and Chairman Bill Gates, TerraPower President and CEO Chris Levesque, and Hyundai E&C CEO Lee Han-woo in Seoul on August 14 to discuss cooperation on land-based sodium-cooled fast reactors. HD Hyundai plans to invest in production facilities with a goal of supplying two to three primary Natrium reactor vessels annually, while TerraPower provides technology and Hyundai E&C handles engineering, procurement and construction. The U.S. has about 95 gigawatts of installed nuclear capacity, roughly 25% of the global total, and aging plants plus data-center electricity demand are expected to drive replacement and new-build demand.