Seoul: Heads of HD Hyundai Co., Hyundai Engineering and Construction (EandC) Co., and U.S. nuclear energy firm TerraPower gathered in Seoul to discuss strengthening their collaboration in the small modular reactor (SMR) sector, HD Hyundai announced. The meeting involved HD Hyundai Chairman Chung Ki-sun, TerraPower founder and Chairman Bill Gates, and Hyundai EandC CEO Lee Han-woo, focusing on accelerating the commercialization of TerraPower's advanced Natrium reactor.

According to Yonhap News Agency, the collaboration follows a memorandum of understanding signed in May 2025, aimed at advancing the Natrium reactor, leveraging sodium-cooled fast reactor (SFR) technology. TerraPower is set to provide reactor technology, while HD Hyundai will manufacture key equipment, and Hyundai EandC will manage engineering, procurement, and construction (EPC).

"We expect to accelerate the commercialization of next-generation reactors through a collaborative framework spanning technology, manufacturing, and EPC," Chung stated in a release, emphasizing the response to the growing demand for SMR power generation through technological development and global partnerships.

This meeting marks the first encounter between Chung and Gates since their discussions at the World Economic Forum in Davos, Switzerland. Gates' visit to Seoul included talks on energy projects with major Korean companies and officials, with HD Hyundai expanding its partnership with TerraPower to penetrate the U.S. nuclear energy market.

In a related development, HD Hyundai Heavy Industries Co., an affiliate of the group, signed a framework agreement with TerraPower in May to manufacture and supply key reactor equipment for the sodium-cooled fast reactor, participating in the production of reactor equipment for TerraPower's 345-megawatt Natrium project in Wyoming.

HD Hyundai plans to ramp up investment in production facilities ahead of commercialization, aiming to establish a production system capable of supplying two to three reactor vessels annually. Meanwhile, Gates met with Industry Minister Kim Jung-kwan to discuss expanding South Korean firms' involvement in TerraPower's SMR projects. Kim emphasized the importance of executing projects within budget and on schedule, highlighting South Korea's advanced manufacturing ecosystem, and urging TerraPower's support in making South Korea a production hub.