Ministry of Trade Industry and Resources

On August 14, 2026, Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) met in Seoul with TerraPower Founder and Chairman Bill Gates, who arrived in Korea earlier that day. In the meeting, both Minister Kim and Chairman Gates discussed expanding Korean companies’ participation in TerraPower’s small modular reactor (SMR) projects, among other topics.

Korean companies, including SK and HD Hyundai, have invested in TerraPower and established partnerships with the company. Several are also seeking roles in equipment supply, operations, construction, and other areas for projects that TerrraPower is pursuing both within the U.S. and abroad. .In fact, TerraPower is building its Natrium SMR in Kemmerer, Wyoming, after receiving a construction permit from the U.S. Nuclear Regulatory Commission (NRC) in March 2026, and aims to begin commercial operation in 2031.

At the meeting, Minister Kim stressed that overseas expansion requires the ability to deliver projects on time and within budget. “Korean companies have these capabilities and could play a central role in turning TerraPower’s vision into reality,” he said.

He noted that making SMRs economically viable will require standardized designs to be deployed at scale. Combining TerraPower’s standard design with Korea’s reliable supply chain for high-volume production will be essential to such deployment. Minister Kim said Korea is an ideal partner because Korea boasts five decades of building and operating nuclear power plants at home and abroad, which has given Korea a “foundry-scale” ecosystem for nuclear manufacturing and construction.

He added that Korea’s nuclear supply chain draws strength not only from large companies that can supply main equipment, but also from its sophisticated manufacturing ecosystem of nuclear SMEs and middle-market companies. He called for TerraPower to consider using Korea as a production hub and Korean companies as key suppliers.

After the meeting, TerraPower and SK Innovation signed a term sheet for an agreement to pursue joint global projects, witnessed by Minister Kim, Chairman Gates, and SK Group Chairman Chey Tae-won. The term sheet opens opportunities for SK Innovation to help develop TerraPower’s SMR projects in the United States and other countries, and to participate in the company’s U.S. business.

Demand for SMRs from big tech companies is rising rapidly as AI infrastructure expands and the number of data centers surges worldwide. More than 100 SMR designs are under development, and companies are forming cross-border alliances as they vie for a share of the emerging market.

Amid these changes, Korean companies can also help diversify Korea’s nuclear exports by investing in SMR designs developed overseas, advancing projects, and engaging in overseas supply chains. With SMR supply chains still taking shape, MOTIR views this as the right opportunity for Korean companies to enter the market. The Ministry valued that the meeting not only helped large Korean companies but also nuclear SMEs and middle-market companies in their efforts to join overseas SMR supply chains.