SEOUL, Aug. 13 (Yonhap) -- American billionaire and founder of TerraPower Bill Gates arrived in South Korea on Thursday to meet with political and business leaders to discuss cooperation on next-generation nuclear reactors.

Gates, who also chairs the Gates Foundation, landed aboard a private jet at Gimpo International Airport in western Seoul at around 9:20 p.m., according to people close to the matter. He last visited Seoul just about a year ago.

While in Seoul, Gates is expected to have a string of meetings with key figures in political and business circles for discussions on expanding partnerships in small modular reactors (SMRs) and other areas.

He is expected to meet Prime Minister Han Seong-sook on Friday and top business leaders, including SK Group Chairman Chey Tae-won and HD Hyundai Chairman Chung Ki-sun.

Founded by Gates in 2006, TerraPower has been developing safer, more efficient and cost-effective nuclear energy reactors to provide a reliable source of clean energy amid rising grid demand driven by artificial intelligence (AI) technologies.

South Korea's SK Group is a major shareholder in TerraPower, with a US$250 million investment. Top shipbuilder HD Hyundai is also expanding collaborations with TerraPower in SMRs.

TerraPower's Natrium reactors are regarded as among the most advanced SMRs currently in development. They offer high thermal efficiency and enhanced safety, and generate about 40 percent less nuclear waste compared with conventional reactors.

TerraPower gained a permit from the U.S. Nuclear Regulatory Commission in March to build an SMR plant in Wyoming, raising the prospect for commercialization of the next-generation reactors.

elly@yna.co.kr

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