(ATTN: ADDS details in last 3 paras, photo)

By Kim Eun-jung

SEOUL, Aug. 14 (Yonhap) -- Heads of HD Hyundai Co., Hyundai Engineering & Construction (E&C) Co. and U.S. nuclear energy firm TerraPower on Friday discussed ways to strengthen cooperation in the small modular reactor (SMR) sector, HD Hyundai said.

HD Hyundai Chairman Chung Ki-sun, TerraPower founder and Chairman Bill Gates, and Hyundai E&C CEO Lee Han-woo met in Seoul to discuss ways to accelerate the commercialization of TerraPower's Natrium advanced reactor, HD Hyundai said.

The meeting came after the three companies signed a memorandum of understanding in May 2025 to cooperate on the Natrium reactor, a next-generation SMR based on sodium-cooled fast reactor (SFR) technology.

Under the agreement, TerraPower will provide reactor technology, shipbuilding conglomerate HD Hyundai will manufacture key equipment and construction firm Hyundai E&C will handle 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 said in a release. "We will actively respond to growing demand for SMR power generation by developing our own technologies and collaborating with global companies."

The meeting marked the first between Chung and Gates in seven months, following their talks on the sidelines of the World Economic Forum in Davos, Switzerland. Gates was visiting Seoul to discuss energy projects with major Korean companies and Seoul officials.

HD Hyundai has been expanding its partnership with TerraPower as part of efforts to tap into the U.S. nuclear energy market.

In May, HD Hyundai Heavy Industries Co., the group's affiliate, signed a framework agreement with TerraPower to manufacture and supply key reactor equipment for a sodium-cooled fast reactor.

HD Hyundai is also participating in the production of reactor equipment for TerraPower's 345-megawatt Natrium project in Wyoming.

The Korean company said it plans to accelerate investment in production facilities ahead of commercialization, with the goal of establishing a production system capable of supplying two to three reactor vessels annually.

Gates, meanwhile, also met with Industry Minister Kim Jung-kwan, discussing ways to expand South Korean firms' participation in TerraPower's SMR projects.

During the meeting, Kim stressed the importance of executing projects within budget and on schedule, noting South Korean companies have the capabilities to play key roles in realizing TerraPower's vision.

Kim added that South Korea has an advanced manufacturing ecosystem comprising small and medium-sized firms, calling for TerraPower's support in making South Korea its production hub.

ejkim@yna.co.kr

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