Korea Hydro & Nuclear Power (KHNP), a unit of Korea Electric Power Corporation, has announced plans to invest approximately $40 million in TerraPower, a U.S.-based developer of small modular reactors (SMRs), founded by Bill Gates. The investment, approved during a KHNP board meeting on September 5, marks the first time a South Korean state-run energy company has invested in an SMR developer.
KHNP will acquire a 16% stake in a special purpose company (SPC) established by SK Group to hold shares in TerraPower. This move aligns with South Korea’s broader strategy to enhance energy cooperation with the U.S. and promote the development of advanced nuclear technologies. SK Group had previously invested $25 million in TerraPower in 2022, highlighting the collaborative push between the two countries.
TerraPower’s Natrium reactor, a fourth-generation SMR, is currently under construction in Wyoming and is seen as a breakthrough in cost-effective and flexible nuclear energy. KHNP’s investment bolsters its ongoing work in developing innovative SMRs and emphasizes the growing role of nuclear technology in addressing global energy and climate challenges.
