Lee Han-woo, president and CEO of Hyundai Engineering & Construction, left, shakes hands with Bill Gates, co-founder of Microsoft and founder of TerraPower on Aug. 14.HYUNDAI ENGINEERING & CONSTRUCTION
Hyundai Engineering & Construction (Hyundai E&C) announced on Tuesday that it signed a framework agreement with U.S. nuclear engineering company TerraPower to work on projects involving Natrium, TerraPower’s flagship advanced reactor.
Under the framework agreement, the two companies are set to work on nuclear energy projects involving Natrium, TerraPower’s flagship advanced reactor, and to explore new business opportunities.
The agreement also gives Hyundai E&C priority as an engineering, procurement and construction (EPC) partner for up to eight additional Natrium reactors planned by TerraPower.
Hyundai E&C’s President and CEO Lee Han-woo and TerraPower’s President and CEO Chris Levesque attended the signing in Seoul.
TerraPower is a next-generation small modular reactor (SMR) company founded by Microsoft co-founder Bill Gates. TerraPower has developed fourth-generation nuclear technology based on a sodium-cooled fast reactor, which uses liquid sodium rather than water as a coolant. Liquid sodium has a higher boiling point than water, which allows the reactor to operate at relatively low pressure even at high temperatures.
Natrium reactors can improve safety and power generation efficiency while producing less nuclear waste than conventional reactors, according to the construction giant. The technology also allows the reactor to cool naturally in the event of a power outage.
The reactor can cool naturally even during a power outage. It can also adjust its output to match electricity demand by combining the reactor with an energy storage system.
A rendered image of TerraPower's small modular reactor power plant in Wyoming, U.S.DOOSAN ENERBILITY
TerraPower is building the 345-megawatt Kemmerer Unit 1 in Wyoming, U.S., after receiving approval from the U.S. Nuclear Regulatory Commission to construct the fourth-generation reactor. TerraPower has also signed agreements with Big Tech companies, such as Meta, to supply electricity for AI data centers.
The latest agreement could open the door to further projects for Hyundai E&C.
Hyundai E&C plans to discuss reactor construction with TerraPower following Kemmerer Unit 1, as well as joint efforts to pursue projects in global markets.
The Korean construction giant also discussed potential cooperation on global SMR projects with senior executives from TerraPower and HD Hyundai on Friday. The meeting was attended by Lee, Gates, Levesque and HD Hyundai Chairman Chung Ki-sun.
“We will combine TerraPower’s nuclear technology with Hyundai E&C’s global EPC capabilities to meet rapidly growing electricity demand and accelerate the commercialization of next-generation nuclear reactors,” a Hyundai E&C representative said.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
