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Bill Gates explores business ties with SK, Samsung and HD Hyundai

Published: 22 Aug. 2025, 18:00 Updated: 24 Aug. 2025, 16:10

HD Hyundai Executive Vice Chairman Chung Ki-sun, right, meets with Bill Gates, co-chair of the Bill & Melinda Gates Foundation, at Conrad Seoul in Yeouido, western Seoul, on Aug. 22 to discuss cooperation on SMRs. [HD HYUNDAI]

Bill Gates, chair of the Gates Foundation and founder of Microsoft, met with Korean business leaders during his first visit to Korea in three years, discussing future collaboration on nuclear energy, biotechnology and artificial intelligence with HD Hyundai, SK and Samsung Electronics.

HD Hyundai Executive Vice Chairman Chung Ki-sun met Gates on Friday at the Conrad Seoul in Yeouido, western Seoul. The meeting focused on cooperation related to the small modular reactor (SMR) project by TerraPower, a nuclear innovation company founded by Gates.

Chung, Gates and TerraPower executives reviewed progress on commercializing TerraPower’s Natrium reactor, a fourth-generation SMR that uses a sodium-cooled fast reactor (SFR) design. They also discussed expanding the supply chain for reactor components.

The meeting followed a memorandum of understanding signed by HD Hyundai and TerraPower in the United States in March to develop a manufacturing and supply network for the Natrium reactor.

TerraPower plans to build a 345-megawatt SFR in Kemmerer, Wyoming. Under a contract signed in December, HD Hyundai will manufacture and supply the reactor vessel, the component that contains the reactor core and coolant. The vessel is currently being developed at HD Hyundai’s SMR-dedicated facility in Ulsan.

HD Hyundai invested $30 million in TerraPower in November 2022 through HD Korea Shipbuilding & Offshore Engineering, its intermediate holding company in the shipbuilding sector.

SK Group Chairman Chey Tae-won, center, takes questions from employees during the closing session of the Icheon Forum 2025 at the SK Seorin Building in central Seoul on Aug. 20. [SK]

Among various SMR technologies, SFRs are considered highly advanced. SFRs generate electricity by cooling high-speed neutrons with liquid sodium, which has a boiling point of 883 degrees Celsius (1,621 degrees Fahrenheit), making it more suitable than water for high-temperature reactors. The design is known for high thermal efficiency, enhanced safety and reduced nuclear waste — up to 40 percent less than traditional reactors.

HD Hyundai sees strong growth potential in the SMR market. Market research firm MarketsandMarkets projects that the global SMR market will grow from $5.7 billion in 2022 to $6.8 billion by 2030.

The company aims to develop marine SMRs by 2030 and plans to invest 300 billion won ($215.4 million) in next-generation ship propulsion systems, including SMRs and hydrogen fuel cells. HD Hyundai is also collaborating with TerraPower to develop molten chloride fast reactors for maritime use, particularly as China accelerates its own SMR-powered vessel projects.

“Next-generation SMR technology is a key solution for realizing sustainable energy,” said Chung. “Our collaboration with TerraPower will help build a global nuclear supply chain and accelerate the energy transition.”

SK Chairman Chey Tae-won, right, shakes hands with Bill Gates, co-chair of the Bill & Melinda Gates Foundation, at the SK Seorin Building in Jongno District, central Seoul, on Aug. 21. [SK]

Gates also met with SK Group Chairman Chey Tae-won on Thursday evening to discuss cooperation in biotechnology, energy and AI.

The Gates Foundation is exploring partnerships with Korean biotech companies to improve vaccine access in low-income countries. SK bioscience has been a longtime partner of the foundation, working together since 2013 on vaccines for typhoid, and rotavirus and other infectious disease solutions. Korea’s first domestically developed Covid-19 vaccine, commercialized in 2022, was a joint effort between SK and the foundation.

SK bioscience met in Yeouido on Wednesday with Gates Foundation officials, including Trevor Mundel, president of global health at the foundation, SK Supex Council Chairman Choi Chang-won and SK bioscience CEO Ahn Jae-yong, to explore further collaboration on global health initiatives.

In 2022, SK and SK Innovation jointly invested about 300 billion won in TerraPower.

Chey also addressed employees at the closing session of the Icheon Forum 2025 on Wednesday, emphasizing the importance of AI.

“We must rapidly internalize AI and digital transformation,” Chey said. “Every employee should feel comfortable and familiar with using AI to drive innovation and success.”

The session, which included real-time discussions with employees, focused on AI, operational improvements, and sustainable well-being. Around 170 executives attended in person, with 2,800 more joining online.

Now in its ninth year, the Icheon Forum is SK Group’s annual strategy conference for discussing global industry trends, innovative technologies and future business directions. Since 2019, Chey has made AI a central agenda item.

Samsung Electronics Executive Chairman Lee Jae-yong, center, sees off Bill Gates, right, after their lunch meeting at Samsung’s headquarters in Seocho District, southern Seoul, on Aug. 22. [SAMSUNG ELECTRONICS]

Samsung Electronics Executive Chairman Lee Jae-yong also met Gates for lunch at Samsung’s headquarters in Seocho District, southern Seoul, on Friday.

During the meeting, Gates outlined the foundation’s vision and ongoing social contribution initiatives while Lee expressed Samsung’s commitment to using its technology to help address global challenges.

Lee and Gates previously collaborated during Gates' last visit to Korea in August 2022, when Samsung partnered with the foundation on the “Reinvented Toilet” project. At the foundation's request, Lee directed the Samsung Advanced Institute of Technology to form a task force to support the development of a new sanitation solution.

Samsung successfully developed a treatment technology using thermal and bio processes that produces environmentally safe discharge and achieves 100 percent wastewater recycling. The Gates Foundation has since deployed household versions of the toilets in developing countries. While the foundation offered tens of millions of dollars in project funding to Samsung, Lee reportedly declined the compensation.

Even during the Covid-19 pandemic, Lee and Gates continued to exchange ideas via email, phone calls and video conferences to monitor progress on the project. Gates is said to be on such close terms with Lee that he calls him “Jay.”

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.
BY CHOI SUN-EUL, KIM HYO-SEONG [[email protected]]