Key Takeaways
- TerraPower signed a framework agreement naming Hyundai Engineering & Construction (HDEC) as the engineering, procurement and construction contractor for up to eight Natrium reactors, with completion, price and performance guarantees.
- TerraPower also signed a term sheet with SK Innovation to develop Korea’s first commercial Natrium plant, with plans for international expansion.
- HD Hyundai, TerraPower and Hyundai E&C held their first executive-level meeting since signing a trilateral memorandum of understanding in May 2026 on sodium-cooled fast reactor projects.
- HD Hyundai is building manufacturing capacity to produce two to three primary Natrium components a year, supplying equipment such as reactor vessels.
- TerraPower’s Natrium design is a 345 MW sodium-cooled fast reactor paired with a molten salt energy storage system that can raise output to 500 MW at peak demand.
TerraPower Signs New Korean Agreements
TerraPower, the Bellevue, Washington-based nuclear company developing Natrium small modular reactors, announced two new agreements with South Korean partners on August 14 after meetings in Seoul with Korean government and business leaders, including Prime Minister Han Seong-sook, HD Hyundai Chairman Chung Kisun and Hyundai E&C CEO Lee Han-woo. TerraPower founder and Chairman Bill Gates and President and CEO Chris Levesque led the discussions.
The first agreement is a framework naming HDEC as the engineering, procurement and construction contractor for up to eight Natrium reactors, with completion, price and performance guarantees attached. The second is a term sheet with SK Innovation to develop Korea’s first commercial Natrium plant, with plans to expand the technology to other markets.
“Today marks a pivotal moment for TerraPower as we embark on a new chapter of international collaboration with Korea’s leading organizations,” said Chris Levesque, President and CEO of TerraPower. “Combining TerraPower’s innovative advanced nuclear technology with Korea’s nuclear construction and operational expertise will strengthen our global cooperation and accelerate the deployment of a Natrium fleet that will transform the world’s energy landscape.”
HD Hyundai and Hyundai E&C Expand Nuclear Supply Chain Role
The Seoul meetings marked the first executive-level session between HD Hyundai, TerraPower and Hyundai E&C since the three companies signed a trilateral memorandum of understanding in May 2026 on sodium-cooled fast reactor projects. Under the arrangement, TerraPower supplies the Natrium reactor technology, HD Hyundai manufactures major equipment, and Hyundai E&C handles engineering, procurement and construction support. HD Hyundai is building capacity to produce two to three primary Natrium components a year.
“We expect this cooperative framework, which spans technology, manufacturing and EPC, to accelerate the commercialization of next-generation Natrium reactors,” said Chung Kisun, Chairman of HD Hyundai. “We will actively respond to growing demand for SMR-based power generation through our own technology development and collaboration with global companies.”
TerraPower’s Natrium Technology
TerraPower’s Natrium design is a 345 MW sodium-cooled fast reactor paired with a patented molten salt energy storage system that can raise output to 500 MW at peak demand. The company is building its first Natrium plant in Kemmerer, Wyoming, with completion targeted as early as 2030.
HD Hyundai has backed TerraPower since joining its investor base in 2022, later ordering cylindrical reactor vessels in December 2024 and signing a manufacturing expansion agreement in March 2025.
