SK Inks Initial Deal with U.S. Firm in Push to Enter Small-sized Nuclear Reactor Biz

This photo shows the headquarters building of SK Group in downtown Seoul on Aug. 25, 2020. (Yonhap)

SEOUL, May 17 (Korea Bizwire) — SK Inc., the holding firm of South Korea’s No. 2 conglomerate SK Group, said Tuesday it has signed an initial agreement with a U.S. nuclear power venture founded by Microsoft founder Bill Gates, as it seeks to tap into the small-sized nuclear power reactor business.

The agreement was signed between TerraPower, a Washington-based nuclear reactor design and development engineering firm, SK Inc. and SK Innovation Co., the oil refining affiliate, in Seoul, SK said in a release.

SK did not provide any details about the partnership, including the size of investment.

The small-sized nuclear reactor, known as the small modular reactor (SMR), is a type of lower-maintenance nuclear fission reactor that is smaller than conventional reactors. It is cited as a key power plant instrumental in achieving carbon neutrality in the long-term.

TerraPower was established by Gates in 2006 and aims to build its first reactor in Wyoming by 2028.

(Yonhap)