This photo taken on Jan. 15, 2026, and provided by SK Innovation Co. shows (from L) Kim Moo-hwan, executive vice president and head of the energy solution business division at Korea Hydro & Nuclear Power (KHNP), Park In-sik, executive vice president and head of the export business division at KHNP, and TerraPower CEO Chris Levesque posing for a photo following an SMR cooperation meeting at TerraPower’s headquarters in Seattle. (Yonhap)
SEOUL, Jan. 21 (Korea Bizwire) – SK Innovation Co., South Korea’s leading refiner, said Wednesday it has sold part of its stake in TerraPower, a U.S. developer of next-generation small modular reactors (SMRs), to Korea Hydro & Nuclear Power (KHNP), strengthening their three-way partnership to expand into the global SMR market.
The deal marks the first time a Korean public energy company has directly invested in a leading global SMR developer, SK Innovation said in a press release.
In August 2022, SK Innovation and SK Corp. jointly invested 350 billion won (US$250 million) in TerraPower, becoming the company’s second-largest shareholder.
SK Innovation said its position as the second-largest shareholder will remain unchanged following the partial transfer of its stake in the U.S. company, which was founded by Microsoft co-founder Bill Gates in 2008.
TerraPower is constructing the world’s first commercial SMR plant in Wyoming, with completion targeted for 2030. The facility will use TerraPower’s Natrium reactor technology, which integrates advanced energy storage systems.
Visitors look at a model of a small modular reactor (SMR) at the Smart Energy Plus 2025 exhibition held at COEX in Gangnam District, Seoul, on Oct. 15, 2025. (Yonhap)
TerraPower’s SMR technology is considered a game changer for addressing power shortages driven by the rapid expansion of the artificial intelligence (AI) industry.
“KHNP’s investment in TerraPower strengthens our three-way collaboration in the global SMR business,” said Kim Moo-hwan, executive vice president and head of SK Innovation’s Energy Solution Business Division. “SK Innovation will work closely with KHNP to support the Wyoming project, pursue overseas SMR opportunities and achieve innovative outcomes, including the localization of key materials and components.”
Following the stake transfer, the three companies plan to gradually sign agreements to build SMRs in the United States and other countries, introduce SMRs in South Korea, and strengthen cooperation to expand global SMR supply chains, the release said.
The companies began their cooperation in April 2023 by signing an initial agreement for SMR development and demonstration aimed at expanding the global SMR supply chain.
SMRs can significantly reduce construction time and costs through modular designs and allow phased expansion to meet surging electricity demand.
(Yonhap)
