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

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)

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)

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