HD Hyundai Heavy Industries, the shipbuilding division of HD Hyundai, announced Thursday it has signed a significant framework agreement with TerraPower. This partnership focuses on supplying essential components for next-generation sodium-cooled nuclear reactors, marking a strategic advancement into the rapidly growing global small modular reactor (SMR) market.
The agreement signing ceremony saw the attendance of key executives, including Won Kwang-sik, head of HD Hyundai Heavy Industries’ offshore and energy business unit, and Chris Levesque, CEO of TerraPower, alongside other high-ranking officials from both companies.
Under the terms of this new agreement, HD Hyundai Heavy Industries is designated as the preferred supplier for the manufacturing and delivery of critical enclosure systems. These systems are core structures designed to surround TerraPower’s innovative Natrium reactor technology.
This latest collaboration builds upon an earlier agreement established in March 2025, which aimed to expand the global manufacturing supply chain and accelerate the commercialization of TerraPower’s advanced sodium-cooled reactor technology. Over the past year, both companies have rigorously evaluated manufacturing feasibility, pricing competitiveness, and optimized delivery schedules for the components.
TerraPower’s Natrium reactor stands as a prominent fourth-generation sodium-cooled fast reactor, recognized as one of the most advanced small modular reactor (SMR) technologies currently in development. Its design emphasizes enhanced safety features and a readiness for commercial deployment, positioning it as a leader in future nuclear energy solutions.
HD Hyundai stated that this strategic alliance is crucial for establishing a strong foothold in the competitive global SMR market, projecting significant growth opportunities.
Market insights from Fortune Business Insights indicate robust expansion in the global nuclear power market, with projections showing an increase from $40.4 billion in 2024 to an estimated $52.6 billion by 2034.
“This agreement not only strengthens our strategic partnership with TerraPower but also establishes a solid foundation for our entry into the global small modular reactor market,” commented Won Kwang-sik.
Chris Levesque added, “Through this partnership, we have secured a vital foundation for the successful commercialization of our Natrium reactors. We are confident that HD Hyundai possesses the extensive capabilities required to support large-scale nuclear energy deployment globally.”
In a related development, HD Hyundai also entered into a trilateral business cooperation agreement with TerraPower and Hyundai Engineering & Construction. This broader collaboration will focus on jointly pursuing next-generation Natrium reactor projects on a global scale.
The trilateral agreement outlines a cooperative framework where HD Hyundai and Hyundai E&C will collaborate on essential phases including engineering, procurement, construction (EPC), and the supply of key equipment for upcoming nuclear power projects worldwide.
stlee0329
