The United States’ nuclear regulatory agency has given the green light for construction of an innovative small modular reactor (SMR) designed by TerraPower, a US energy firm established by Bill Gates with support from SK Group. This marks the first approval for a new commercial nuclear reactor in the US in approximately a decade.
In a unanimous decision on Wednesday, the Nuclear Regulatory Commission approved TerraPower’s application to build a 345-megawatt sodium-cooled reactor in Kemmerer, Wyoming. This advanced nuclear power plant promises a new era for clean energy.
TerraPower submitted the permit application for the new plant in 2024. Construction is expected to commence imminently, with TerraPower aiming for a completion date of 2030 for the project, estimated to cost up to $4 billion.
“Today represents a historic milestone for the US nuclear industry,” stated TerraPower President and CEO Chris Levesque. “We intend to break ground on the Natrium plant in the coming weeks, with the goal of introducing the first Natrium reactor and energy storage system to the market in Wyoming.”
SK Innovation, along with SK Corp., TerraPower’s second-largest shareholder, released a statement on Thursday indicating that this approval is anticipated to expedite their entry into the global SMR market. This venture will be undertaken in collaboration with Korea Hydro & Nuclear Power (KHNP), which has also invested an undisclosed sum in TerraPower, furthering their shared commitment to advanced nuclear technology.
The statement further highlighted that the US nuclear regulator’s approval serves as formal validation of the safety and technical maturity of TerraPower’s SMR technology. This endorsement is expected to accelerate both the commercialization process and the broader global deployment of this next-generation nuclear energy solution.
SK Group has been strengthening its partnership with TerraPower, founded by Bill Gates in 2008, for several years. This collaboration forms a key part of SK Group’s strategy to invest in next-generation energy sources, recognizing their crucial role in ensuring stable power supply chains for energy-intensive industries such as artificial intelligence and data centers.
In August 2022, SK Corp. and SK Innovation made a joint investment of $250 million in TerraPower, solidifying their position as the company’s second-largest shareholder and underscoring their confidence in TerraPower’s innovative approach to nuclear energy.
The following year, SK Innovation, KHNP, and TerraPower entered into an agreement to jointly develop and commercialize advanced SMR technology. This partnership includes collaborative efforts on demonstration projects and future commercial reactors, accelerating the adoption of SMR technology.
In January, the state-run KHNP acquired a stake in TerraPower following SK Innovation’s transfer of a portion of its shares. This move was made to support the construction of the Wyoming reactor, further strengthening the collaboration between these key players in the nuclear energy sector.
sahn
