HD Hyundai has joined forces with Microsoft founder and TerraPower founder Bill Gates to embark on the commercialization of next-generation nuclear power. This partnership aims to expand the production of components for TerraPower’s small modular reactors (SMRs) and leverages the company’s expertise as the world’s leading shipbuilder to enter the land-based nuclear power market.
On March 11 (local time), TerraPower announced the establishment of a strategic partnership with HD Hyundai to enhance the production of sodium-cooled fast reactor (SFR) components known as Natrium™. The signing ceremony was attended by HD Hyundai Vice Chairman Chung Ki-sun and Bill Gates, reaffirming their commitment to collaboration.
HD Hyundai began its partnership with TerraPower in November 2022, investing $30 million through its shipbuilding subsidiary, HD Hyundai Heavy Industries. Following this, the company secured a contract for the production of cylindrical reactor vessels at the end of last year, solidifying its position as a key partner in the commercialization of sodium reactors.
Wonkang Sik, Vice President of HD Hyundai Heavy Industries’ Marine Energy Business Division, stated, “HD Hyundai Heavy Industries is dedicated to leveraging its proven manufacturing expertise and supply chain capabilities to produce sodium components, establishing a foundation for efficient and scalable commercial deployment.” He emphasized that this contract would accelerate the commercial viability of next-generation nuclear power and contribute to shaping the future global energy landscape.
Vice Chairman Chung is pushing for SMR as a future business initiative, having introduced sustainable energy, including SMRs and fuel cells, as a core vision at the CES 2024, the world’s largest IT and electronics exhibition, early last year.
Building on its verified welding technology from shipbuilding, HD Hyundai is expanding its SMR business. Since 2010, the company has been involved in the ITER project, producing vacuum vessel sectors and has established trust in the nuclear market by timely delivering four out of nine sectors. In December 2023, HD Hyundai became the first domestic company to unveil a specific design concept for an SMR-based power generation vessel, with plans to complete the development of a ship-based SMR model by 2030.
Through this partnership, HD Hyundai aims to solidify its presence in the land-based nuclear power market alongside TerraPower. Founded in 2008, TerraPower possesses design technology for fourth-generation reactors that use liquid sodium. The company is currently under construction for a 345 MW sodium reactor in Wyoming and is collaborating with Doosan Enerbility to evaluate the production of key SMR components.
The collaboration between HD Hyundai and TerraPower is expected to serve as a significant milestone in the commercialization of next-generation nuclear technology and sustainable energy production.
