SK Innovation said Wednesday it has sold part of its stake in US-based small modular reactor developer TerraPower to Korea Hydro & Nuclear Power, marking the state-run utility’s first entry into a global SMR alliance.
KHNP received clearance from the Committee on Foreign Investment in the United States in December, clearing the way for the investment. SK Innovation, which invested 367.5 billion won ($250 million) in TerraPower jointly with SK Inc. in August 2022, will remain the second-largest shareholder following the partial sale.
The partnership comes as demand for stable, large-scale power sources rises amid the expansion of artificial intelligence and data center infrastructure. SMRs are gaining traction as a viable solution due to their modular design, scalability and ability to provide continuous power.
TerraPower is currently building a commercial SMR plant in Wyoming using its proprietary Natrium technology, a sodium-cooled reactor system designed to flexibly adjust output in response to power demand.
Following the investment, SK Innovation, TerraPower and KHNP plan to deepen cooperation on SMR projects in the US and other overseas markets, with discussions under way to formalize business agreements within the year.
“With KHNP’s participation, cooperation among the three companies in the global SMR business has entered a more concrete phase,” said Kim Moo-hwan, head of SK Innovation’s energy solution business. “We will support the Wyoming project and pursue innovative outcomes, including overseas expansion and localization of key materials.”
sunblessyou@heraldcorp.com
