TerraPower, SK Innovation sign preliminary SMR deal

TerraPower, a U.S.-based nuclear energy company, and South Korea’s SK Innovation said they have signed a preliminary agreement to jointly develop and deploy small modular reactor (SMR) projects globally.

The memorandum of understanding outlines plans to combine TerraPower’s nuclear technology with SK Innovation’s manufacturing and industrial expertise to accelerate SMR deployment. Specific projects, timelines, or financial terms were not disclosed in the agreement.

SMRs are emerging as a key technology in the energy transition, offering lower upfront costs and greater flexibility compared with traditional nuclear plants. The collaboration aims to position both companies to compete in a growing market for carbon-free power generation.

TerraPower, backed by Bill Gates, has been developing its Natrium reactor design, which integrates a sodium-cooled fast reactor with a molten salt energy storage system. SK Innovation, a subsidiary of SK Group, brings large-scale manufacturing capabilities and a portfolio spanning energy, chemicals, and materials.

The preliminary deal follows TerraPower’s selection by the U.S. Department of Energy to build a demonstration Natrium reactor in Wyoming, with operations expected to begin in the late 2020s. SK Innovation’s involvement could expand the project’s supply chain and commercial viability.

Analysts say the partnership reflects broader efforts to diversify nuclear supply chains amid rising global demand for clean energy solutions. Further details on project scope, funding, or regulatory pathways are expected to be outlined in subsequent negotiations.