TerraPower and the Korean Province of Gyeongsangnam-Do Announce Strategic Agreement to Expand Global Supply Chain for Advanced Nuclear Energy
October 28, 2024
Fred Yapuncich, Natrium Procurement Senior Manager, and Governor Park Wan-su debut the newly signed memorandum of understanding.
TerraPower and the government of Gyeongsangnam-do Province in the Republic of Korea, have entered into an agreement to collaborate and support the advancement of nuclear manufacturing capabilities in the province, a move aligned with TerraPower’s work to develop the global supply chain for advanced nuclear technologies.
Gyeongsangnam-do is a key player in Korea’s industrial landscape with large-scale production capabilities and cutting-edge manufacturing centers. TerraPower is the leading developer of advanced nuclear technologies, bringing the first Natrium® reactor[1] and energy storage system online this decade near a retiring coal facility in the Western United States.
Under the memorandum of understanding (MOU), Gyeongsangnam-do will provide administrative and financial support to evaluate local facilities and infrastructure’s capabilities for the design and manufacturing of nuclear plant equipment. This support may include the construction of a research and development center in Gyeongsangnam-do for the design and testing of nuclear components.
Governor Park Wan-su said, “It is with great honor that I announce the strengthening of our relationship with TerraPower, who has demonstrated its collaboration for the development of their Natrium reactor technology, and steadfast support of our local corporations. Together, we will strive to unlock many significant economic and environmental opportunities that this alliance could result in for the good of the province, the Republic of Korea, and the world at large. We are pleased to further support TerraPower’s mission to end energy poverty. With this partnership, we envision leaving behind a storied legacy in which TerraPower and the Gyeongsangnam-do Province made great strides to do such.”
TerraPower President and CEO Chris Levesque said, “TerraPower is committed to deploying advanced energy solutions globally to meet the dual challenges of climate change and growing energy demand. We are proud to grow our relationship with the Gyeongsangnam-do Province and the Republic of Korea. This strategic agreement is an exciting and crucial step towards growing the nuclear supply chain and bringing the Natrium reactor to market.”
This announcement further solidifies TerraPower’s commitment to working with Korean entities to bring advanced nuclear solutions to market. SK Inc and SK Innovation invested in TerraPower in 2022 in the largest equity fundraise in the advanced nuclear industry to-date.
[1] A TerraPower and GE-Hitachi technology