TerraPower Announces Strategic Collaboration Agreement with SK and KHNP
April 25, 2023
BELLEVUE, Washington – April 25, 2023 – TerraPower executives today joined corporate leaders from SK and Korea Hydro & Nuclear Power (KHNP) to sign a collaboration agreement supporting the demonstration and commercialization of the Natrium® reactor and integrated energy system[1].
At a signing ceremony sponsored by the Korean Ministry of Trade, Industry and Energy, TerraPower President Chris Levesque spoke about the importance of bilateral relationships and global cooperation in developing nuclear technology.
“These partnerships are critical for the first Natrium reactor and the many additional facilities we plan to construct in the U.S. and globally,” said Levesque. “We already have a strong partner in SK and look forward to adding the recognized global expertise of KHNP as a long-term partner to help realize the benefits of advanced nuclear energy.”
SK Inc. and SK Innovation, collectively known as SK, invested $250 million in TerraPower last fall during an equity raise of $830 million, the largest private raise among advanced nuclear companies to date. The addition of KHNP, a globally recognized nuclear developer, further strengthens the team collaborating to bring the Natrium reactor to market.
“The world is searching for legitimate options to address the effects of climate change,” said Levesque. “Advanced nuclear, and specifically the Natrium reactor design, is poised to be a significant solution for our future energy needs. That is why leading companies like SK and KHNP are getting proactively involved in supporting this technology.”
Levesque also noted that the event, led by the Korean government, was another example of public/private partnerships at work. TerraPower is partnering with U.S. Department of Energy’s Advanced Reactor Demonstration Program to fund and construct the first Natrium reactor. “Today’s collaboration announcement, supported by government and corporate leaders, further exemplifies the important role the public and private sector have in bringing new technologies to market.”
The Natrium technology features a 345 MW sodium-cooled fast reactor with a molten salt-based energy storage system. The storage technology can boost the system’s output to 500 MW of power for more than five and a half hours when needed. This innovative addition allows a Natrium plant to integrate seamlessly with renewable resources and could lead to faster, more cost-effective decarbonization of electricity generation.
[1] A TerraPower and GE Hitachi technology