Bill Gates' Next-Generation Reactor Development Company Raises $650 Million

HD Hyundai has made an additional investment in TerraPower, a U.S. company developing next-generation small modular reactors (SMRs).

TerraPower, founded by Microsoft co-founder Bill Gates in 2008, is a leader in the field of next-generation nuclear technology, specifically the fourth-generation sodium-cooled fast reactor (SFR).

On the 18th local time, TerraPower announced through a press release that it has secured a total of $650 million (approximately 894.6 billion won) in investments from HD Hyundai, Nvidia subsidiary NVentures, and Bill Gates. However, the specific amount invested by HD Hyundai has not been disclosed.

The investment will be used for the construction of a 'sodium' reactor factory in the U.S. and the establishment of global SMR infrastructure. This factory is planned to have a capacity of 345 megawatts (MW) and aims for completion by 2030.

Strengthening Cooperation: HD Hyundai and TerraPower's Partnership

This is not the first collaboration between HD Hyundai and TerraPower. In 2022, HD Hyundai invested approximately $30 million (around 44 billion won) into TerraPower through HD Korea Shipbuilding & Marine Engineering. In December of last year, they also signed a supply contract for cylindrical containers to be used in the 'sodium' reactor. These containers are core facilities of the SFR system and are directly linked to the reactor's safety.

In March of this year, HD Hyundai Heavy Industries and TerraPower signed a strategic supply chain agreement for the commercialization of the sodium reactor. At the ceremony held in the U.S., Chung Ki-sun, Vice Chairman of HD Hyundai, personally attended and shook hands with Bill Gates.

A New Landscape in the Global Nuclear Power Industry: Expanding Presence of Domestic Companies

TerraPower is a leading company in the commercialization of SMR technology, implementing a strategy to ensure both safety and economic viability through miniaturized and modular next-generation reactor technology. HD Hyundai's continued investment is interpreted as a move to secure trust in the global nuclear power market amid carbon neutrality and to lay the groundwork for long-term growth.

An HD Hyundai representative stated that this investment is a decision to further solidify their strategic partnership with TerraPower, adding, "We will strengthen our leading position in the next-generation nuclear market."

Image source: Photo provided by HD Hyundai, Nvidia