Hyundai Engineering & Construction has been chosen as a partner for TerraPower’s next-generation nuclear power plant construction project. The company is set to accelerate its global market strategy by securing rights as the design, procurement, and construction (EPC) partner for up to eight additional nuclear plants planned by TerraPower.
Hyundai E&C announced on Tuesday that it had signed a basic agreement to execute TerraPower’s flagship sodium-cooled reactor project.
The signing ceremony was attended by key executives, including Hyundai E&C Chief Executive Officer (CEO) Lee Han-woo and TerraPower CEO Chris Levesque.
Both companies agreed to expand their collaboration in the nuclear power sector and jointly explore new business opportunities. Hyundai E&C also secured rights as the EPC partner for up to eight additional sodium-cooled nuclear power plants in TerraPower’s pipeline.
TerraPower, a next-generation small modular reactor (SMR) company, was founded by Microsoft co-founder Bill Gates.
The company possesses fourth-generation nuclear technology based on sodium-cooled fast reactors (SFR), which use liquid sodium as a coolant instead of water. Liquid sodium’s higher boiling point allows for lower-pressure operation at high temperatures.
TerraPower’s sodium-cooled reactors are engineered to enhance safety and power generation efficiency while reducing nuclear waste compared to conventional reactors.
These reactors can cool naturally during power outages and incorporate energy storage systems (ESS) to adjust output based on power demand.
A Hyundai E&C spokesperson stated that this partnership represents a crucial milestone in addressing the growing energy demand by combining TerraPower’s innovative nuclear technology with Hyundai’s global EPC expertise, accelerating the commercialization of next-generation nuclear power.
On August 14, Hyundai E&C executives met with TerraPower and HD Hyundai leadership to discuss collaboration strategies for global SMR projects. Attendees included Hyundai E&C CEO Lee , TerraPower Board Chair Gates, TerraPower CEO Levesque, and HD Hyundai Chairman Chung Ki-sun.
The meeting focused on strategies for commercial deployment and global expansion of TerraPower’s sodium-cooled nuclear technology.
A Hyundai E&C representative commented that leveraging the proven EPC capabilities and project management expertise, it aims to expand cooperation in commercializing sodium-cooled nuclear power and developing global power infrastructure to meet the demands of AI data centers (IDC) and other emerging technologies.