HD Hyundai is partnering with TerraPower and Hyundai E&C to accelerate its push into the U.S. small modular reactor (SMR) market.
HD Hyundai said chairman Chung Kisun, TerraPower founder and chairman Bill Gates, TerraPower president and chief executive Chris Levesque, and Hyundai Engineering & Construction CEO Lee Han-woo met in Seoul on Aug. 14 to discuss the collaboration.
This was the first meeting among the top executives of the three companies since HD Hyundai, TerraPower and Hyundai E&C signed a trilateral memorandum of understanding in May to cooperate on next-generation sodium reactor projects.
At the meeting, chairman Chung and the other executives held in-depth discussions on a range of cooperation opportunities to commercialize land-based reactors, building on progress made to date.
“We expect this cooperative framework, which spans technology, manufacturing and EPC, to accelerate the commercialization of next-generation Natrium reactors,” chairman Chung Kisun said. “We will actively respond to growing demand for SMR-based power generation through our own technology development and collaboration with global companies.”
HD Hyundai has been refining the scope of its supply chain cooperation and plans to accelerate investment in production facilities ahead of commercialization, with the goal of eventually supplying two to three reactor vessels annually.
The three companies previously signed an MOU in May to establish a collaboration framework for the commercialization of Natrium, a next-generation SMR based on sodium-cooled fast reactor (SFR) technology. Under the agreement, TerraPower will provide Natrium technology, HD Hyundai will manufacture major equipment, and Hyundai E&C will provide engineering, procurement and construction support for selected projects.
HD Hyundai joined TerraPower’s visionary investor base in 2022, followed by an order from TerraPower in December 2024 to manufacture cylindrical reactor vessels for the Natrium reactor.
In March 2025, HD Hyundai signed a strategic agreement with TerraPower to expand the manufacturing supply chain for the commercialization of Natrium reactors and conducted a yearlong study on manufacturing feasibility, price competitiveness and delivery schedules.
Building on these achievements, HD Hyundai was named the preferred bidder in May to manufacture and supply key equipment for TerraPower’s Natrium reactors.
