KSOE invests ￦42.5 billion in nuclear reactor firm TerraPower

Korea Shipbuilding & Offshore Engineering (KSOE) signed a 42.5 billion won ($30 million) investment agreement with TerraPower, a nuclear innovation company focused on small modular reactors (SMR) established by Bill Gates.

A liquefied natural gas carrier built by Korea Shipbuilding & Offshore Engineering. [KOREA SHIPBUILDING & OFFSHORE ENGINEERING]

Korea Shipbuilding & Offshore Engineering (KSOE) signed a 42.5 billion won ($30 million) investment agreement with TerraPower, a nuclear innovation company focused on small modular reactors (SMR) established by Bill Gates.

KSOE made the announcement Friday following negotiations that began earlier this year. TerraPower, founded in 2008 and based in Bellevue, Washington, develops SMR technologies including thermal energy storage that utilizes molten chloride salt.

KSOE declined to disclose the stake the company received in TerraPower in return for the investment.

SMRs are a category of nuclear fission reactor that are smaller than conventional nuclear reactors and can have a power capacity of up to 300 MWe (megawatt electrical) per unit. SMRs have a range of advantages due to their smaller size and can be used in locations not suitable for larger nuclear power plants.

[TERRAPOWER]

TerraPower’s SMR technology, including sodium-cooled fast reactors and molten salt reactors, has been attracting attention as eco-friendly future energy sources, since greenhouse gases are not emitted during power generation and the reactors are considered to have less risk of accidents than larger nuclear facilities.

“SMRs are now emerging as a market with a high growth potential amid the global decarbonization trend,” said a spokesperson for KSOE. “We will continuously try to develop technology in the nuclear energy field and pioneer the next-generation energy market.”

BY LIM JEONG-WON [lim.jeongwon@joongang.co.kr]