Following the US Nuclear Regulatory Commission's approval for TerraPower's Natrium small modular reactor (SMR) in Wyoming, SK Innovation and Korea Hydro & Nuclear Power (KHNP) are expanding their collaboration on the project, leveraging their investments and expertise to build an SMR ecosystem for industrial applications like data centers.
TerraPower, backed by Bill Gates, received a historic construction permit from the US NRC on March 4, 2026, for the world's first commercial SMR plant in Kemmerer, Wyoming, with operations targeted for 2030. This builds on partnerships including GE Hitachi Nuclear Energy.
In August 2022, SK Inc. and SK Innovation invested $250 million in TerraPower, becoming its second-largest shareholders. In 2023, SK Innovation, KHNP, and TerraPower signed an MOU for next-generation SMR development and commercialization. SK Innovation plans to combine its energy and materials expertise with KHNP's nuclear construction know-how to deploy SMRs at industrial sites, addressing surging AI-driven electricity demands, as noted by SK Group Chairman Chey Tae-won.
TerraPower CEO Chris Luvesque called the approval a 'historic moment for the US nuclear industry,' with construction starting by month's end. Kim Moo-hwan, head of SK Innovation's Energy Solution Business, affirmed strengthened ties with KHNP and TerraPower for the project.
