KHNP to invest $40 million in Bill Gates' TerraPower

Industry

KHNP to invest $40 million in Bill Gates' TerraPower

Published: 06 Sep. 2024, 12:01

CHO YONG-JUN
cho.yongjun1@joongang.co.kr

TerraPower officials, including its founder and chairman Bill Gates, celebrate the start of the company's nuclear reactor construction in Wyoming in June. [TERRAPOWER]

The board of Korea Hydro & Nuclear Power (KHNP) has conditionally approved the state-run company's decision to invest $40 million in TerraPower, a U.S. small modular reactor (SMR) company founded by Bill Gates.

KHNP will need to receive final approval from the board before the investment deal is completed.

Once finalized, KHNP will become the first Korean public energy corporation to invest in an SMR business.

KHNP will pay $40 million to SK Group to acquire a 16 percent stake in a special purpose company created by the Korean conglomerate for the investment in TerraPower.

KHNP and SK Group are expected to sign the deal by the end of this month.

Founded in 2006, TerraPower is known for developing sodium-cooled fast reactors and molten salt reactors. The company is building its first advanced non-light water reactor project in Wyoming, which is the first of its kind to enter the construction phase.

BY CHO YONG-JUN [cho.yongjun1@joongang.co.kr]