Korean Nuclear Giant Backs TerraPower's Advanced Reactor Future

BELLEVUE, Wash. – January 20, 2026 – In a significant move signaling a new era of international cooperation in advanced nuclear energy, U.S. innovator TerraPower announced today that Korea Hydro & Nuclear Power (KHNP) has become a key investor. The investment solidifies a powerful three-way alliance with existing partner SK Group, aiming to accelerate the global deployment of next-generation nuclear technology.

This marks KHNP's first-ever investment into an advanced nuclear company, underscoring the growing global confidence in technologies designed to provide clean, reliable, and secure energy. The partnership brings together American technological leadership, Korean nuclear construction and operational prowess, and the industrial might of one of South Korea's largest conglomerates.

A New Global Nuclear Alliance

The strategic investment from KHNP, a global leader with decades of experience in building and operating nuclear power plants, will be channeled through SK's previously announced $250 million commitment to TerraPower. The deal, which successfully cleared the U.S. Committee on Foreign Investment (CFIUS) review process in December 2025, formalizes a collaboration that has been developing since 2023.

The leaders of all three companies heralded the agreement as a pivotal step toward commercializing advanced nuclear power on a global scale.

"We have strong relationships with multiple Korean entities across the nuclear energy supply chain, and today's announcement is one more step to realizing the Natrium technology's promise to deliver next generation nuclear power not just in the United States, but around the world," said Chris Levesque, TerraPower's president and CEO. "TerraPower, SK and KHNP have been advancing our strategic collaboration for years, and I'm proud to add KHNP to our committed investor base."

The partnership is designed to be mutually reinforcing. TerraPower gains crucial capital and the unparalleled experience of KHNP, which has a formidable track record in nuclear plant construction. In return, KHNP and SK gain a strategic foothold in one of the most promising advanced reactor designs, positioning themselves at the forefront of the clean energy transition.

"This investment is a major milestone for KHNP in supporting the global deployment of next-generation nuclear energy," stated Park In-sik, Executive Vice President at KHNP. "By combining our 50 years of experience in nuclear plant construction and operation with SK Innovation's competitiveness in energy and TerraPower's technology, we will play a leading role in expanding the advanced nuclear market."

Moohwan Kim, an Executive Vice President at SK Innovation, added that the investment "solidifies our three-way collaboration in the global advanced nuclear business," and affirmed SK's commitment to supporting the flagship U.S. project and pursuing new global opportunities, including the localization of key materials and components.

Powering the Future from Wyoming

At the heart of this alliance is TerraPower's flagship Natrium™ technology. Co-developed with GE Vernova Hitachi Nuclear Energy, the Natrium system is not just a reactor but a comprehensive energy solution. It features a 345-megawatt sodium-cooled fast reactor paired with a gigawatt-scale molten salt energy storage system. This unique design allows the plant to flexibly increase its power output to 500 megawatts for over five hours, enabling it to support grids with high penetrations of variable renewable sources like wind and solar.

The first-of-its-kind Natrium plant is currently being developed in Kemmerer, Wyoming, on the site of a retiring coal plant. The project serves as a crucial demonstration for the technology and a blueprint for future deployments worldwide. It is being developed through a public-private partnership with the U.S. Department of Energy's Advanced Reactor Demonstration Program (ARDP), which is providing up to $2 billion in matching funds.

Progress at the Wyoming site has been steady. After securing a key permit from the Wyoming Industrial Siting Council in early 2025, non-nuclear construction work has moved forward. TerraPower, founded by Bill Gates, submitted its construction permit application to the U.S. Nuclear Regulatory Commission (NRC) in March 2024—the first for a commercial advanced reactor in the country. The NRC has since completed its final safety evaluation and issued a favorable environmental impact statement, putting the project on an accelerated path toward a final commission vote on the construction permit.

With major construction on the energy island slated to begin this year, TerraPower is targeting a commercial operation date around 2030, marking a critical milestone in the journey to bring advanced nuclear power to the U.S. grid.

The Race for Advanced Reactor Dominance

KHNP's investment in TerraPower occurs against the backdrop of a fierce global race to develop and commercialize the next generation of nuclear reactors. As nations grapple with the dual challenges of ensuring energy security and meeting ambitious decarbonization targets, advanced reactors and Small Modular Reactors (SMRs) are increasingly seen as a vital part of the solution.

South Korea itself is a major player in this arena. Under President Yoon Suk Yeol, the country has reversed a previous nuclear phase-out policy and embarked on an ambitious plan to expand its nuclear fleet and export its technology. The government aims to export ten nuclear power plants by 2030 and is backing the development of its own SMR designs, such as the SMART100 and the innovative SMR (i-SMR).

KHNP's decision to invest in an American technology while simultaneously developing its own highlights a sophisticated, two-pronged strategy. It allows the Korean utility to diversify its technology portfolio, gain early access to a leading non-light-water reactor design, and build international partnerships essential for global market penetration. This collaborative approach complements its efforts to export its own large-scale reactors, with a major project already underway in the Czech Republic.

From Kemmerer to the World Stage

The ultimate goal of the TerraPower-SK-KHNP alliance extends far beyond the plains of Wyoming. The investment is explicitly intended to create a foundation for the rapid global deployment of Natrium technology. The three companies plan to sign definitive commercialization agreements later this year to formalize this global push.

The Wyoming project is the proving ground, intended to de-risk the technology and streamline the construction process for subsequent units. With a successful model in hand, the partners see significant opportunities in both South Korea and other international markets.

TerraPower has already taken initial steps to enter the European market, submitting the Natrium design for a Generic Design Assessment (GDA) in the United Kingdom, a key regulatory hurdle for building new reactors there. The partnership with SK had previously identified Southeast Asia as a region of interest for commercialization. KHNP's extensive global network and experience in navigating international nuclear projects, with activities spanning from Kazakhstan to Poland, will be invaluable in identifying and executing these future deployments. This collaboration effectively creates a powerful engine for exporting advanced American nuclear technology with the backing and expertise of Korean industrial and nuclear leaders.