HD Hyundai is strengthening its collaboration with TerraPower and Hyundai Engineering & Construction (Hyundai E&C) as the three companies advance plans to commercialize next-generation Natrium small modular reactors in the United States.
HD Hyundai Chairman Chung Kisun met TerraPower Founder and Chairman Bill Gates, TerraPower President and CEO Chris Levesque and Hyundai E&C CEO Lee Han-woo in Seoul on 14 August to discuss opportunities for cooperation on land-based nuclear reactors.
The meeting follows a trilateral memorandum of understanding signed in May, under which the companies established a framework covering technology, manufacturing and engineering, procurement and construction (EPC). TerraPower will provide its Natrium technology, HD Hyundai will manufacture major equipment and Hyundai E&C will provide EPC services for selected projects.
“We expect this cooperative framework, which spans technology, manufacturing and EPC, to accelerate the commercialization of next-generation Natrium reactors,” said Chung. “We will actively respond to growing demand for SMR-based power generation through our own technology development and collaboration with global companies.”
HD Hyundai is preparing its manufacturing capabilities for future commercial production and plans to invest in facilities with the eventual goal of supplying two to three reactor vessels annually.
The partnership between HD Hyundai and TerraPower dates back to 2022, when HD Hyundai joined TerraPower’s investor base. In December 2024, TerraPower placed an order with the company for cylindrical reactor vessels for the Natrium reactor.
Further cooperation followed in March 2025 with an agreement to expand the manufacturing supply chain and assess production feasibility, costs and delivery schedules. HD Hyundai was subsequently selected as preferred bidder in May to manufacture and supply key equipment for TerraPower’s Natrium reactors.
The companies see growing opportunities in the US nuclear market, driven by ageing generating infrastructure and increasing electricity requirements, including demand associated with the expansion of data centres.
