SK's Chey Tae-won Meets Bill Gates on Nuclear and Biotech Collaboration

Key Players in Nuclear and Biotechnology Collaboration

At a recent meeting in Seoul, several prominent figures from the energy and biotechnology sectors gathered to discuss future collaborations. Among those present were Kim Moo-hwan, head of the energy solution business at SK Innovation; Chris Levesque, president and CEO of TerraPower; Bill Gates, chair of TerraPower and the Gates Foundation; Chey Tae-won, chair of SK Group; Chey Yoon-chung, head of business development at SK Biopharm; and Ahn Jae-yong, CEO of SK bioscience.

This meeting highlighted the growing partnership between one of South Korea's largest conglomerates, SK Group, and TerraPower, an advanced nuclear startup led by Microsoft co-founder Bill Gates. The discussions centered around expanding cooperation in nuclear energy and biotechnology, aiming to strengthen ties between these key players.

Focus on Advanced Nuclear Technology and Vaccine Development

The talks focused on TerraPower’s Natrium small modular reactor (SMR), which is partially funded by the U.S. Department of Energy. This technology represents a significant step forward in nuclear energy, offering a low-carbon alternative that could meet the rising electricity demand driven by AI data centers and other energy-intensive industries.

In addition to nuclear energy, the collaboration also included vaccine development programs between SK bioscience and the Gates Foundation. These efforts have been ongoing since 2013, with Gates expressing confidence in SK’s potential to contribute to the commercialization of TerraPower’s advanced nuclear designs.

Chey Tae-won, chairman of SK Group, emphasized the importance of nuclear power in addressing energy demands, stating that it is essential for the future. He also highlighted the critical role that SK and Korea can play in advancing TerraPower’s vision.

Government Engagement and Regulatory Support

Following the dinner, Gates, TerraPower CEO Chris Levesque, Chey Tae-won, and senior SK executives met with officials from the Ministry of Trade, Industry and Energy. The purpose of this meeting was to discuss the development of a Korea–U.S. supply chain for SMRs. The companies urged the government to create incentives and regulatory frameworks to accelerate the adoption of this technology, which is becoming increasingly relevant as countries seek sustainable energy solutions.

SK’s holding company, SK Inc., and energy and chemicals firm SK Innovation invested $250 million in TerraPower in 2022, making them major shareholders. This investment underscores the commitment of SK Group to support the development of advanced nuclear technologies.

Ongoing Collaborations and Future Projects

The state-run Korea Hydro & Nuclear Power, SK Innovation, and TerraPower have been working together on the demonstration and development of commercial reactors for the Natrium technology under a memorandum of understanding signed in 2023. This partnership aims to bring innovative nuclear solutions to market.

TerraPower broke ground on its first commercial-scale plant in Wyoming last year, with plans for completion around 2030. This project marks a significant milestone in the advancement of SMR technology.

Chris Levesque, CEO of TerraPower, expressed gratitude for SK’s support since their investment in 2022. He noted the strong alignment between TerraPower’s technology solutions and SK’s industry-leading businesses.

Kim Moo-hwan, head of SK Innovation's energy solutions business, emphasized the importance of SMRs in achieving both carbon reduction and energy security. He stated that SK Innovation will play a leading role in building the domestic SMR ecosystem and entering the global market through its strategic partnership with TerraPower.