The Board of Korea Hydro & Nuclear Power (KHNP) has conditionally approved a decision to invest $40m in US advanced reactor developer Terrapower. KHNP will need final approval from the Board before the investment deal is completed. KHNP plans to sign a stock transfer agreement with SK Group later in September, with the investment expected to be executed within the year.
KHNP will acquire shares in a special purpose company (SPC) established by SK Group for the purpose of acquiring TerraPower shares, holding 16% of the SPC’s shares. In April 2023, KHNP signed an agreement with SK and SK Innovation to jointly participate in TerraPower’s global business. SK had invested $250m in TerraPower in August 2022. A KHNP official told AJP that the company will proceed with the investment if no significant issues arise with TerraPower.
TerraPower, founded by Bill Gates in 2006, is developing a generation IV Natrium reactor which combines fast reactor and molten salt technology. KHNP is jointly developing a third-generation innovative SMR (i-SMR) with the Korea Atomic Energy Research Institute (KAERI).
