TerraPower CEO says SK investment in SMRs was prescient

04 Jun 2026, 22:59 · UPI

June 4 (Asia Today) -- TerraPower CEO Chris Levesque said SK Group's investment in small modular reactors was a prescient decision as artificial intelligence, semiconductors and data centers drive demand for reliable low-carbon electricity.

Levesque said one SK hynix semiconductor plant alone could require power equivalent to one Natrium reactor, TerraPower's sodium-cooled advanced nuclear design.

"It is easy to imagine Natrium reactors supporting not only semiconductor production but also power supply for data centers," Levesque said.

Levesque spoke with Korean correspondents May 28 at the construction site of Kemmerer Unit 1 in Wyoming, TerraPower's first commercial fourth-generation small modular reactor project. TerraPower announced in April that construction had begun at Kemmerer Unit 1, which it says is on track to become the first utility-scale advanced nuclear power plant in the United States.

Levesque praised SK Group Chairman Chey Tae-won's decision to invest in TerraPower four years ago.

"I highly value Chairman Chey Tae-won's vision from four years ago," Levesque said. "At the time, SK said it was not simply a financial investor but wanted to decarbonize its own business. Because SK has very energy-intensive industries, that was a forward-looking decision."

Levesque said SK hynix's high-bandwidth memory chips and Nvidia's graphics processing units are critical to the global spread of AI. Nvidia is among TerraPower's major institutional investors, along with SK Innovation, HD Hyundai, Korea Hydro & Nuclear Power and ArcelorMittal, according to TerraPower materials.

"Advanced nuclear power and AI are coming together in the Natrium program," Levesque said.

On construction costs, Levesque said Natrium plants could be built at about half the cost of conventional light-water reactors.

"The first plant will be more expensive than the fifth or sixth," he said. "But as we proceed with early construction, we are showing investors that costs can quickly come down to the point where Natrium can compete with natural gas."

Levesque identified partnerships with South Korean companies as a key factor in reducing costs.

He said HD Hyundai Executive Vice Chairman Chung Ki-sun told Microsoft founder and TerraPower Chairman Bill Gates and Levesque that nuclear reactors should not be built one at a time, but produced in batches like ships.

"He said, 'Do not build nuclear plants one at a time. Build several at once, like ships. We make 50 to 100 ships a year,'" Levesque said. "HD Hyundai is not only investing in TerraPower but also investing in its own shipyard facilities to enable factory production of reactor systems."

HD Hyundai Heavy Industries signed a Natrium reactor supply framework agreement with TerraPower in May, building on HD Hyundai's participation in Natrium technology development since a $30 million investment in 2022.

Asked about the possibility of an initial public offering, Levesque said TerraPower could go public someday but currently remains privately held.

Levesque said the Natrium design has reached a level where it can be built safely, including near populated areas.

"There is no problem building Natrium anywhere, even near densely populated areas," he said.

He cited Germany's shutdown of nuclear power plants as a cautionary example, saying the country closed reactors, became overly dependent on renewable energy and still burns large amounts of coal.

"Nuclear energy must be safe, but we also need to remember that it is an energy source with tremendous benefits," he said.

Levesque said proliferation resistance has been a core design requirement since Gates founded TerraPower 20 years ago.

"I am confident that Natrium is a technology resistant to nuclear weapons proliferation," he said.

He said protocols established by the International Atomic Energy Agency and the U.S. Department of Energy are in place, adding that South Korea and the United States have a strong cooperation system for the peaceful use of nuclear energy.

On nuclear waste, Levesque said Natrium produces about two-thirds less spent fuel volume than existing reactors for the same amount of power generation because its advanced physics design allows fuel to be used more completely.

Levesque also said the nuclear fuel supply chain must move away from excessive dependence on Russia.

"The U.S. and South Korean nuclear industries have learned that they should not rely too much on Russian nuclear fuel," he said. "After Russia's invasion of Ukraine, fuel prices doubled."

He said fuel for the first Natrium reactor at Kemmerer will be enriched in South Africa, while later reload fuel and fuel for follow-on reactors will come from U.S. and global supply chains.

Levesque said recent concerns about a possible closure of the Strait of Hormuz underscore the importance of nuclear power for energy security.

"Once fuel is loaded into a reactor, it provides enough energy to last through two winters," he said. "You do not have to worry about next week's energy supply. That is a very unique advantage of nuclear power."

Levesque said TerraPower has invested more than $2 billion over 20 years in the Natrium program. He said about 1,000 engineers from TerraPower and Bechtel worked on the completed design and that Korean companies also joined the design process.

"We welcome challenges from other companies," Levesque said. "But we will be first."

-- Reported by Asia Today; translated by UPI

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260604010001153

TerraPower CEO says SK investment in SMRs was prescient

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