Seoul industry minister meets Bill Gates to discuss energy cooperation

Seoul, Aug 22 (IANS) Industry Minister Kim Jung-kwan met with Bill Gates, chair of the Gates Foundation and Microsoft co-founder, in Seoul on Friday to discuss cooperation in the field of energy, Kim's office said.

According to the industry ministry, the two sides discussed cooperation between TerraPower, a nuclear power company co-founded by Gates that develops next-generation small modular reactors (SMRs), and South Korean companies, reports Yonhap news agency.

In 2022, South Korea's SK Group and its affiliate SK Innovation Co. invested 300 billion won ($214 million) in TerraPower.

SMRs, advanced nuclear reactors with a power capacity of up to 300 megawatts per unit, have been under the spotlight in recent years amid growing global demand for electricity sparked by the artificial intelligence (AI) boom and the transition to non-fossil fuel energy to tackle climate change.

The meeting drew attention as an upcoming summit between South Korean President Lee Jae Myung and U.S. President Donald Trump, slated for next week, is expected to cover nuclear energy cooperation between the two countries.

On Thursday, Gates met with Lee to discuss ways to expand cooperation in the energy sector, global health initiatives and other areas.

Meanwhile, a senior executive of HD Hyundai Co., South Korea's leading shipbuilding conglomerate, held talks with Gates on cooperation in small modular reactor (SMR) projects pursued by the U.S. billionaire's startup TerraPower LLC.

HD Hyundai Executive Vice Chairman Chung Ki-sun met Gates, chairman and founder of TerraPower, in Seoul to discuss ways to expand the supply of Natrium reactors developed by the U.S. firm and to promote their commercialisation, the company said in a press release.

TerraPower's Natrium reactors are regarded as among the most advanced SMRs currently in development. They offer high thermal efficiency and enhanced safety, and generate about 40 percent less nuclear waste compared with conventional reactors.

"Next-generation SMR technology is a core solution for realizing sustainable future energy. Our partnership with TerraPower will serve as a turning point in building a global nuclear supply chain and accelerating the energy transition," Chung said.

—IANS

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