TerraPower, an advanced nuclear technology company founded by Bill Gates, has raised US$830M in private equity, including US$30M from Korea Shipbuilding & Marine Engineering (KSOE)
Among TerraPower’s nuclear technologies are sodium-cooled high-speed reactors and molten salt reactors. These small modular reactors (SMRs) have drawn interest as a future propulsion technology to decarbonise commercial shipping.
In April, Norway’s Ulstein released details of a replenishment, research and rescue vessel ship concept incorporating a thorium molten salt reactor. The 149-m nuclear-powered concept ship, Ulstein Thor, would operate as a ’mobile battery’ providing zero-emissions power to charge electric cruise ships.
KSOE vice chairman and chief executive Sam H Ka, said, “KSOE has been following the development status of SMR technologies for its various applications and decarbonisation ability for quite a long time. We are glad to invest in TerraPower and contribute to the global net-zero transition. KSOE, with other affiliates of HHI Group, will continuously seek opportunities that could decarbonise our industry and also support the global net-zero transition.”
Among KSOE’s long-term plans are to use HHI’s nuclear power capabilities for offshore nuclear power generation and nuclear-powered ships. HHI has been developing its technological capabilities for next-generation energy sources by participating in the development of key core facilities for the KSTAR, the magnetic fusion device at the Korea Institute of Fusion Energy in Daejeon, South Korea and the International Fusion Experimental Reactor.
Other investors in TerraPower include SK Group, a South Korean petroleum, alternative energy and oil exploration company.
