South Korean company SK Group is considering plans to invest in electricity generation using small nuclear reactors. One of the companies on the list of potential partners is TerraPower, the US firm backed by billionaire Bill Gates.
A spokeswoman for SK Group, South Korea’s third-largest holding company, said TerraPower is one of the potential investment targets, but nothing has been decided yet. It is not even clear how much SK Group wants to invest, or whether it will form a joint venture with Terra Power or take a stake in it.
Reduction of carbon dioxide emissions
SK Group chief Chey Tae-won expressed interest in this kind of investment after he made a pledge last year to reduce carbon dioxide emissions by 200 million tonnes by 2030. South Korea’s newly elected President Yoon Suk-yeol, who has previously expressed support for nuclear power, which accounts for 27 percent of domestic electricity generation, also welcomes the plan.
TerraPower was founded in 2006 by American billionaire Bill Gates. The company is working on the development of small modular nuclear reactors. The first is to be delivered to a project that will begin construction in two years in the state of Wyoming. It is a $4 billion investment.