Core Insights - HD Hyundai and TerraPower are collaborating to expand the global supply chain for the commercialization of Natrium reactors, which are advanced Generation IV small modular reactors [1][3][5] - The Natrium reactor design is recognized for its high thermal efficiency, superior safety, and reduced nuclear waste generation compared to conventional reactors [4][7] - The partnership aims to accelerate the commercialization of Natrium reactors and explore opportunities in developing nuclear-powered vessels [6][7] Company Developments - Executive Vice Chairman Chung Kisun of HD Hyundai met with TerraPower's Bill Gates to review progress on supply chain expansion and future cooperation [1][2] - HD Hyundai has signed a contract to supply reactor vessels for the first Natrium reactor, highlighting its manufacturing capabilities in the small modular reactor sector [5][7] - The collaboration is seen as a pivotal moment for building a global nuclear supply chain and advancing the energy paradigm shift [6][7] Industry Context - The Natrium reactor technology is positioned as a core solution for sustainable future energy, reflecting a shift in the energy landscape [6] - The partnership between HD Hyundai and TerraPower is expected to create significant global market opportunities in the nuclear industry [6][7]

Funding and Investment - TerraPower announced a new funding round of $650 million to support the construction of its first commercial power plant [1] - Nvidia's venture arm, NVentures, participated in this funding round, marking its first investment in the energy sector [1] - Bill Gates and HD Hyundai, both existing investors, also contributed to this funding round [1] Project Development - TerraPower began construction of its first power plant in Wyoming in June 2024, although it has not yet received approval for the reactor [2] - The company anticipates receiving the necessary permits in the following year, supported by the favorable regulatory environment under the Trump administration [2] - The first reactor is expected to generate 345 megawatts of electricity, positioning it between conventional large reactors and future small modular reactors [2] Reactor Technology - TerraPower's Natrium reactors utilize molten sodium for cooling instead of water, allowing for a more efficient operation [3] - The design incorporates excess sodium to maintain operation during low demand periods, storing heat for later use when demand increases [3] - This operational flexibility enables Natrium reactors to maintain a steady output, addressing the challenge of nuclear plants' inability to easily ramp production up or down [3] Future Plans and Costs - The company claims it can complete a reactor within three years after the initial concrete is poured, although significant site preparation is required beforehand [7] - The projected cost for the first Natrium reactor could reach $4 billion, with the Department of Energy potentially covering half of this expense [7] - TerraPower previously considered a different reactor design but shifted to the Natrium design due to uncertainties [6]