Hwang Ki-yeon, president of the Export-Import Bank of Korea (Korea Eximbank), met with Bill Gates, founder of next-generation nuclear power company TerraPower to discuss financial cooperation measures for the commercialization of small modular reactors (SMRs) and entry into the global SMR market.
TerraPower is a leading U.S. next-generation SMR company founded by Bill Gates in 2008.
The company has developed a natrium reactor model which enhances safety by utilizing sodium as a coolant.
It is currently building a demonstration plant in Wyoming.
The meeting, held on August 14, was arranged to expand global SMR ecosystems and strengthen Korea-U.S. cooperation on next-generation nuclear power, as SMRs are emerging as a solution to a power shortage in the era of artificial intelligence.
Both sides agreed that the combination of TerraPower’s innovative technology and Korea’s nuclear supply chain, which possesses unrivaled manufacturing and construction capabilities, will create powerful synergies in the global market.
Korea Eximbank plans to support the financial completeness of global nuclear power projects pursued by TerraPower and Korean companies by proactively designing customized financial packages such as loans and guarantees.
In particular, during the mass deployment phase of SMRs, Korea Eximbank plans to seek an effective joint financial support structure by strengthening strategic cooperation with global financial institutions, such as US EXIM.
“The outstanding nuclear power plant manufacturing and construction capabilities of Korean companies and Korea Eximbank’s customized financial support are key drivers that will accelerate TerraPower’s SMR commercialization,” Gates said.
“I look forward to cooperation between the two sides serving as a catalyst for a global transition into green energy and entry into third-country markets.”
“Next-generation SMRs are a core pillar of solving power shortage problems in the AI era and a Korea-U.S. strategic nuclear partnership,” Hwang said.
“We will actively support Korean companies in securing a leading position in the global SMR market by combining Korea’s world-class nuclear supply chain with Korea Eximbank’s financial support capabilities.”
Financial Support to Ensure Stable Supply of copper
Korea Eximbank has launched large-scale financial support to ensure a stable supply of copper, an essential material for strategic industries such as artificial intelligence, energy transition, and power grids.
Korea Eximbank announced on August 17 that it will provide a total of $1 billion to Glencore International AG headquartered in Switzerland, one of the world’s largest global resource companies.
Glencore operates mines and smelting facilities around the world that produce copper, zinc, nickel, and other minerals.
Based on long-term business relationships with thousands of customers and suppliers, the company also continues its trading business, handling over 60 types of raw materials.
This funding is intended to be used for Glencore’s general operating funds.
Glencore has agreed to stably supply copper to Korean companies during the loan period. The arrangement is designed so that the financial support directly leads to Korean companies securing of raw materials.
In particular, since Glencore has mines and trading partners in various countries such as Chile and Peru, alternative procurement is possible even if there are problems with specific countries or mines.
Industry insiders say that supply stability will increase as the deal will match Korean companies with a global trading firm.
Korea Eximbank expects that this support will further solidify Korea’s copper procurement base which has previously relied on imports.
“Korea Eximbank have been able to stably secure key materials for Korea’s high-tech industrial supply chains by partnering with a company that has established a dominant position in the global raw materials market,” a Korea Eximbank official said.
“It is significant as preemptive policy financing for economic security.”
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