TerraPower, a small modular reactor (SMR) developer, won approval to build an advanced commercial nuclear power plant in the United States — a key milestone that proves the firm's technological stability in the emerging industrial sector. The approval will pave the way for SK Innovation and Korea Hydro & Nuclear Power (KHNP) to deepen their ties with TerraPower for its upcoming SMR project there in the U.S. In 2023, the three firms forged a partnership to jointly develop fourth-generation SMR technology. According to SK Innovation, the U.S. Nuclear Regulatory Commission recently authorized the construction of TerraPower’s first commercial SMR in the U.S. state of Wyoming. This marks the first time for the authority to have granted a construction approval for an SMR. Following the latest approval, TerraPower will build the world’s first commercial SMR plant in the U.S. state with a plan to start its operation by 2030. The approval is widely seen as official recognition of the safety of technical maturity of TerraPower. TerraPower was founded in 2008 by Microsoft co-founder Bill Gates