Think Tank Discussions
SK Group Chairman Chey Tae-won visited the United States on an economic mission during a Korea-US summit meeting, actively supporting economic diplomacy between the two countries.
On April 25 (local time), an investment announcement ceremony held at the U.S. Chamber of Commerce in Washington, D.C., included investment in Korea by U.S. companies that SK orchestrated through global investment and cooperation. On the same day, the Korea-U.S. Advanced Industry and Clean Energy Partnership Event, organized by the Korean Ministry of Trade, Industry, and Energy saw three new MOUs signed by SK Group affiliates.
In particular, the investments and MOUs focused on green business areas such as hydrogen, plastic recycling, small modular reactors (SMRs), and blue ammonia. Under the leadership of Chairman Chey, SK’s green business partnerships have expanded to hydrogen, nuclear power, and clean energy.
In July last year, Chairman Chey had a video interview with President Joe Biden at the White House where Chey announced plans for large-scale new investments in the United States in key growth areas such as semiconductors, batteries, green businesses, and bio technology. President Biden also visited SK Siltron’s CSS plant in Michigan, marking his first tour of a Korean company doing business in the United States, in November last year. His visit accentuated the importance of close economic cooperation between Korea and the United States.
Among investment announcements made on the sidelines of the summit meeting, global hydrogen energy leader Plug Power’s investment in Korea was the result of a long-standing collaboration with SK.
SK Group subsidiaries such as SK Inc., SK Innovation, SK E&S, and SK Materials also signed new MOUs with US companies during Chey’s visit, paving the way for new global cooperation.
SK Inc. and SK Innovation signed a cooperation agreement with Korea Hydro & Nuclear Power (KHNP) and U.S. small modular reactor (SMR) designer TerraPower to develop and commercialize next-generation nuclear power plants. The four companies will collaborate on the demonstration and commercialization of Natrium, a fourth-generation SMR based on sodium-cooled fast reactors, being developed by TerraPower.
SK Corporation and SK Innovation jointly invested USD 250 million (approx. KRW 300 billion) in TerraPower in August last year, and through this agreement, they will fully participate in TerraPower’s SMR business and global carbon reduction business development opportunities.
SK Materials inked an MOU with ExxonMobil, a global energy giant, to strengthen business cooperation in the clean energy sector, including carbon capture and storage (CCS) technology and blue ammonia.
During his visit to Washington, D.C., Chairman Chey also met with officials from U.S. think tanks to discuss the expansion of economic cooperation between Korea and the United States and an outlook on supply chains.