Not a conventional SMR
TerraPower are promoting a type of "fast" reactor which uses a different type of nuclear fission reaction than is used in conventional "slow" or "thermal" neutron reactor, such as the SMRs under construction in Canada or the ones from Rolls Royce that the UK plan to build. The latter ones are just scaled down and simplified versions of the types of reactors which have been producing electric power around the world for decades. The innovation in these latter SMRs is in the assembly and construction methods, bringing to reactor assembly the sort of modular design and assembly innovations which have also revolutionized shipbuilding.
The ones that TerraPower are promoting are a different type altogether, although the basic principle is not new. While slow reactors derive most of their energy from the fissioning of U-235, fast reactors get most of their energy from using a fast neutron reaction to convert the U-238 (the main isotope of uranium) to plutonium, and then fissioning the plutonium. The basic intent is to be able to use all of the uranium to create energy rather than just the U-235 (with a minority also coming from a small amount of U-238 to plutonium to energy reaction) as is done in slow reactors.
Slow reactors use a "moderator" such as light or heavy water to slow down any fast neutrons and promote the slow reaction that the reactor uses. The moderator may also be the primary coolant, or the coolant may run in a separate circuit with the moderator not having contact with the fuel.
Fast reactors do not use any moderator, and their coolant therefore must be something which will not interact with neutrons. Most fast reactors have used liquid sodium for this, and this apparently is what TerraPower's design uses as well. They also have a molten salt heat storage bank to store heat for peaking purposes, but this doesn't form part of the reaction itself.
A number of liquid sodium fast reactors have been built in various parts of the world over the past few decades. All of them have proven to be overly complex, difficult to run, and expensive. I haven't seen anything that suggests that TerraPower's reactor will be any better.
Fast reactors were originally developed due to concerns about shortages of uranium, as they conserve fuel. The UK's plutonium stockpile for example was built up in anticipation of using it to fuel and start up a planned generation of fast reactors that were never built.
However, huge, high grade deposits of uranium were subsequently found in Canada, Australia, Kazakhstan, Namibia, and elsewhere, and uranium went from being scarce to being so cheap and abundant that a lot of older low grade mines were forced to shut down due to the glut of uranium on the market. Most people then lost all interest in fast reactors and their designers went back to the lab until a few tech billionaires decided that this was something new and shiny after all.
There is really no relationship between TerraPower's fast reactor and the conventional SMRs under construction in places such as Canada. I suspect that they are promoting their reactor as being an SMR in an attempt to have some of the latter's good publicity rub off on them and are downplaying the fact that it is a fast reactor due to the poor record of fast reactors in terms of complexity and high cost.
For those who are reading this and itching to go on about thorium, thorium uses a slow neutron reaction but undergoes a conversion reaction similar to that used by fast reactors, but thorium 232 to uranium 233 in this case. These reactors are much simpler than uranium-plutonium fast reactors, but there is limited interest in them because conventional slow neutron uranium cycle reactors have lower fuel costs.
Many people believe that it will eventually be cheaper to extract uranium from seawater (where there are huge amounts of it) than it will be to build fast reactors or use thorium.