The Bill Gates-backed SMR company just got a fresh flush of cash.
TerraPower announced that it closed a massive $650M funding round on June 18.
- Bill Gates re-upped his support for the company by participating in the round.
- NVentures, the investing arm of chip producer NVIDIA, participated as a new investor.
- The balance of the round included multiple existing investors, including HD Hyundai, and unnamed new investors.
“As AI continues to transform industries, nuclear energy is going to become a more vital energy source to help power these capabilities,” Mohamed Siddeek, corporate VP and head of NVentures, said in a release. “TerraPower’s nuclear reactor technologies offer innovative, carbon-free solutions to meet global energy needs while minimizing environmental impact.”
Terra’s tech: TerraPower has been working toward one SMR concept or another since being founded in 2006 by Gates in Bellevue, WA. It’s pivoted from its first concept, a traveling wave reactor, and is now focused on developing Natrium, a 345 MW sodium-cooled fast reactor coupled with a molten salt energy storage system intended to temporarily boost output to 500 MW.
TerraPower has begun construction of the non-nuclear bits and bobs of its first Natrium site, located in Kemmerer, WY, and it’s expecting to receive NRC approval to build the nuclear parts sometime next year.
What’s next? TerraPower is using the raise to continue building infrastructure in Wyoming and work through the licensing process. It’s also pursuing additional Natrium deployment opportunities in the US and abroad. Once the first plant is built, the company plans to accelerate the deployment rate.
Lead Reporter of Ignition
