TerraPower recently raised $650 million for new nuclear projects, the company said in a press release.
The Bellevue, Wash. advanced nuclear technology company raised the money from both new and current investors. The venture capital arm of multinational technology company NVIDIA and NVentures contributed as the new investors.
Current investors Microsoft co-founder and TerraPower founder Bill Gates and HD Hyundai contributed to the multimillion dollar effort, according to the company’s June 18 press release.
TerraPower said this effort builds on the support of the company’s current investors and supports its first Natrium reactor at Kemmer, Wyo. and future nuclear technology deployment plans.
TerraPower submitted a construction permit application for the Kemmerer Unit 1 in Wyoming to the Nuclear Regulatory Commission in March 2024.
The company said it expects to receive regulatory approval by next year. The company has already begun non-nuclear construction at the Kemmerer site. TerraPower plans for the project to be completed by 2030.
The planned Natrium reactor is a 345-megawatt sodium fast reactor that uses high-assay low-enriched uranium metal fuel. The Natrium technology also includes a molten salt-based energy storage system that can increase its output to 500 megawatts when necessary.
If approved, the nuclear power plant will be Wyoming’s first. The plant is based on a public-private venture between the Department of Energy’s Advanced Reactor Demonstration Program and TerraPower.
According to TerraPower, it will continue to be a privately held company and will not provide further terms of the fundraising effort.
