Nvidia endorses $650 million financing round for TerraPower, a nuclear technology company led by Bill Gates.
In a significant stride for advanced nuclear technology, TerraPower, a U.S.-based innovation company founded by Microsoft's Bill Gates and currently chaired by him, is progressing its Natrium project ahead of schedule. The company aims to provide affordable and abundant carbon-free energy using advanced nuclear technology.
The US Nuclear Regulatory Commission (NRC) has accelerated its review of TerraPower's construction permit application, aiming to complete it by the end of 2025, six to eight months ahead of the original schedule. This acceleration is due to "frequent and productive engagements" between TerraPower and the NRC, as well as efficiency improvements in the review process.
The Natrium technology, a 345 MWe sodium-cooled fast reactor, is equipped with a molten salt-based energy storage system. This system allows the plant to boost power output temporarily up to 500 MWe for over five hours when needed. The demonstration plant is being built near a retiring coal facility in Kemmerer, Wyoming, marking a significant transition towards advanced nuclear power in the US.
Construction activities have already commenced, with a test and fill facility completed and building erection underway, expected to be finished by the end of 2025. The facility tests major equipment and stores liquid sodium used in reactor startup. Additionally, work on the Kemmerer Training Center, which will include a full-scope simulator for the Natrium reactor and serve multiple training and visitor functions, has started.
TerraPower's approach, combining fast reactors and energy storage, may influence the nuclear energy sector by demonstrating the viability of advanced, flexible, and scalable nuclear power plants, potentially aiding in decarbonization and replacing retiring fossil fuel plants. The plant is positioned to be the first utility-scale advanced nuclear plant in the US, with a planned operational date in 2030.
The funding round for TerraPower, which was backed by a mix of existing and new investors, including NVentures, the venture capital arm of NVIDIA, will contribute to the construction of its first Natrium plant, the first commercial advanced nuclear power facility in the U.S. This development underscores increasing momentum in deploying advanced nuclear technologies combined with energy storage to support grid reliability and carbon reduction goals.
With Chris Levesque as the President and CEO, TerraPower has closed a funding round of $650 million, which will be used for the construction of its first Natrium plant. The plant's sodium-cooled fast reactor and energy storage system enable the plant to boost output when demand peaks, allowing for integration with more intermittent carbon-free energy sources such as wind and solar.
This development in TerraPower's Natrium project signifies a promising step towards a cleaner, more flexible nuclear power sector in the US, supported by strong federal backing and innovative technology. The plant's potential to integrate with renewable energy sources could pave the way for a more sustainable energy future.
- The expedited review of TerraPower's construction permit application by the US Nuclear Regulatory Commission, aiming to complete it by the end of 2025, indicates a strong industry-regulatory collaboration for the advancement of financial investments in energy technology.
- The Natrium project, equipped with a molten salt-based energy storage system, demonstrates the potential for advanced nuclear technology in the energy sector to enhance grid reliability, aiding in the replacement of retiring fossil fuel plants, and supporting carbon reduction goals.
