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TerraPower, the nuclear energy company founded by Bill Gates, has secured a further $650m in investment to develop its Natrium reactor.
Bill Gates was again involved with the funding round as were NVIDIA’s venture capital arm and HD Hyundai. This means that in total TerraPower’s private financing equates to more than $1.4bn. However, that number is multiplied even further when you factor in the $2bn of federal support from the US Department of Energy to accelerate the design and build of its first commercial Natrium reactor. The plant is being built in Wyoming and the plan is to have it operational by 2030.
Tech firms are hitting constraints with grid capacity and renewable energy availability. Nuclear offers a compelling alternative, providing carbon-free baseload power that runs constantly, unlike solar and wind. Activity by tech companies to support its development continues to be substantial and frequent. For example, earlier this month AWS and Talen Energy announced a long-term agreement that would see the energy firm deliver carbon free nuclear energy to support AWS’s Pennsylvania operations. And this week we saw Oklo – a firm that is backed by OpenAI CEO, Sam Altman that develops small modular reactors – raise $460m.
Posted by: Kate Hanaghan at 10:00
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