(Bloomberg) —
TerraPower LLC, a nuclear startup founded by billionaire Bill Gates, raised $650 million to help continue development of an advanced reactor project under construction in Wyoming.
The funding round included new investors such as NVentures, the venture capital arm of Nvidia Corp., and existing backers Gates and HD Hyundai, a South Korean shipbuilder, according to a statement Wednesday.
Nvidia’s decision to support the company reflects the growing links between the technology industry, which is clamoring for carbon-free electricity to power data centers and artificial intelligence, and nuclear companies that are pushing to build reactors that can deliver clean electricity around the clock.
“As AI continues to transform industries, nuclear energy is going to become a more vital energy source to help power these capabilities,” Mohamed Siddeek, head of NVentures, said in the statement.
TerraPower is developing a 345-megawatt power plant at a Wyoming coal plant that’s set to retire. It began construction a year ago on non-nuclear parts of the project, and expects to receive federal approval in 2026 for the reactor.
(Updates with more details on the project starting in paragraph 3.)
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