Nvidia expresses interest in the nuclear renaissance by investing in TerraPower, a company backed by Bill Gates.

TerraPower Secures $650 Million in Funding for First Commercial Power Plant

TerraPower, a nuclear startup founded and backed by Bill Gates, recently announced a new $650 million funding round to support the construction of its first commercial power plant. This investment comes at a time when nuclear startups are attracting interest from hyperscalers, data center developers, and chip designers, with Nvidia’s venture arm, NVentures, making its first energy investment by participating in this round. Bill Gates and HD Hyundai, who are already on the company’s cap table, also contributed to the funding.

TerraPower’s Innovative Natrium Reactor Design

TerraPower has started construction on its first power plant in Wyoming, set to be completed in 2024. The plant will feature TerraPower’s Natrium reactors, which utilize molten sodium for cooling instead of water. This design allows for excess sodium to be stored in large tanks and used to heat steam turbines during periods of high demand, enabling the reactors to operate at a steady state. The storage system is capable of producing up to 500 megawatts of electricity for more than five hours, providing a reliable source of power to complement solar and wind energy generation.

Challenges and Costs of Nuclear Reactor Development

While TerraPower claims it can complete a reactor within three years of pouring the first batch of concrete, significant site preparation and construction work still need to be done. The company previously pursued a different reactor design but switched to the Natrium design due to uncertainties. Although the Natrium reactors are expected to be more cost-effective than traditional U.S. reactors, the project’s total cost could still reach $4 billion, with half of the expenses potentially covered by the Department of Energy.