TerraPower, the nuclear technology firm co-founded by Bill Gates, has raised $650 million to fund its first commercial nuclear power plant. Nvidia’s venture capital arm, NVentures, joined the round, marking Nvidia’s initial investment in the energy sector. Existing investors, including Bill Gates and HD Hyundai, also participated.
The project, based in Wyoming, began site work in June 2024. While regulatory approval for the reactor is still pending, TerraPower expects permits within the next year, a feasible timeline given the current supportive regulatory climate.
TerraPower’s Natrium reactor will produce around 345 megawatts, bridging the gap between large traditional reactors and smaller modular designs. Unlike conventional reactors cooled by water, Natrium uses molten sodium, which also serves as a medium for thermal energy storage.
This system allows the reactor to store excess heat during low demand and release it when demand rises, enabling steady power output and complementing intermittent renewables like wind and solar. The storage can supply up to 500 megawatts for over five hours.
Initially pursuing a different design, TerraPower shifted to Natrium amid uncertainties. The company aims to complete construction within three years of pouring the first concrete, though preparatory work remains. The project’s cost is estimated at around $4 billion, with the U.S. Department of Energy likely to cover half.
Nvidia’s investment shows growing interest from tech companies in securing reliable, low-carbon power for data centres and AI workloads.
“TerraPower was founded on the idea that innovation in nuclear science could make positive, global impacts. This round further establishes that our technologies are the solutions that industry is looking for,” TerraPower CEO Chris Levesque stated.
The Wyoming plant aims to be the nation’s first commercial advanced nuclear facility, with operations targeted around 2030. Success could herald a new era of safer, more flexible nuclear power integrated with renewables, crucial for meeting global clean energy demands.