TerraPower said Wednesday it raised $650 million in funding from new and existing investors, including NVentures, the venture capital division of Nvidia (NVDA, Financials), as well as HD Hyundai and company founder Bill Gates (Trades, Portfolio).
The privately held nuclear energy firm said the capital will support construction of its first commercial Natrium reactor and future deployments in the U.S. and abroad. The plant, which began non-nuclear construction last year, is awaiting regulatory approval expected in 2026.
The Natrium system combines advanced reactor technology with grid-scale energy storage. TerraPower, founded by Gates, is developing the reactor in partnership with GE Hitachi.
Nvidia’s Sid Siddeek, head of NVentures, said in the company statement that rising AI-related energy needs could increase demand for carbon-free power sources, such as nuclear.
UBS acted as exclusive placement agent for the funding round. TerraPower did not disclose valuation details.
This article first appeared on GuruFocus.
