TerraPower, the advanced nuclear company founded by Bill Gates, has raised $650 million in new funding to support the development of its Natrium reactor -- a 345 MW sodium-cooled fast reactor with integrated energy storage.

The investment round includes funding from new backer NVentures, the venture capital arm of NVIDIA, and current investors such as HD Hyundai, a major South Korean industrial firm. This marks NVentures' largest investment to date and its first in the nuclear sector.

The funds will be used to further construction of TerraPower's first Natrium demonstration plant, currently underway with non-nuclear construction started in 2023. Regulatory approval for the reactor component is expected in 2025.

The Natrium system is designed to enhance grid stability by storing energy and delivering power during peak demand. This aligns with global efforts to support renewable energy integration and reduce reliance on fossil fuels.

TerraPower has also secured $1.6 billion from the U.S. Department of Energy's Advanced Reactor Demonstrations Program as part of a cost-share agreement.

The partnership between TerraPower and HD Hyundai, announced in 2023, aims to scale global manufacturing capabilities for Natrium components, preparing for wider deployment of the technology.

UBS acted as the exclusive placement agent. TerraPower remains privately held, with further funding rounds expected.

Source: energycentral.com