TerraPower, a nuclear startup founded and backed by Bill Gates, announced a significant milestone in its quest to advance nuclear energy. The Austin-based company revealed today that it’s closed a new funding round of $650 million. This major investment will help ensure the successful construction of its first commercial power plant in Wyoming. Scheduled construction starting in June 2024 would be a monumental step for the company. This announcement is a testament to their dedication to leading in this new, evolving world of nuclear energy.
The recent investment is further evidence of a rising belief in nuclear technology as a realistic and practical solution to sustainably meet the world’s increasing energy demands. In addition to Bill Gates, HD Hyundai proved instrumental in this funding round, solidifying a deep-pocketed financial front for TerraPower. That funding will be instrumental in the ongoing development of the Natrium reactor. This dynamic design is intended to be less expensive than other newly constructed reactors in the U.S.
TerraPower currently faces regulatory challenges. Without that, even though they’ve begun construction, they haven’t been approved for the reactor itself. The firm projects that it will secure all required permits in the next year. This move is an important step for increasing its plans’ ambitiousness. With all these escalating costs, the Natrium reactor’s projected cost could reach $4 billion. The Department of Energy can pick up 50 percent of that cost.
To cool its Natrium reactor design, TerraPower uses a distinct cooling system that uses more sodium than conventional reactors, making it more effective. This stagnant design is what has helped the reactors continue to operate in a steady state. It addresses one of the key shortcomings of existing nuclear power plants — their difficulty in rapidly varying their production to meet changes in demand. The storage system in the Natrium reactors is large enough to produce 500 megawatts of electricity. Its workspace runs beautifully for more than five hours. This feature is especially useful in backfilling solar and wind generation during stretches of time where those resources are less available.
TerraPower’s original focus was finishing a different reactor design by the mid-2020s. They are behind the scenes making the move to go all in on the Natrium design, maneuvering cleverly towards a more sustainable and economically attractive solution. The company’s ongoing efforts reflect a broader trend within the energy sector, where there is an increasing recognition of nuclear power’s potential role in achieving clean energy goals.
