TerraPower has secured at least $750m (£631m) in a funding round co-led by SK Group and TerraPower’s founder Bill Gates, marking one of the largest advanced nuclear fundraises to-date.
SK Group is among South Korea’s largest energy providers and invested $250m (£210m) in the US company. Additional funding will come from other investors.
In May, SK Inc signed a memorandum of understanding (MOU) with TerraPower to jointly develop “next-generational technologies” needed for small modular reactors which operate at a capacity of 500 megawatts or less.
The companies will also join forces to commercialise small nuclear generators by TerraPower in countries not limited to Korea.
TerraPower president and CEO, Chris Levesque, said: “TerraPower is committed to solving some of the toughest challenges that face this generation through innovation.
“Whether it’s addressing climate change with carbon-free advanced nuclear energy, or fighting cancer with nuclear isotopes, our team is deploying technology solutions and investors across the world are taking note.”
Further reading:
- £20bn Sizewell C nuclear power station gets the nod
- Rolls-Royce shortlists sites for nuclear reactor factory
- Rolls Royce appoints SNC-Lavalin to next phase of modular reactor programme
TerraPower is growing rapidly, supported by a US Department of Energy’s Advanced Reactor Demonstration Program (ARDP) award and the construction of the NatriumTM demonstration plant at a retiring coal facility in Wyoming.
Credit Suisse acted as the exclusive placement agent to TerraPower. Perkins Coie LLP acted as outside corporate counsel to TerraPower. TerraPower will continue to be a privately held company. Further terms of the fundraise were not disclosed.
Image: Bill Gates at TerraPower with a mock-up of metal fuel pin bundles (credit: Gates Notes)
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