TerraPower Announces $650 Million Fundraise

BELLEVUE, Wash.--(BUSINESS WIRE)--TerraPower, a leading nuclear innovation company, announced today the close of a $650 million fundraise.

This fundraise was comprised of both new investors, including NVentures, the venture capital arm of NVIDIA, and current investors, including TerraPower-founder Bill Gates and HD Hyundai, an industry leader in shipbuilding.

TerraPower is leading the advanced nuclear industry to market with its flagship Natrium® technology¹ – an advanced nuclear reactor paired with a gigawatt-scale energy storage system. TerraPower’s first Natrium plant is slated to be the United States’ first commercial, advanced nuclear power plant and showcases breakthroughs in safety, reliability, cost efficiency and streamlined construction. The company began non-nuclear construction activities on the site of the first plant last year and expects regulatory approval for the nuclear reactor next year.

“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,” said Chris Levesque, TerraPower President and CEO. “We are proud to have NVIDIA join our visionary group of investors.”

“As AI continues to transform industries, nuclear energy is going to become a more vital energy source to help power these capabilities,” said Mohamed “Sid” Siddeek, Corporate Vice President and Head of NVentures. “TerraPower's nuclear reactor technologies offer innovative, carbon-free solutions to meet global energy needs while minimizing environmental impact.”

This capital raise builds on the support of TerraPower’s current investors and supports both the first Natrium plant, along with the company’s plans to rapidly deploy additional units in the U.S. and abroad. Nuclear power continues to see widescale interest across energy users; and federal support for deploying new plants was outlined last month in President Trump’s executive orders.

UBS acted as the exclusive placement agent to TerraPower. TerraPower will continue to be a privately held company. Further terms of the fundraise were not disclosed.

About TerraPower

TerraPower is a leading nuclear innovation company that strives to improve the world through nuclear energy and science. Since it was founded by Bill Gates and a group of like- minded visionaries, TerraPower has emerged as an incubator and developer of ideas and technologies that offer energy independence, environmental sustainability, medical advancement and other cutting-edge opportunities. It accepts and tackles some of the world’s most difficult challenges. Behind each of its innovations and programs, TerraPower actively works to bring together the strengths and experiences of the world’s public and private sectors to answer pressing global needs. Learn more at terrapower.com.