The venture capital arm of multinational technology company NVIDIA is among investors in the USD650 million capital raise, which TerraPower says will support the first Natrium plant as well as the company’s plans to rapidly deploy additional units in the US and abroad.
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NVentures, the venture capital arm of NVIDIA, was among new investors that took part in the fundraise, which closed on 18 June, TerraPower said. Current investors, including TerraPower-founder Bill Gates and South Korean conglomerate HD Hyundai, have also participated.
“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,” TerraPower President and CEO Chris Levesque said. “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,” Corporate Vice President and Head of NVentures Mohamed Siddeek said. “TerraPower’s nuclear reactor technologies offer innovative, carbon-free solutions to meet global energy needs while minimising environmental impact.”
In March, TerraPower announced a strategic collaboration with HDHyundai affiliate HDHyundai Heavy Industries to expand the global manufacturing supply chain for Natrium small modular reactors, supporting the rapid commercialisation of the technology. In 2024, HD Hyundai Heavy Industries was competitively selected by TerraPower to develop the cylindrical reactor vessel to be installed in the first Natrium reactor.
Natrium technology features a 345 MWe sodium-cooled fast reactor using high-assay low-enriched uranium fuel, with a molten salt-based energy storage system that can boost the system’s output to 500 MWe for more than five and a half hours when needed. The company began non-nuclear construction activities on the site of the first Natrium plant, at Kemmerer in Wyoming, last year and said it expects to get regulatory approval for the nuclear reactor next year.
As part of the permitting process for the Kemmerer plant, the US Nuclear Regulatory Commission this week issued a draft environmental impact statement for public comment with a deadline of 4 August.
TerraPower said it will continue to be a privately held company, and did not disclose further terms of the fundraise.
