Bill Gates-backed TerraPower raises $650 mln, eyes approval next year for nuclear reactor
June 18 (Reuters) - TerraPower has raised $650 million in a funding round that included founder Bill Gates and the venture capital arm of chipmaker Nvidia NVDA.O, and said it expects to get regulatory approval for its $4-billion nuclear reactor next year.
The company did not disclose its valuation or other terms of the fundraise on Wednesday.
Interest in nuclear power, seen as a cleaner and more reliable alternative to wind and solar, has surged after a decade of stagnation, supported by rising demand from data centers tapping into the artificial intelligence boom.
The company's $4-billion Natrium nuclear reactor is located in Wyoming on the site of an old coal plant.
In 2022, TerraPower had delayed Natrium's launch date by at least two years to 2030, due to a lack of special fuel called high-assay low-enriched uranium, or HALEU.
In October last year, TerraPower and ASP Isotopes ASPI.O reached an agreement to produce HALEU at an undisclosed site.
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