Bill Gates-founded nuclear startup TerraPower raised $650 million from the billionaire software entrepreneur, HD Hyundai, NVentures and existing investors as the tech industry continues to seek new sources of energy amid the power-hungry AI boom.
Bellevue, Washington-based TerraPower has now raised $1.4 billion from investors, per Crunchbase data, making it one of the most well-funded startups working on nuclear-related technologies.
The company was founded in 2006 by Gates and other climate-focused investors. It is in the midst of building a 345-watt nuclear power plant at the site of a retiring coal plant in Kemmerer, Wyoming. It hopes to secure regulatory approval for the reactor next year, it said.
The deal comes amid heightened interest in new energy sources to power artificial intelligence data centers, but as venture funding to cleantech posted a lackluster year in 2024.
“As AI continues to transform industries, nuclear energy is going to become a more vital energy source to help power these capabilities,” Mohamed “Sid” Siddeek, corporate vice president at
NVentures, Nvidia’s venture arm, said in a statement. “TerraPower’s nuclear reactor technologies offer innovative, carbon-free solutions to meet global energy needs while minimizing environmental impact.”
Other nuclear-power related startups that have raised significant funding include many working on fusion-related technology:
- Commonwealth Fusion Systems, a Cambridge, Massachusetts-based MIT spinoff working on fusion technology, has raised $2 billion from investors, per Crunchbase data.
- Helion Energy, an Everett, Washington-based startup also developing fusion power, has raised $1 billion.
- Pacific Fusion, a Fremont, California-based fusion startup, has raised $900 million to date.
- Shine Technologies has raised $774.2 million thus far. The Janesville, Wisconsin-based company is working on fusion technology for energy generation and other applications.
- NuScale Power, a Corvallis, Oregon-based company that says it has developed a small modular reactor to supply energy for electrical generation and other applications, has raised nearly $470 million from investors to date.
- General Fusion, a British Columbia-based startup developing magnetized target fusion technology, has raised $370 million.
- Zap Energy, also based in Everett, has raised $337.8 million for its work on “compact fusion power” that doesn’t require lasers or magnets.
- Nano Nuclear Energy, a New York-based company that builds micro-small modular reactors and advanced nuclear reactors has raised $229.1 million to date, per Crunchbase data.
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Illustration: Dom Guzman
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