Bill Gates-backed nuclear power startup secures $650 million investment round, led by Nvidia and others

Bill Gates-backed

nuclear power startup

TerraPower has raised $650 million to support the ongoing development of its

advanced nuclear reactor

project in Wyoming. The funding round includes new investors like NVentures, the venture capital arm of

Nvidia

, and existing backers such as Gates and South Korean company HD Hyundai. The money will help continue construction of the 345-megawatt plant being built at the site of a retiring coal facility in Wyoming. The reactor aims to provide steady, carbon-free electricity to meet the growing demand from industries such as artificial intelligence and data centers.Nvidia’s investment highlights growing ties between the tech industry—which needs clean, reliable power for data centers and AI—and nuclear energy firms working on new reactor designs.“As AI continues to transform industries, nuclear energy is going to become a more vital energy source to help power these capabilities,” said Mohamed Siddeek, head of NVentures, in a statement.

What to know about TerraPower’s reactor

TerraPower’s reactor design has been developed in partnership with the US Department of Energy’s Advanced Reactor Demonstration Project. It includes a 345-megawatt small modular reactor (SMR) combined with a molten salt energy storage system. This setup allows it to boost output up to 1 gigawatt when needed, helping balance supply and demand.Construction has already started on the non-nuclear parts of the facility, but full regulatory approval from the US Nuclear Regulatory Commission is not expected until 2026, according to The Register.The company had initially aimed to launch in 2028, but faced delays after losing access to its Russian fuel supply following the invasion of Ukraine.