Google agrees to fund the development of three new nuclear sites
People take photos in front of a giant Google logo at Google's Bay View campus in Mountain View, California on Aug 13, 2024 where the "Made by Google" media event was held today.
Nuclear developer Elementl Power said Wednesday it's signed an agreement with Google to develop three sites for advanced reactors. It's the latest example of tech giants teaming up with the nuclear industry in an effort to meet the vast energy needs of data centers.
Google will commit early-stage development capital to the three projects, although the exact terms of the deal remain private. Each site will generate at least 600 megawatts of power capacity, and Google will have the option to buy the power once the sites are up and running. The proposed locations remain private, but Elementl said Google's funding will be used for things like site permitting, securing interconnection rights to the transmission system, contract negotiations and other early-stage matters.
"Google is committed to catalyzing projects that strengthen the power grids where we operate, and advanced nuclear technology provides reliable, baseload, 24/7 energy," said Amanda Peterson Corio, global head of data center energy at Google.
"Our collaboration with Elementl Power enhances our ability to move at the speed required to meet this moment of AI and American innovation," she added.
Elementl Power, which was founded in 2022 as a nuclear power project developer, hasn't yet built any sites.
The company is currently technology agnostic, meaning it hasn't yet chosen what type of reactor it will use at its sites. Rather, when the company is ready to begin construction it will choose the reactor technology that's furthest along in development.
"Innovative partnerships like this are necessary to mobilize the capital required to build new nuclear projects, which are critical to deliver safe, affordable and clean baseload power and help companies advance their long-term net zero goals," said Chris Colbert, Elementl Power's chairman and CEO. Colbert was previously CFO, COO and chief strategy officer at NuScale Power , which is developing small modular reactors.
Colbert added that once the projects reach a final investment stage Elementl will raise capital from other sources – for example infrastructure funds – to actually build the projects. The company is aiming to add 10 gigawatts of nuclear to the grid by 2035.
In October, Google teamed up with small modular reactor company Kairos Power, pledging to buy power from the company's fleet of reactors. At the time, Google said the first reactor would enter service by 2030, with more coming online through 2035.
Earlier this year, China's AI startup DeepSeek prompted concerns that the improved efficiency of emerging AI models may reduce the need to invest in the build out new power sources to support data centers. However, tech leaders such as Amazon and Nvidia have since said the need for baseload power is continuing to grow at a quick pace.
In April, Anthropic co-founder Jack Clark estimated 50 gigawatts of new power capacity will be needed by 2027 to support AI. That is the equivalent of about 50 new nuclear plants.
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