Latest news with #ChrisLevesque
Yahoo
8 hours ago
- Business
- Yahoo
TerraPower Announces $650 Million Fundraise
This raise is a testament to the company's fundraising prowess; with participation from investors including NVentures, NVIDIA's venture capital arm BELLEVUE, Wash., June 18, 2025--(BUSINESS WIRE)--TerraPower, a leading nuclear innovation company, announced today the close of a $650 million fundraise. This fundraise was comprised of both new investors, including NVentures, the venture capital arm of NVIDIA, and current investors, including TerraPower-founder Bill Gates and HD Hyundai, an industry leader in shipbuilding. TerraPower is leading the advanced nuclear industry to market with its flagship Natrium® technology1 – an advanced nuclear reactor paired with a gigawatt-scale energy storage system. TerraPower's first Natrium plant is slated to be the United States' first commercial, advanced nuclear power plant and showcases breakthroughs in safety, reliability, cost efficiency and streamlined construction. The company began non-nuclear construction activities on the site of the first plant last year and expects regulatory approval for the nuclear reactor next year. "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," said Chris Levesque, TerraPower President and CEO. "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," said Mohamed "Sid" Siddeek, Corporate Vice President and Head of NVentures. "TerraPower's nuclear reactor technologies offer innovative, carbon-free solutions to meet global energy needs while minimizing environmental impact." This capital raise builds on the support of TerraPower's current investors and supports both the first Natrium plant, along with the company's plans to rapidly deploy additional units in the U.S. and abroad. Nuclear power continues to see widescale interest across energy users; and federal support for deploying new plants was outlined last month in President Trump's executive orders. UBS acted as the exclusive placement agent to TerraPower. TerraPower will continue to be a privately held company. Further terms of the fundraise were not disclosed. About TerraPower TerraPower is a leading nuclear innovation company that strives to improve the world through nuclear energy and science. Since it was founded by Bill Gates and a group of like- minded visionaries, TerraPower has emerged as an incubator and developer of ideas and technologies that offer energy independence, environmental sustainability, medical advancement and other cutting-edge opportunities. It accepts and tackles some of the world's most difficult challenges. Behind each of its innovations and programs, TerraPower actively works to bring together the strengths and experiences of the world's public and private sectors to answer pressing global needs. Learn more at 1 Natrium is a TerraPower and GE Hitachi technology View source version on Contacts Media Contacts press@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
8 hours ago
- Business
- Business Wire
TerraPower Announces $650 Million Fundraise
BELLEVUE, Wash.--(BUSINESS WIRE)--TerraPower, a leading nuclear innovation company, announced today the close of a $650 million fundraise. This fundraise was comprised of both new investors, including NVentures, the venture capital arm of NVIDIA, and current investors, including TerraPower-founder Bill Gates and HD Hyundai, an industry leader in shipbuilding. TerraPower is leading the advanced nuclear industry to market with its flagship Natrium® technology 1 – an advanced nuclear reactor paired with a gigawatt-scale energy storage system. TerraPower's first Natrium plant is slated to be the United States' first commercial, advanced nuclear power plant and showcases breakthroughs in safety, reliability, cost efficiency and streamlined construction. The company began non-nuclear construction activities on the site of the first plant last year and expects regulatory approval for the nuclear reactor next year. '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,' said Chris Levesque, TerraPower President and CEO. '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,' said Mohamed 'Sid' Siddeek, Corporate Vice President and Head of NVentures. 'TerraPower's nuclear reactor technologies offer innovative, carbon-free solutions to meet global energy needs while minimizing environmental impact.' This capital raise builds on the support of TerraPower's current investors and supports both the first Natrium plant, along with the company's plans to rapidly deploy additional units in the U.S. and abroad. Nuclear power continues to see widescale interest across energy users; and federal support for deploying new plants was outlined last month in President Trump's executive orders. UBS acted as the exclusive placement agent to TerraPower. TerraPower will continue to be a privately held company. Further terms of the fundraise were not disclosed. About TerraPower TerraPower is a leading nuclear innovation company that strives to improve the world through nuclear energy and science. Since it was founded by Bill Gates and a group of like- minded visionaries, TerraPower has emerged as an incubator and developer of ideas and technologies that offer energy independence, environmental sustainability, medical advancement and other cutting-edge opportunities. It accepts and tackles some of the world's most difficult challenges. Behind each of its innovations and programs, TerraPower actively works to bring together the strengths and experiences of the world's public and private sectors to answer pressing global needs. Learn more at
Yahoo
16-04-2025
- Business
- Yahoo
Bill Gates enters race to build mini-nuclear reactors in Britain
A company founded by Bill Gates has submitted a bid to build mini-nuclear reactors in Britain, dealing a potential blow to Rolls-Royce's hopes of dominating the domestic market. Seattle-based TerraPower has written to the Government outlining its intention to submit its reactor design for regulatory approval. The move kickstarts efforts by the US company to enter an increasingly competitive market to build small modular reactors (SMR), which are expected to play a key role in the UK's shift to cleaner energy. The Microsoft billionaire's company has developed a reactor, called Natrium, that uses a molten sodium heat storage system that allows it to rapidly ramp up its power output at peak times. Natrium is the Latin word for sodium which has the chemical symbol Na. Chris Levesque, TerraPower chief executive, said: 'I am incredibly excited to begin the process of licensing the Natrium technology in the UK. 'TerraPower is committed to deploying Natrium units globally and has been in active discussions in the UK for years. There is immense interest and opportunity for the United States and United Kingdom to cooperate on deploying advanced nuclear plants over the coming decade.' TerraPower's bid for approval will pile further pressure on Rolls-Royce, which is vying to lead the country's development of mini-nuke technology. The British engineering giant is already facing a battle to get its SMR project approved after ministers launched a competitive tender for the country's mini-nuke programme. GE Hitachi, Holtec and Westinghouse have also been shortlisted alongside Rolls-Royce for the contract, with government body Great British Nuclear expected to make a final decision 'in the spring'. Tufan Erginbilgiç, chief executive of Rolls-Royce, last month warned that Britain risked missing out in the race to develop nuclear power if ministers failed to close the process by the end of June. While TerraPower is not involved in the competition for the UK's SMR contract, the potential entrant of a new deep-pocketed rival into the market will pose a fresh challenge to Rolls-Royce's plans. Mr Gates co-founded TerraPower in 2006 with the aim of building reactors that will dramatically bring down the cost of nuclear power. The company broke ground on its first site in Wyoming last year, with construction expected to be completed in five years. TerraPower plans to use its US regulatory approvals on this maiden site as the basis of its application in the UK, which will mark the first effort to deploy Natrium technology in a global market. The company is submitting its bid for approval through the Generic Design Assessment, a voluntary process used by nuclear regulators to assess the safety, security and environmental impact of reactor designs. Any application to build reactors at specific sites would be subject to a separate approval process. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
16-04-2025
- Business
- Telegraph
Bill Gates enters race to build mini-nuclear reactors in Britain
A company founded by Bill Gates has submitted a bid to build mini-nuclear reactors in Britain, dealing a potential blow to Rolls-Royce's hopes of dominating the domestic market. Seattle-based TerraPower has written to the Government outlining its intention to submit its reactor design for regulatory approval. The move kickstarts efforts by the US company to enter an increasingly competitive market to build small modular reactors (SMR), which are expected to play a key role in the UK's shift to cleaner energy. The Microsoft billionaire's company has developed a reactor, called Natrium, that uses a molten sodium heat storage system that allows it to rapidly ramp up its power output at peak times. Natrium is the Latin word for sodium which has the chemical symbol Na. Chris Levesque, TerraPower chief executive, said: 'I am incredibly excited to begin the process of licensing the Natrium technology in the UK. 'TerraPower is committed to deploying Natrium units globally and has been in active discussions in the UK for years. There is immense interest and opportunity for the United States and United Kingdom to cooperate on deploying advanced nuclear plants over the coming decade.' TerraPower's bid for approval will pile further pressure on Rolls-Royce, which is vying to lead the country's development of mini-nuke technology. The British engineering giant is already facing a battle to get its SMR project approved after ministers launched a competitive tender for the country's mini-nuke programme. GE Hitachi, Holtec and Westinghouse have also been shortlisted alongside Rolls-Royce for the contract, with government body Great British Nuclear expected to make a final decision 'in the spring'. Tufan Erginbilgiç, chief executive of Rolls-Royce, last month warned that Britain risked missing out in the race to develop nuclear power if ministers failed to close the process by the end of June. While TerraPower is not involved in the competition for the UK's SMR contract, the potential entrant of a new deep-pocketed rival into the market will pose a fresh challenge to Rolls-Royce's plans. Mr Gates co-founded TerraPower in 2006 with the aim of building reactors that will dramatically bring down the cost of nuclear power. The company broke ground on its first site in Wyoming last year, with construction expected to be completed in five years. TerraPower plans to use its US regulatory approvals on this maiden site as the basis of its application in the UK, which will mark the first effort to deploy Natrium technology in a global market. The company is submitting its bid for approval through the Generic Design Assessment, a voluntary process used by nuclear regulators to assess the safety, security and environmental impact of reactor designs.
