Latest news with #NVentures
Mint
3 hours ago
- Business
- Mint
TerraPower raises $650 million from backers including Nvidia
TerraPower LLC, a nuclear startup founded by billionaire Bill Gates, raised $650 million to help continue development of an advanced reactor project under construction in Wyoming. The funding round included new investors such as NVentures, the venture capital arm of Nvidia Corp., and existing backers Gates and HD Hyundai, a South Korean shipbuilder, according to a statement Wednesday. Nvidia's decision to support the company reflects the growing links between the technology industry, which is clamoring for carbon-free electricity to power data centers and artificial intelligence, and nuclear companies that are pushing to build reactors that can deliver clean electricity around the clock. 'As AI continues to transform industries, nuclear energy is going to become a more vital energy source to help power these capabilities,' Mohamed Siddeek, head of NVentures, said in the statement. TerraPower is developing a 345-megawatt power plant at a Wyoming coal plant that's set to retire. It began construction a year ago on non-nuclear parts of the project, and expects to receive federal approval in 2026 for the reactor. 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. 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 reached an agreement to produce HALEU at an undisclosed site. A developer of small nuclear reactors is going public via a special purpose acquisition company led by former Cantor Fitzgerald Chief Executive Officer Shawn Matthews. Terrestrial Energy Inc. has an equity value of $925 million in the deal with blank-check firm HCM II Acquisition Corp., with the combined entity valued at about $1 billion including debt, according to a statement reviewed by Bloomberg News. The transaction will provide Terrestrial with $280 million in gross proceeds, including the $230 million from the blank-check trust account and an additional $50 million from a private investment in public equity, or PIPE, at $10 a share to help commercialize its molten salt nuclear reactors, the companies said in the statement. Charlotte, North Carolina-based Terrestrial joins a band of SPAC-funded contenders betting they can make small modular nuclear power more than a quixotic vision of safely splitting atoms to shrink carbon emissions and sate AI's voracious appetite for energy. That group includes Sam Altman-backed Oklo Inc., Ares-backed X-Energy and Fluor Corp.-backed NuScale Power. Startups like TerraPower LLC, founded by Bill Gates, have also joined the fray.
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
San Francisco Chronicle
30-05-2025
- Business
- San Francisco Chronicle
Nvidia hunting for S.F. office space, after CEO says the city is ‘thriving'
Nvidia CEO Jensen Huang believes San Francisco is back — and that the city's nascent artificial intelligence boom is responsible for that. 'Just about everybody evacuated San Francisco,' he said during a podcast interview earlier this month. 'Now it's thriving again. It's all because of AI.' Regardless of whether his assessment is fact or self-interested hyperbole, Huang is now reportedly looking to get in on the action. Real estate market participants have confirmed to the Chronicle that Nvidia is on the hunt for a new, roughly 30,000-square-foot sales office in San Francisco, though it is unclear which locations it has evaluated. The company has long been headquartered in Santa Clara, and it does not have a presence in San Francisco. A company spokesperson declined to comment on expansion plans in the city after an inquiry from the Chronicle. Huang founded and, over the past three decades, grew the chipmaker — which today is widely regarded as a corporate cornerstone of the AI industry — in Silicon Valley. But, the CEO has long had personal ties to the city: He owns a multimillion-dollar mansion in the Pacific Heights neighborhood. Nvidia has a number of initiatives and programs that invest in the AI ecosystem and could stand to benefit from a San Francisco presence, including NVentures, its venture capital arm, which is based within Nvidia's headquarters campus in Santa Clara. Sources told the Chronicle that the company is looking for 'high-end' space in the city. And while there are nuances to the city's ongoing recovery from the pandemic, which saw scores of businesses close and office vacancies rise to unprecedented levels, the recent buzz around AI in San Francisco has been hailed as a green shoot for the city's ailing downtown, and is backed by data that appears promising. According to real estate firm CBRE, growth by AI startups could cut the city's office vacancy — which hovers around 37% — in half by 2030, with the firm forecasting that AI companies could take between 17 million and 21 million square feet of office space. Many leases signed by AI startups have been small in size, though there have been a few major deals that are reminiscent of the years leading up to the pandemic, which saw big tech companies 'land-bank' significant chunks of office space in anticipation of future growth, resulting in much of the city's office space being spoken for at the end of 2019. The most prominent example is ChatGPT maker OpenAI, which leased close to 1 million square feet across three buildings vacated by Gap Inc. and Uber in recent years. So far, Nvidia's expansion efforts have been focused on the area surrounding its Santa Clara campus, where it has been actively buying and leasing real estate for research and development. Earlier this month, Nvidia spent $123 million on a 10-building office park across the street from its campus at 2788 San Tomas Expressway, and shelled out another $254 million for another three buildings it occupies close by. Last year, Nvidia bought out its former landlord of its headquarters campus for $374 million. Nvidia is regarded as a bellwether for the AI industry, and it appears to have overcome recent tariff turbulence. Posting quarterly earnings of $44 billion, the company reported revenue growth of 69% year over year on Wednesday, despite restrictions on its chip sales in China under President Donald Trump that cost the company $2.5 billion in sales. It expects to miss out on $8 billion in revenue next quarter due to the export controls. 'China's AI moves on, with or without U.S. chips,' Huang said Wednesday. 'Export controls should strengthen U.S. platforms, not drive half of the world's AI talent to rivals.' Despite being shut out from a Chinese market that the company expects will be worth $50 billion, Huang said he is aligned with Trump's vision to 're-shore advanced manufacturing.' He said that he expects Nvidia to build everything from chips to supercomputers in America by the end of the year.
