Latest news with #Natrium
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.
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
19-05-2025
- Business
- Yahoo
ASP Isotopes Inc. enters into Definitive Agreements with TerraPower including Loan Agreement for Construction of a HALEU Production Facility and Supply Agreements for HALEU
WASHINGTON, May 19, 2025 (GLOBE NEWSWIRE) -- ASP Isotopes Inc. NASDAQ: ASPI ("ASP Isotopes' or the 'Company'), an advanced materials company dedicated to the development of technology and processes for the production of isotopes for use in multiple industries, today announced that the Company and certain of its subsidiaries have entered into multiple definitive agreements with TerraPower, a US nuclear innovation company, related to financing support for the construction of a new uranium enrichment facility capable of producing High Assay Low-Enriched Uranium (HALEU); and the future supply of HALEU to TerraPower, as a customer. Loan Agreement The Loan Agreement provides conditional commitments from TerraPower to the Company through one of its wholly-owned U.S.-based subsidiaries ('Borrower') for a multiple advance term loan to partially finance a proposed new uranium enrichment facility at Pelindaba, South Africa, which is designed to produce commercial quantities of HALEU. The Company is also in discussions with a number of financial institutions to provide additional capital for the construction of this HALEU production facility, and all such additional funding for this facility is expected to be non-dilutive to ASPI shareholders and QLE convertible noteholders. The Company intends to construct its initial HALEU production facility at Pelindaba, subject to the receipt of all required permits and licenses to begin enrichment of uranium in South Africa. Pelindaba is South Africa's main nuclear research center, the headquarters of Necsa (South African Nuclear Energy Corporation) and is the home of the 20MW research nuclear reactor, SAFARI-1. The new uranium enrichment facility is designed to produce HALEU with an annual output of approximately 15 MTU of HALEU. The facility is expected to commence initial production of HALEU in 2027, subject to the receipt of all required permits and licenses to begin enrichment of uranium in South Africa, and is anticipated to create hundreds of full-time operational jobs and support thousands of additional jobs across a nationwide manufacturing supply chain. Concurrently, the Company and TerraPower have entered into a mutual commitment to explore further opportunities to develop uranium enrichment production facilities in the United States. HALEU Supply Agreements In addition to a loan agreement, the Company and TerraPower have entered into two supply agreements for the HALEU expected to be produced at the Company's uranium enrichment facility. The initial core supply agreement is intended to support the supply the required first fuel cores for the initial loading of TerraPower's Natrium project in Wyoming The long-term supply agreement is a 10-year supply agreement of up to a total of 150 metric tons of HALEU, commencing in 2028 through end of 2037. The Company has two proprietary enrichment technologies – the Aerodynamic Separation Process and the Quantum Enrichment Process. The Company believes that these enrichment technologies can be deployed in a new HALEU facility for considerably lower capital costs, and in much less time, compared to the construction of a uranium enrichment facility using other known methods. 'Over the last several decades, the scientists at South Africa's leading Universities, and more recently at ASP Isotopes, have developed some of the world's most advanced isotope enrichment technologies. Nuclear fuel has one of the most severely compromised supply chains of any material in the world. The world is in urgent need of additional suppliers. Over the next several years our goal is to use our technologies to solve many of the supply challenges which currently exist,' said Paul Mann, Chairman and CEO of ASP Isotopes, and Chairman and CEO of QLE. He continued 'Our commercial agreement with TerraPower will enable us to accelerate the construction of an advanced nuclear fuel facility. It will also mobilize hundreds of workers in local regions to build and operate the new enrichment plant and support thousands of direct and indirect jobs across a global manufacturing supply chain.' About ASP Isotopes Inc. ASP Isotopes Inc. is a development stage advanced materials company dedicated to the development of technology and processes to produce isotopes for use in multiple industries. The Company employs proprietary technology, the Aerodynamic Separation Process ('ASP technology'). The Company's initial focus is on producing and commercializing highly enriched isotopes for the healthcare and technology industries. The Company also plans to enrich isotopes for the nuclear energy sector using Quantum Enrichment technology that the Company is developing. The Company has isotope enrichment facilities in Pretoria, South Africa, dedicated to the enrichment of isotopes of elements with a low atomic mass (light isotopes). There is a growing demand for isotopes such as Silicon-28 for enabling quantum computing; Molybdenum-100, Molybdenum-98, Zinc-68, Ytterbium-176, and Nickel-64 for new, emerging healthcare applications, as well as Chlorine-37, Lithium-6, Lithium-7 and Uranium-235 for green energy applications. The ASP Technology (Aerodynamic Separation Process) is ideal for enriching low and heavy atomic mass molecules. For more information, please visit Forward Looking Statements This press release contains 'forward-looking statements' within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Forward-looking statements can be identified by words such as 'believes,' 'plans,' 'anticipates,' 'expects,' 'estimates,' 'projects,' 'will,' 'may,' 'might,' and words of a similar nature, but can also be otherwise disclosed. Examples of forward-looking statements include, among others but are not limited to, the future of the company's enrichment technologies as applied to uranium enrichment, the outcome of the company's initiative to commence enrichment of uranium in South Africa and the company's discussions with nuclear regulators, the outcome of the project contemplated by the MOU with Necsa, the expected value of our HALEU supply agreements and the outcome of the transaction contemplated by the definitive agreements with TerraPower, potential receipt of additional funding and effects on shareholder dilution, the plans for a secondary listing on the JSE, the commencement of supply of isotopes to customers, the construction of additional enrichment facilities, and statements we make regarding expected operating results, such as future revenues and prospects from the potential commercialization of isotopes, future performance under contracts, and our strategies for product development, engaging with potential customers, market position, and financial results. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, many of which are outside our control. Our actual results, financial condition, and events may differ materially from those indicated in the forward-looking statements based upon a number of factors. Forward-looking statements are not a guarantee of future performance or developments. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. Therefore, you should not rely on any of these forward-looking statements. There are many important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements, including the outcomes of various strategies and projects undertaken by the Company; the potential impact of laws or government regulations or policies in South Africa, the United Kingdom or elsewhere; our reliance on the efforts of third parties; our ability to complete the construction and commissioning of our enrichment plants or to commercialize isotopes using the ASP technology or the Quantum Enrichment Process; our ability to obtain regulatory approvals for the production and distribution of isotopes; the financial terms of any current and future commercial arrangements; our ability to complete certain transactions and realize anticipated benefits from acquisitions; contracts, dependence on our Intellectual Property (IP) rights, certain IP rights of third parties; the competitive nature of our industry; and the factors disclosed in Part I, Item 1A. 'Risk Factors' of the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and any amendments thereto and in the company's subsequent reports and filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise. No information in this press release should be interpreted as an indication of future success, revenues, results of operation, or stock price. All forward-looking statements herein are qualified by reference to the cautionary statements set forth herein and should not be relied upon. Contacts Jason Assad– Investor relationsEmail: Jassad@ 561-709-3043Error 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
Yahoo
19-05-2025
- Business
- Yahoo
ASP Isotopes Inc. enters into Definitive Agreements with TerraPower including Loan Agreement for Construction of a HALEU Production Facility and Supply Agreements for HALEU
WASHINGTON, May 19, 2025 (GLOBE NEWSWIRE) -- ASP Isotopes Inc. NASDAQ: ASPI ("ASP Isotopes' or the 'Company'), an advanced materials company dedicated to the development of technology and processes for the production of isotopes for use in multiple industries, today announced that the Company and certain of its subsidiaries have entered into multiple definitive agreements with TerraPower, a US nuclear innovation company, related to financing support for the construction of a new uranium enrichment facility capable of producing High Assay Low-Enriched Uranium (HALEU); and the future supply of HALEU to TerraPower, as a customer. Loan Agreement The Loan Agreement provides conditional commitments from TerraPower to the Company through one of its wholly-owned U.S.-based subsidiaries ('Borrower') for a multiple advance term loan to partially finance a proposed new uranium enrichment facility at Pelindaba, South Africa, which is designed to produce commercial quantities of HALEU. The Company is also in discussions with a number of financial institutions to provide additional capital for the construction of this HALEU production facility, and all such additional funding for this facility is expected to be non-dilutive to ASPI shareholders and QLE convertible noteholders. The Company intends to construct its initial HALEU production facility at Pelindaba, subject to the receipt of all required permits and licenses to begin enrichment of uranium in South Africa. Pelindaba is South Africa's main nuclear research center, the headquarters of Necsa (South African Nuclear Energy Corporation) and is the home of the 20MW research nuclear reactor, SAFARI-1. The new uranium enrichment facility is designed to produce HALEU with an annual output of approximately 15 MTU of HALEU. The facility is expected to commence initial production of HALEU in 2027, subject to the receipt of all required permits and licenses to begin enrichment of uranium in South Africa, and is anticipated to create hundreds of full-time operational jobs and support thousands of additional jobs across a nationwide manufacturing supply chain. Concurrently, the Company and TerraPower have entered into a mutual commitment to explore further opportunities to develop uranium enrichment production facilities in the United States. HALEU Supply Agreements In addition to a loan agreement, the Company and TerraPower have entered into two supply agreements for the HALEU expected to be produced at the Company's uranium enrichment facility. The initial core supply agreement is intended to support the supply the required first fuel cores for the initial loading of TerraPower's Natrium project in Wyoming The long-term supply agreement is a 10-year supply agreement of up to a total of 150 metric tons of HALEU, commencing in 2028 through end of 2037. The Company has two proprietary enrichment technologies – the Aerodynamic Separation Process and the Quantum Enrichment Process. The Company believes that these enrichment technologies can be deployed in a new HALEU facility for considerably lower capital costs, and in much less time, compared to the construction of a uranium enrichment facility using other known methods. 'Over the last several decades, the scientists at South Africa's leading Universities, and more recently at ASP Isotopes, have developed some of the world's most advanced isotope enrichment technologies. Nuclear fuel has one of the most severely compromised supply chains of any material in the world. The world is in urgent need of additional suppliers. Over the next several years our goal is to use our technologies to solve many of the supply challenges which currently exist,' said Paul Mann, Chairman and CEO of ASP Isotopes, and Chairman and CEO of QLE. He continued 'Our commercial agreement with TerraPower will enable us to accelerate the construction of an advanced nuclear fuel facility. It will also mobilize hundreds of workers in local regions to build and operate the new enrichment plant and support thousands of direct and indirect jobs across a global manufacturing supply chain.' About ASP Isotopes Inc. ASP Isotopes Inc. is a development stage advanced materials company dedicated to the development of technology and processes to produce isotopes for use in multiple industries. The Company employs proprietary technology, the Aerodynamic Separation Process ('ASP technology'). The Company's initial focus is on producing and commercializing highly enriched isotopes for the healthcare and technology industries. The Company also plans to enrich isotopes for the nuclear energy sector using Quantum Enrichment technology that the Company is developing. The Company has isotope enrichment facilities in Pretoria, South Africa, dedicated to the enrichment of isotopes of elements with a low atomic mass (light isotopes). There is a growing demand for isotopes such as Silicon-28 for enabling quantum computing; Molybdenum-100, Molybdenum-98, Zinc-68, Ytterbium-176, and Nickel-64 for new, emerging healthcare applications, as well as Chlorine-37, Lithium-6, Lithium-7 and Uranium-235 for green energy applications. The ASP Technology (Aerodynamic Separation Process) is ideal for enriching low and heavy atomic mass molecules. For more information, please visit Forward Looking Statements This press release contains 'forward-looking statements' within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Forward-looking statements can be identified by words such as 'believes,' 'plans,' 'anticipates,' 'expects,' 'estimates,' 'projects,' 'will,' 'may,' 'might,' and words of a similar nature, but can also be otherwise disclosed. Examples of forward-looking statements include, among others but are not limited to, the future of the company's enrichment technologies as applied to uranium enrichment, the outcome of the company's initiative to commence enrichment of uranium in South Africa and the company's discussions with nuclear regulators, the outcome of the project contemplated by the MOU with Necsa, the expected value of our HALEU supply agreements and the outcome of the transaction contemplated by the definitive agreements with TerraPower, potential receipt of additional funding and effects on shareholder dilution, the plans for a secondary listing on the JSE, the commencement of supply of isotopes to customers, the construction of additional enrichment facilities, and statements we make regarding expected operating results, such as future revenues and prospects from the potential commercialization of isotopes, future performance under contracts, and our strategies for product development, engaging with potential customers, market position, and financial results. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, many of which are outside our control. Our actual results, financial condition, and events may differ materially from those indicated in the forward-looking statements based upon a number of factors. Forward-looking statements are not a guarantee of future performance or developments. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. Therefore, you should not rely on any of these forward-looking statements. There are many important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements, including the outcomes of various strategies and projects undertaken by the Company; the potential impact of laws or government regulations or policies in South Africa, the United Kingdom or elsewhere; our reliance on the efforts of third parties; our ability to complete the construction and commissioning of our enrichment plants or to commercialize isotopes using the ASP technology or the Quantum Enrichment Process; our ability to obtain regulatory approvals for the production and distribution of isotopes; the financial terms of any current and future commercial arrangements; our ability to complete certain transactions and realize anticipated benefits from acquisitions; contracts, dependence on our Intellectual Property (IP) rights, certain IP rights of third parties; the competitive nature of our industry; and the factors disclosed in Part I, Item 1A. 'Risk Factors' of the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and any amendments thereto and in the company's subsequent reports and filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise. No information in this press release should be interpreted as an indication of future success, revenues, results of operation, or stock price. All forward-looking statements herein are qualified by reference to the cautionary statements set forth herein and should not be relied upon. Contacts Jason Assad– Investor relationsEmail: Jassad@ 561-709-3043Error 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
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.
