The nuclear energy company founded by Bill Gates raises $750M, one of the largest round in Seattle technology history

Date:

TerraPower TerraPower, one of the Bellevue, Wash.-based nuclear power company founded by Bill Gates, landed $750 million in funding.

It’s one of the biggest funding rounds for private-owned companies in the Seattle area and is among the largest of any nuclear business.

Gates led the latest round along with South Korean-based SK Inc. and SK Innovation which have put $250 million into TerraPower. A press announcement states that the equity increase “yields an average of $700 million.”

TerraPower’s main goal is to research and develop new methods that can be used in nuclear reactors that can be believed to be safer and more efficient in the generation of power that is carbon-free.

The company collaborates with GE-Hitachi to develop an demonstrator nuclear power plant that is partially funded through the U.S. Department of Energy which is scheduled to be constructed in Wyoming and be operational in 2028. It will produce up 500 megawatts of power.

Read more Building a scalable Crypto Exchange easier

Alongside researching the reactor concept, TerraPower has a program that is focused on medical applications for nuclear technology applications that can make use of the spent nuclear fuel.

“We will continue to help TerraPower’s worldwide deployment of revolutionary technologies,” SK executive Moohwan Kim stated in a statement. “We recognize significant synergies between our companies and this investment will help us achieve our global carbon reduction strategy.” objectives.”

Nuclear power is currently responsible for around 19 percent the U.S. electricity. Renewable power sources account for 20.1 percent, while fossil fuels account for 60.8 percent.

Other companies that are developing nuclear energy technologies comprise Portland, Ore.-based NuScale Power, Terrestrial Energy, Westinghouse Electric Corporations and many more.

“Whether it’s fighting the issue of climate change using advanced nuclear energy that is carbon-free or fighting cancer with nuclear isotopes from our lab, we are applying technology solutions, and investors from all over the globe are paying attention,” TerraPower CEO Chris Levesque who was formerly an executive of Westinghouse and AREVA and AREVA, said in an announcement.

Gates created TerraPower at the age of 6 and is the company’s chairman. Since its inception, its research was carried out at a facility that is that is located near Intellectual Ventures’ facilities located in Bellevue. In the latter part of 2019, TerraPower has opened a 65,000-square-foot lab for research situated in Everett, Wash., close to Paine Field and one of Boeing’s factories for airplanes.

Gates over the years has for a long time been campaigning legislators to join public-private partnerships that will fund the latest innovations with nuclear power. He has Microsoft co-founder spoke to Economic Pitch in the past that “the primary reason that nuclear power] is not working right moment is because the reactors are so expensive to construct. They’re not competitive, especially in a region that natural gas prices are cheap.”

TerraPower is one of the many ventures relating to climate that were founded or that are funded by Gates who also runs Breakthrough Energy Breakthrough Energy, which has the $2 billion venture fund.

Read more Institute for Protein Design spinout Monod Bio raises $25M

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

ERP Modules: Types and Characteristics

Multiple options might be discovered while examining business management...

Agritech start-up Otipy is appointing Rohit Sood as its chief executive officer

Rohit Sood has been selected to be the chief...

Nykaa Q2: Profits up 333% year-over-year to the sum of Rs 5.2 crore Revenue up 39%

The second quarter in the fiscal year currently in...

Decentro is a fintech company has received $4.7M in the Series A round of capital

Funded by Y Combinator, a banking and payments API...