TerraPower, Co-founded by Bill Gates, to Build Next-Generation Nuclear Power Plants in the US
TerraPower, a company co-founded by Bill Gates, is poised to revolutionize the energy landscape in the United States with its next-generation nuclear power plants. The CEO of TerraPower, Chris Levesque, recently announced to the Financial Times that the company will commence construction near a coal plant in Kemmerer, Wyoming, in June, even without a construction permit from regulators. This bold move signifies TerraPower’s commitment to advancing nuclear energy technology in the face of regulatory challenges.
The plan is to have the nuclear plant operational by 2030, employing advanced Natrium reactors that utilize liquid sodium as a coolant, a departure from conventional water-cooled reactors. According to Levesque, this innovative approach significantly reduces operational costs, making Natrium reactors more economically viable. “When you use liquid sodium as a coolant instead of water it’s a game changer,” he told the FT. “Natrium plants will cost half of what light water reactor plants cost.”
TerraPower has raised an impressive $1 billion from various backers, including venture capital firms such as CRV and Khosla Ventures. The Department of Energy will fund approximately half of the estimated $4 billion cost of the Natrium reactor, demonstrating government support for this groundbreaking project.
Bill Gates, who helped establish TerraPower in 2006 and has since served as its chairman, envisions a future where nuclear energy provides a more affordable, secure, and environmentally friendly power source for the world. The Natrium reactor represents a significant step towards realizing this vision.
However, TerraPower has faced challenges along the way. The company postponed its flagship project by at least two years in December 2022 due to disruptions in the supply of high-assay, low-enriched uranium caused by the war in Ukraine. This setback underscores the global nature of the nuclear industry and its susceptibility to geopolitical events.
Moreover, TerraPower’s exclusion from the UK government’s competition for small nuclear plants last year highlights the competitive landscape in the nuclear energy sector. Rolls-Royce, with its small modular reactor (SMR) designs, emerged as a leading contender and secured substantial government funding in Britain.
While Russia and China have made strides in launching smaller nuclear reactors, progress in developing similar technology in the US has been hindered in recent years. High-interest rates and geopolitical tensions, such as Russia’s invasion of Ukraine, have posed challenges for startups in the nuclear sector.
Nevertheless, TerraPower’s determination to advance nuclear energy technology in the US is a promising development for the future of clean energy. The Natrium reactor holds the potential to provide a reliable, cost-effective, and sustainable energy solution, paving the way for a greener future. With Bill Gates’ vision and substantial backing, TerraPower is poised to make a significant impact on the global energy landscape.
