TerraPower has completed a $650m fundraising round, attracting investment from both existing and new stakeholders. This round includes participation from NVentures, the venture capital division of NVIDIA, alongside continued support from existing investors such as Bill Gates, the company’s founder, and HD Hyundai, a prominent entity in shipbuilding.

The fundraising will bolster TerraPower’s efforts in advancing its Natrium technology, which integrates an advanced nuclear reactor with a gigawatt-scale energy storage system. The company is working towards establishing the first commercial advanced nuclear power plant in the US. Non-nuclear construction activities for the plant commenced last year, and regulatory approval for the nuclear reactor is anticipated next year.

TerraPower president and CEO Chris Levesque said: “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. We are proud to have NVIDIA join our visionary group of investors.”

The capital raised will support both the development of the initial Natrium plant and the company’s plans to expand with additional units domestically and internationally. Interest in nuclear power remains significant among energy users, with federal backing for new plant deployments highlighted in recent executive orders.

NVentures head and corporate vice-president Mohamed “Sid” Siddeek said: “As AI continues to transform industries, nuclear energy is going to become a more vital energy source to help power these capabilities. TerraPower’s nuclear reactor technologies offer innovative, carbon-free solutions to meet global energy needs while minimizing environmental impact.”

UBS served as the exclusive placement agent for this fundraising round. TerraPower remains privately held, and further details of the fundraising terms were not disclosed.