Bill Gates-backed TerraPower raises $750 million for cheaper nuclear reactors

Bill Gates-backed TerraPower LLC raised at least $750 million to advance efforts to develop smallscale nuclear reactors, including a major investment from South Korean conglomerate SK Group.

SK will invest $250 million to add a stake in the technology developer, which aims to commercialize smaller and cheaper designs than conventional nuclear plants, the companies said Monday. “Nuclear will become a vital part of our energy transition,” Kim Moohwan, executive vice president of a green investment center at SK Inc., the holding company, said.

“In terms of safety, economic viability and applicability of the technology, TerraPower's smaller reactors stand out the most to us.”


TerraPower will use proceeds of the funding round to continue development of advanced nuclear technology, and on work to use nuclear isotopes to develop new cancer drugs, the company said.