Positioning themselves to transform the nuclear energy sector, TerraPower, a company co-founded by Bill Gates in 2006, is situated to begin constructing next-generation nuclear power plants in the United States. With its sights set on a site near a coal plant in Kemmerer, Wyoming, the firm plans to break ground in June, as confirmed by Chris Levesque, CEO of TerraPower, even if a construction permit from regulators has yet to be secured.
TerraPower stands at the forefront of advanced nuclear reactor design and is mainly known for developing traveling wave reactor technology. The company’s mission revolves around crafting safer, more efficient, and environmentally friendly nuclear power solutions. Levesque revealed the company’s objective to have the nuclear plant operational by 2030, with $1 billion already raised from investors to fuel this ambition.
A groundbreaking aspect of TerraPower’s approach is the utilization of liquid sodium rather than water to cool its Natrium reactors. This innovative cooling technology is expected to significantly reduce operational costs, making it a game-changer in the industry. “Natrium plants will cost half of what light water reactor plants cost,” Levesque told the Financial Times, highlighting the cost-efficiency and aggressive project timeline being pursued by the company.
The projected cost for TerraPower’s Natrium reactor is $4 billion, with the Department of Energy anticipated to cover about half of this amount. The company also enjoys the support of venture capital backers, including CRV and Khosla Ventures. This financial and institutional backing underscores the significant confidence in TerraPower’s potential to redefine nuclear energy.
Despite challenges faced by the U.S. in advancing nuclear reactor technology in recent years, especially in contrast to Russian and Chinese state-controlled companies, TerraPower is determined to pave a new path. The Natrium reactor, utilizing liquid sodium cooling technology, promises to deliver clean, flexible energy that can integrate seamlessly into power grids with high penetrations of renewables.
As TerraPower embarks on this ambitious journey, the industry and the world watch closely, anticipating the transformative impact of these next-generation nuclear power plants on sustainable energy solutions and the broader energy landscape.
