GILLETTE, Wyo. — Nuclear innovation company TerraPower completed an equity raise of $830 million.
That included $750 million in the first phase of the fundraise and $80 million through additional investors, according to a Nov. 3 TerraPower news release. SK Inc. and SK Innovation, together “SK,” and TerraPower founder Bill Gates led the fundraise, which enables the development, demonstration and deployment of TerraPower’s NatriumTM reactor,1 the TerraPower Isotopes® program and the Molten Chloride Fast Reactor experiment. It will continue to be a privately held company, the release said.
“TerraPower is advancing nuclear technologies that will help our country and the world during this important energy transition. We also are excited about our work bringing new cancer treatment options to the market through medical isotope development,” TerraPower President and CEO Chris Levesque said in the release. “We have long had forward-looking and committed investors and the extensive interest we experienced this year in companies joining our investor base reveals the commercial potential of TerraPower’s technology portfolio.”
U.S. Department of Energy’s Advanced Reactor Demonstration Program and the construction of the Natrium demonstration plant at a retiring coal facility helped drive TerraPower’s growth, the release said. The department requires a 50% match of project costs, up to $2 billion, for part of the program award.
ArcelorMittal’s XCarb® Innovation Fund and Korea Shipbuilding and Offshore Engineering, an affiliate of Hyundai Heavy Industries Group, made investments, the release said.
The TerraPower Isotopes program is working to provide the isotope Actinium-225 to the pharmaceutical community to help develop drugs that target and treat cancer.