• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 12 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Is Europe heading for winter of discontent with extensive gas shortages?
  • 6 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 1 day ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 3 hours Wind droughts
  • 7 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 15 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days Xi Is Set To Be Re-Elected As China’s Leader
  • 11 days Oil Prices Fall After Fed Raises Rates
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 1 day Australian power prices go insane
  • 12 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 1 day Europeans and Americans are beginning to see the results of depending on renewables.

Bill Gates-Backed Firm Raises $750M To Develop Small Nuclear Reactors

TerraPower, a company working on small-scale nuclear reactor development backed by Bill Gates, has raised $750 million in investment, including from South Korea's second-largest conglomerate, to pursue its plan to manufacture mini-reactors.

TerraPower, a nuclear energy technology company, raised the funding co-led by Bill Gates to manufacture nuclear reactors that would be cheaper than conventional reactors.  

SK Inc, part of South Korea's SK Group, invested $250 million in TerraPower in the fundraising, the company said on Monday.

As the world looks to cut carbon emissions from energy sources, Gates has been betting on small nuclear reactors that could have lower costs than the typical reactors used in nuclear power generation plants. At the same time, nuclear energy generation is zero-emission.

Last year, TerraPower picked a remote coal town in western Wyoming as the site of its first innovative nuclear power plant. The U.S. Department of Energy welcomed the plans and said last November it was "extremely excited about this project."

The DOE plans to invest nearly $2 billion to support the licensing, construction, and demonstration of this first-of-a-kind reactor by 2028.

Earlier this year, TerraPower said the project was underway. During the first three years of this project, TerraPower is focused on advancing the plant design and submitting the construction permit application to the U.S. Nuclear Regulatory Commission (NRC). Early construction activities will likely begin in 2024, TerraPower said in May.

Nuclear energy, especially innovative technologies such as small-scale nuclear reactors, could be an important breakthrough in the quest for low-carbon power generation.

Moreover, since the Russian invasion of Ukraine, nuclear power has returned to the spotlight as a way to reduce dependence on Russian fossil fuels while keeping emissions in check. Even Germany is debating whether to end nuclear power generation at the end of 2022, as planned, in light of the gas crisis. Germany has three remaining nuclear power plants operating, and they should be shut by the end of this year under a plan the country adopted to stop the use of nuclear energy following the Fukushima disaster. Earlier this month, German Chancellor Olaf Scholz signaled that "it could make sense" to keep nuclear power plants operating.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Moses Shuldiner on August 16 2022 said:
    &amp;quot;Gates has been betting on small nuclear reactors that could have lower costs than the typical reactors used in nuclear power generation plants.&amp;quot; I could be the next prime minister of Canada, theoretically. This article is very one-sided. It does not point out that at present there is only one operating SMR in the whole world, KLT-40S Akademik Lomonosov - a floating reactor in Russia that has been active since May 2020. It was way over budget and completed past projected deadline. SMR&amp;#039;s are only feasible if many are ordered as they are assembled in an offsite facility that is very expensive to build and run. In addition nuclear power is very costly and SMR&amp;#039;s lose the economics of scale, thus their power is even more expensive. It is very likely that by the time many of the projected SMR&amp;#039;s are built there will be breakthrough&amp;#039;s in renewable energy that will render the SMR&amp;#039;s completely uneconomical to complete or operate. However the investments by government, $2 billion by the DOE for the SMR in the article, and industry will lead to the sunk cost fallacy i.e. throwing good money after bad.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News