Microsoft co-founder Bill Gates has declared a massive financial infusion into TerraPower's nuclear projects, signaling a robust commitment to advancing this clean energy source.
What Happened: During an appearance on CBS's "Face the Nation," Gates detailed his deep financial involvement with TerraPower, a company he backs as the principal investor.
"I put in over a billion, and I'll put in billions more," he said.
Gates emphasized the need for new reactor designs that can seamlessly integrate with renewable energy, providing electricity when demand peaks. He underscored the high initial costs of the pioneering reactor in Wyoming, which could be around $10 billion, but also the potential for cost reduction through mass production and economies of scale.
The collaboration with the U.S. government is key, according to Gates, as it offers strategic advantages like energy security while mitigating financial risks for utility customers. Gates also mentioned ongoing talks with utilities to construct a fleet of reactors, with ambitions to create a substantial network of over 100 units.
"The demand for electricity in the United States for the first time in a long time is going to go up quite a bit. It's electric cars, buses. Some people use electric heat pumps in their homes and just in the last year, with these artificial intelligence breakthroughs, all the big AI companies are saying, okay, we need to build lots of data centers," Gates said.
"So, if we don't have nuclear to complement the wind and sun, the country will fall behind the demand for electricity."
Why It Matters: Gates has been a vocal advocate for nuclear energy, viewing it as a cornerstone for combating climate change and ensuring America's energy independence. Last year in May, Gates praised the potential of nuclear power on his blog, Gates Notes, following a visit to the site of the upcoming Natrium plant in Wyoming. This facility, designed by TerraPower, is expected to be operational by 2030 and is seen as a victory for local economies, energy independence, and environmental efforts. Gates' endorsement of nuclear technology aligns with his broader vision for a sustainable energy future.
In June, TerraPower began construction on an advanced nuclear power plant in Wyoming, marking a pivotal moment in power generation. This plant, which will use sodium cooling technology instead of traditional water cooling, represents a significant leap forward in safe, zero-carbon energy. Gates celebrated the commencement of construction as the culmination of nearly two decades of anticipation.
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari