Nuclear technology company TerraPower announced the closing of a funding round which raised $650 million, securing investment from a mix of existing and new backers, including NVentures, the venture capital arm of NVIDIA.

This is a significant milestone for the U.S.-based nuclear innovation company – which was founded by Microsoft’s Bill Gates, who currently serves as Chairman of the Board – as it looks to capitalize on mounting domestic support for the clean energy technology.

Launched in 2006, TerraPower aims to use advanced nuclear technology to provide affordable and abundant carbon-free energy to meet growing electricity needs to enable economic growth while decarbonizing industry, as well as to address challenges such as poverty.

The capital raised will be put towards the construction of TerraPower’s first Natrium plant, making it the first commercial advanced nuclear power facility in the US. The system couples a sodium-cooled fast reactor with gigawatt-scale energy storage, enabling it to boost output when demand peaks, allowing for integration with more intermittent carbon-free energy sources such as wind and solar.

TerraPower began non-nuclear construction on the Natrium demonstration project last year and anticipates regulatory approval for the nuclear reactor next year.

Chris Levesque, TerraPower President and CEO, said:

“TerraPower was founded on the idea that innovation in nuclear science could make positive, global impacts. This round further establishes that our technologies are the solutions that industry is looking for.”

Nvidia’s participation comes as tech companies are increasingly turning to nuclear energy and technology to help address the growing emissions impact of their rapidly expanding data center footprints. Tech giants Google, Meta and Amazon have each recently signed major nuclear deals over the past few months.

Mohamed Siddeek, Corporate Vice President and Head of NVentures, said:

“As AI continues to transform industries, nuclear energy is going to become a more vital energy source to help power these capabilities. TerraPower’s nuclear reactor technologies offer innovative, carbon-free solutions to meet global energy needs while minimizing environmental impact.”

The financing follows executive orders from President Trump signaling federal support for the commercial deployment of next-generation nuclear technologies. Additionally, the European Commission’s strategic roadmap, updated earlier this month, estimates that more than €240 billion (£205 bn) in public and private investment in expanding nuclear capacity across the bloc will be required by 2050, including roughly €205 billion for large-scale reactors and €36 billion to extend the life of existing ones.