Trending...
- Spokane: City to provide asbestos testing, host community resource meetings
- HSS Medical Supply Celebrates One-Year Anniversary of Its Top Performing Sales Team
- Jacombs Tickets Partners with UEFA to Offer Champions League Tickets
BELLEVUE, Wash.--(BUSINESS WIRE)--TerraPower, a leading nuclear innovation company, announced today the close of an equity raise that yields a minimum of $750 million. This is one of the largest advanced nuclear fundraises to-date.
The fundraise was co-led by SK Inc. and SK Innovation (collectively, "SK") and TerraPower's founder Bill Gates. SK invested $250 million. SK Group is among South Korea's largest energy providers and the second-largest conglomerate. Additional funding will come from other investors.
This fundraise enhances TerraPower's groundbreaking work in advanced nuclear energy technologies and nuclear medicine.
"TerraPower is committed to solving some of the toughest challenges that face this generation through innovation," said TerraPower President and CEO Chris Levesque. "Whether it's addressing climate change with carbon-free advanced nuclear energy, or fighting cancer with nuclear isotopes, our team is deploying technology solutions and investors across the world are taking note."
TerraPower is experiencing terrific growth, partially driven by the U.S. Department of Energy's Advanced Reactor Demonstration Program (ARDP) award and the construction of the Natrium™ demonstration plant1 at a retiring coal facility in Wyoming. Part of the ARDP award requires a match of 50% of project costs, up to $2 billion. This new fundraise further builds on the support of existing investors and will support TerraPower's current implementation efforts.
The TerraPower Isotopes (TPI) program is supporting the transformation of the fight against cancer by advancing the next generation of isotopes. TPI has unique access to Actinium-225 and is working to provide this isotope to the pharmaceutical community for the development of drugs that target and treat cancer.
Moohwan Kim, Executive Vice President and Head of Green Investment Center at SK Inc. noted that "SK is excited to expand our energy, technology and bioscience investments with leading companies in the U.S. We are committed to supporting TerraPower's global deployment of game changing products. We see important synergies in our businesses and this investment reinforces our strategic global carbon reduction goals."
More on Washingtoner
Credit Suisse acted as the exclusive placement agent to TerraPower. Perkins Coie LLP acted as outside corporate counsel to TerraPower. TerraPower will continue to be a privately held company. Further terms of the fundraise were not disclosed.
About TerraPower
TerraPower is a leading nuclear innovation company that strives to improve the world through nuclear energy and science. Since it was founded by Bill Gates and a group of like-minded visionaries, TerraPower has emerged as an incubator and developer of ideas and technologies that offer energy independence, environmental sustainability, medical advancement and other cutting-edge opportunities. It accepts and tackles some of the world's most difficult challenges. Behind each of its innovations and programs, TerraPower actively works to bring together the strengths and experiences of the world's public and private sectors to answer pressing global needs. Learn more at terrapower.com.
About SK Group
SK Group, South Korea's second-largest conglomerate according to the Korea Fair Trade Commission, is a collection of global industry-leading companies driving innovations in semiconductors, sustainable energy, telecommunications and life sciences. For more information, visit eng.sk.com.
About SK Inc.
Established in 2007, SK Inc. (formally known as "SK Holdings Co., Ltd.") is a holding company of SK Group with specialization in investment activities, headquartered in Seoul and ranks 117th on the Fortune Global 500 list. The company's investment principles and strategies target environmental, social and governance (ESG) priorities alongside financial returns to drive sustainable growth for its stakeholders and society. The strategic investment areas of SK Inc. include advanced materials, biopharmaceutical, green energy, and digital technologies. For more information on SK Inc., visit sk-inc.com/en/.
More on Washingtoner
About SK Innovation Co., Ltd.
Established as South Korea's first and largest oil refining company in 1962, now leading the way toward 'Green Energy & Materials Company' with the ESG value. SK Innovation is a SK Group intermediate holding company in energy, petrochemical, lubricants, E&P, e-mobility battery, information and electronic materials businesses along with eight major subsidiaries. SK Innovation has established a value chain in its businesses with a vertical integration from E&P to producing petrochemical products and expanded the green portfolio through continuous investment in battery and materials sectors. SK Innovation and its subsidiaries are accelerating its future eco-friendly business such as plastic recycling, CCS (Carbon Capture & Storage) and BMR (Battery Metal Recycling) businesses. SK Innovation is also considering various new businesses to play the role of 'Portfolio Designer & Developer.' For more information, visit eng.skinnovation.com.
_________________
1 A TerraPower and GE Hitachi technology
Contacts
Media
TerraPower: press@terrapower.com
The fundraise was co-led by SK Inc. and SK Innovation (collectively, "SK") and TerraPower's founder Bill Gates. SK invested $250 million. SK Group is among South Korea's largest energy providers and the second-largest conglomerate. Additional funding will come from other investors.
This fundraise enhances TerraPower's groundbreaking work in advanced nuclear energy technologies and nuclear medicine.
"TerraPower is committed to solving some of the toughest challenges that face this generation through innovation," said TerraPower President and CEO Chris Levesque. "Whether it's addressing climate change with carbon-free advanced nuclear energy, or fighting cancer with nuclear isotopes, our team is deploying technology solutions and investors across the world are taking note."
TerraPower is experiencing terrific growth, partially driven by the U.S. Department of Energy's Advanced Reactor Demonstration Program (ARDP) award and the construction of the Natrium™ demonstration plant1 at a retiring coal facility in Wyoming. Part of the ARDP award requires a match of 50% of project costs, up to $2 billion. This new fundraise further builds on the support of existing investors and will support TerraPower's current implementation efforts.
The TerraPower Isotopes (TPI) program is supporting the transformation of the fight against cancer by advancing the next generation of isotopes. TPI has unique access to Actinium-225 and is working to provide this isotope to the pharmaceutical community for the development of drugs that target and treat cancer.
Moohwan Kim, Executive Vice President and Head of Green Investment Center at SK Inc. noted that "SK is excited to expand our energy, technology and bioscience investments with leading companies in the U.S. We are committed to supporting TerraPower's global deployment of game changing products. We see important synergies in our businesses and this investment reinforces our strategic global carbon reduction goals."
More on Washingtoner
- Spokane City Council Passes Community Safety Sales Tax
- AutoProIT Achieves Cyber Essentials Certification, Reinforcing Its Commitment to Secure Digital Transformation
- DayPass llega a ChatGPT y Claude
- DayPass launches in ChatGPT and Claude
- Renkeer Water Quality Sensors Support Efficient Operation of AI Liquid Cooling Systems
Credit Suisse acted as the exclusive placement agent to TerraPower. Perkins Coie LLP acted as outside corporate counsel to TerraPower. TerraPower will continue to be a privately held company. Further terms of the fundraise were not disclosed.
About TerraPower
TerraPower is a leading nuclear innovation company that strives to improve the world through nuclear energy and science. Since it was founded by Bill Gates and a group of like-minded visionaries, TerraPower has emerged as an incubator and developer of ideas and technologies that offer energy independence, environmental sustainability, medical advancement and other cutting-edge opportunities. It accepts and tackles some of the world's most difficult challenges. Behind each of its innovations and programs, TerraPower actively works to bring together the strengths and experiences of the world's public and private sectors to answer pressing global needs. Learn more at terrapower.com.
About SK Group
SK Group, South Korea's second-largest conglomerate according to the Korea Fair Trade Commission, is a collection of global industry-leading companies driving innovations in semiconductors, sustainable energy, telecommunications and life sciences. For more information, visit eng.sk.com.
About SK Inc.
Established in 2007, SK Inc. (formally known as "SK Holdings Co., Ltd.") is a holding company of SK Group with specialization in investment activities, headquartered in Seoul and ranks 117th on the Fortune Global 500 list. The company's investment principles and strategies target environmental, social and governance (ESG) priorities alongside financial returns to drive sustainable growth for its stakeholders and society. The strategic investment areas of SK Inc. include advanced materials, biopharmaceutical, green energy, and digital technologies. For more information on SK Inc., visit sk-inc.com/en/.
More on Washingtoner
- Victor Archibong Expands ItsArchiDuh Creator Brand
- ClearSight Therapeutics Receives U.S. Patent Notice of Allowance
- Revinate launches hospitality's first data activation platform
- HLN Consulting Names Lilly Kan as Its First Chief Executive Officer
- BitTitan Accelerates Large-Scale Document Migrations with MigrationWiz
About SK Innovation Co., Ltd.
Established as South Korea's first and largest oil refining company in 1962, now leading the way toward 'Green Energy & Materials Company' with the ESG value. SK Innovation is a SK Group intermediate holding company in energy, petrochemical, lubricants, E&P, e-mobility battery, information and electronic materials businesses along with eight major subsidiaries. SK Innovation has established a value chain in its businesses with a vertical integration from E&P to producing petrochemical products and expanded the green portfolio through continuous investment in battery and materials sectors. SK Innovation and its subsidiaries are accelerating its future eco-friendly business such as plastic recycling, CCS (Carbon Capture & Storage) and BMR (Battery Metal Recycling) businesses. SK Innovation is also considering various new businesses to play the role of 'Portfolio Designer & Developer.' For more information, visit eng.skinnovation.com.
_________________
1 A TerraPower and GE Hitachi technology
Contacts
Media
TerraPower: press@terrapower.com
0 Comments
Latest on Washingtoner
- Danish company biosuite introduces biotech procurement software to track outsourced R&D commitments
- Kent Youth and Family Services Announces Sale of Watson Manor
- Pierce Transit and the City of Tacoma Plan Coordinated Approach to Safety
- Industrial & systems engineering educator and professional to lead global strategic partnerships for professional society
- TBM Council Launches GreenOps Assessment: Benchmark for Responsible Tech Performance
- Convergence of AI, Wearable Technology, Remote Patient Monitoring and Real-World Healthcare: PomDoctor Ltd. (N A S D A Q: POM)
- Service Guys Urges Ontario Homeowners to Book Chimney Cleaning and WETT Inspections Before the 2026 Heating Season
- WOWX Completes Its Transition from CEX to Decentralized Derivatives Infrastructure
- HSS Medical Supply Celebrates One-Year Anniversary of Its Top Performing Sales Team
- Jacombs Tickets Partners with UEFA to Offer Champions League Tickets
- Spokane: City to provide asbestos testing, host community resource meetings
- Spokane: Mayor's Annual Address on Wildfires, Housing, and Community Safety
- Spokane: City and Permittable Partner to Support Rebuilding After Wildfires
- Geospatial Innovation Comes to Sacramento: FOSS4G NA 2026
- Tulsa Air & Space Museum Launches "Give $16 for the F-16" Challenge to Bring Thunderbird Home for Veterans Day
- Tacoma: In-Person Workshop on October 22 for Local Businesses on the City's Revolving Loan Fund Process
- Hannk And Zubie Join Forces To Shape The Next Generation Of Connected Vehicle Telematics
- Coinfiliate Launches Platform to Helps Shoppers Earn Cashback and Creators Earn Referral Rewards
- CinderLabs Launches AIRA Governance MCP, Putting Live AI Compliance Posture Inside Claude
- Holiday Gambling Spending Expected to Rise 12% in December