Bill Gates New Company, TerraPower Closes $750 Million Funding For Nuclear Energy, Medicine Innovation
- Bill Gates' new nuclear company has secured funding to expand its operations into nuclear energy and medicine innovation
- TerraPower reported that the funding came from Bill Gates and SK, a South Korean nuclear energy company
- According to the management of the company the company is addressing climate change with carbon-free advanced nuclear energy and fighting cancer
Despite his wanting to live lowkey and drop out of the billionaire’s index, Bill Gates continues to climb the financial ladder.
His nuclear innovation company, TerraPower reported on Monday, August 15, 2022, that it has gotten at least $750 million (about N495 billion) in new funding.
Source: Getty Images
Where the funding came from
The latest funding was led by both Gates and SK. Gates is the founder and Chairman of TerraPower while SK, one of South Korea’s largest energy providers, provided $250 million.
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The funding will be channelled towards developing nuclear energy technology and innovations in nuclear medicine, a statement from the company stated.
The CEO of TerraPower, Chris Levesque said in a statement that the team at the company is addressing climate change with carbon-free advanced nuclear energy and fighting cancer with nuclear isotopes while developing technology solutions as investors across the world take note.
There has been a renaissance in nuclear energy across the world due to nuclear energy created by nuclear reactors does not release greenhouse gases that impact the climate negatively. Experts say that it creates long-lasting nuclear waste which has to be stored carefully.
Nuclear energy has been undergoing a renaissance because the energy created by nuclear reactors doesn’t release the greenhouse gasses that cause climate change. There is, however, long-lasting nuclear waste that has to be stored carefully.
What the company is working on
The company is working in collaboration with GE Hitachi Nuclear Energy, a division of General Electric to commercialise the Natrium system which includes a smaller reactor than the traditional ones used in the US and a molten salt energy storage system that lets the microreactor increase energy output for short periods of time as required.
It is also working currently to demonstrate its Natrium reactor technology at a soon-to-be-retired coal plant in Wyoming. The project is in a collaboration with the US government as part of the US Department of Energy’s Advanced Reactor Demonstration Programme.
The firm also wants to commercialise a sort of molten salt reactor technology that could be utilised to provide carbon-free chemical processors and heavy industrial operations like water treatments, chemical processors and heavy industrial users. It is also building a travelling wave reactor which it says will be used to mine uranium more efficiently and greatly reduce nuclear waste.
The firm also hopes to help treat cancer with its TerraPower Isotopes program.
Medical company, Africure secures N6.2 billion funding for Pan-African expansion
Legit.ng reported that medicine products makers and distributors, Africure has secured N6.2 billion in seed funding to grow its African market.
The firm secured the funds from BluePeak Private Capital’s $200 million targeted impact fund.
The new funding is meant to provide an important growth to the company and support its plan to strengthen its operational capital and boost demands for its medical goods across 10 markets in Africa, reports by Nairametrics indicate.
Source: Legit.ng
