BELLEVUE, Wash.– 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.”
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.
