Bill Gates, the founder of Microsoft Corporation and TerraPower, announced on June 16 that he is prepared to invest billions of dollars in constructing next-generation nuclear power plants.
On CBS’s Face the Nation, Gates revealed that TerraPower began constructing the first small modular reactor (SMR) for commercial use in the U.S. last week in Wyoming. Gates established TerraPower in 2008 to develop next-generation nuclear power plants. In 2022, the South Korean company SK Innovation also invested $253 million.
Ranked sixth in the world on the Bloomberg Billionaires Index, Gates emphasized, “I have invested $1 billion and will invest billions more.”
Up to $4 billion will be invested in the TerraPower nuclear power plant, which is expected to be operational by 2030, with half of the funds coming from the U.S. Department of Energy. The reactor uses liquid sodium as a coolant instead of water and includes a molten salt to store heat to increase output. Gates stated that TerraPower plans to procure reactor fuel from the U.S. and its international allies.
In an interview with CNN, Gates said, “Coal has been phased out by natural gas,” adding, “So what we need to do is compete effectively with natural gas.”
Nuclear power generation does not emit carbon and is considered part of the response to climate change. At the United Nations Climate Change Conference (COP28) held in 2023 in Dubai, UAE, 25 countries pledged to triple their nuclear power capacity. Participants included South Korea, the U.S., France, and Japan.