AUS
NZ
UK
CA
USA
IND
Highlights
- Bill Gates co-founded the startup to revolutionize nuclear reactor designs.
- The US government would bear half the cost of the plant set to open by 2028.
- TerraPower was soon expected to sign a formal agreement with the Japan Atomic Energy Agency (JAEA) and Mitsubishi Heavy Industries Ltd.
Microsoft founder Bill Gates’ startup TerraPower has teamed up with Japan to build a US$4 billion high-tech nuclear reactor in Wyoming in the US.
The startup was co-founded by Bill Gates to revolutionize nuclear reactor designs.
Reuters reported that TerraPower had brokered an agreement with the Japan Atomic Energy Agency (JAEA) and Mitsubishi Heavy Industries Ltd to build the US nuclear plant dubbed Natrium.
The US government would bear half the cost of the plant set to open by 2028. The Japanese organizations will provide technical assistance and data for the construction, the report added.
TerraPower had initially toyed with the idea of building an experimental nuclear plant in collaboration with China’s state-owned China National Nuclear Corporation.
The plan got derailed after then Donald Trump’s administration introduced new restrictions.
Although nuclear power seemed an ideal substitute for fossil fuel in the fight against global warming, its popularity has been on the wane in recent years as countries shift their focus to renewables.
Also Read: Global investment firm TPG IPO is set in motion, eyes US$9 bn valuation
Source: Pixabay
Also Read: Top fake meat stocks to keep an eye on in 2022
TerraPower’s agreement with Japanese firms
TerraPower was soon expected to sign a formal agreement with the Japan Atomic Energy Agency (JAEA) and Mitsubishi Heavy Industries Ltd.
In 2016, Japan had decommissioned one of its advanced nuclear reactors, Monju, due to a low return on investment of US$8.5 billion, according to the report.
Several factors, including public distrust as a result of the 2011 Fukushima disaster, regulatory breaches, and accidents led to the shutting of the Monju facility.
However, despite these public apprehensions, nuclear energy projects continue to grow in countries like the US, China, and France, according to the 2021 World Nuclear Industry Status Report.
China added two new nuclear reactors in 2020, earning the epitaph of the world’s fastest-growing nuclear energy country.
