TerraPower, a nuclear innovation company, has closed 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 work in advanced nuclear energy technologies and nuclear medicine.

TerraPower is experiencing terrific growth, partially driven by the US Department of Energy’s Advanced Reactor Demonstration Program (ARDP) award (earlier post) and the construction of the Natrium demonstration plant at a retiring coal facility in Wyoming (earlier post). 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 Natrium technology has a 345MW sodium fast reactor coupled with a molten molten salt integrated energy storage system that will provide clean, flexible energy and stability for the grid. The system can boost output to 500MW for more than five and a half hours to serve peak demand. The reactor maintains its thermal power constant during its entire operating period, maximizing its capacity factor and value.

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.

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.