The round was co-led by SK Inc and SK Innovation and TerraPower's founder Bill Gates. Additional funding will come from other investors.

The US Department of Energy is giving TerraPower cost-shared funding through the Advanced Reactor Demonstration Program (ARDP) to test, license and build an advanced reactor within the next seven years. Terrapower has selected Kemmerer in Wyoming as the preferred site for the Natrium nuclear power plant demonstration project, which will feature a 345 MWe sodium-cooled fast reactor with a molten salt-based energy storage system. The storage technology can temporarily boost the system's output to 500 MWe when needed, enabling the plant to follow daily electric load changes and integrate seamlessly with fluctuating renewable resources.

The company noted that part of the ARDP award requires a match of 50% of project costs, up to USD2 billion