South Korea’s HD Hyundai and U.S. chip giant NVIDIA have joined a USD 650 million funding round for TerraPower, the next-generation nuclear energy company founded by billionaire Bill Gates. TerraPower announced the funding on June 18 (local time).
This marks HD Hyundai’s second investment in TerraPower, following a USD 30 million commitment in 2022 through its shipbuilding subsidiary, HD Korea Shipbuilding & Offshore Engineering.
While the specific investment amounts for the latest round were not disclosed, the participation of NVentures, NVIDIA’s corporate venture arm, highlights growing interest from the tech industry in nuclear power as a potential solution for the increasing energy demands driven by AI.
HD Hyundai has been a key supporter of TerraPower’s Natrium reactor project, a fourth-generation sodium-cooled fast reactor (SFR) design.
The industrial conglomerate signed an agreement in 2023 to supply cylindrical reactor vessels and expanded its partnership in May through a strategic pact focused on manufacturing supply chains.
HD Hyundai Vice Chairman Chung Kisun attended the signing ceremony alongside Gates, emphasizing the significance of the collaboration.
This additional investment aligns with HD Hyundai’s goal of becoming a comprehensive energy solutions provider in the next-generation nuclear market.
For NVIDIA, the investment is a strategic move to help secure a stable power supply for its ambitious AI initiatives.
NVIDIA CEO Jensen Huang previously stated to Bloomberg TV that nuclear energy offers “an excellent sustainable power source” to meet the rapidly growing demand from data centers.
Industry analysts suggest the investment also strengthens ties with Microsoft, a major NVIDIA client and Gates’ former company, as large tech firms increasingly seek solutions for energy constraints.
“Advanced nuclear will be foundational in powering the AI-driven industrial transformation,” commented Mohamed Siddeek, head of NVentures.
“TerraPower’s technology delivers an innovative carbon-free solution to meet global energy needs while minimizing environmental impact.”
TerraPower intends to accelerate the deployment of its Natrium technology in the U.S. and internationally, supported by renewed political backing.
The recent Trump administration executive order aiming to quadruple U.S. nuclear capacity by 2050 and streamline permitting processes provides a favorable environment for the industry.
However, TerraPower CEO Chris Levesque confirmed there are no immediate plans for an IPO, preferring continued support from strategic investors like HD Hyundai and NVentures.
“This funding validates our technology as the solution industry needs,” Levesque stated. UBS exclusively advised on the latest funding round.
