Nearly half a century ago, Bill Gates helped revolutionize the computer industry. Now, the Microsoft co-founder is aiming to bring about a similar transformation in the energy sector by building a next-generation nuclear reactor.
“We started a company with a very bold idea to revolutionize a nuclear power,” Gates said at a groundbreaking ceremony for this upcoming energy project. “We are standing on what will soon be the bedrock of America’s energy future.”
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In 2008, Gates founded TerraPower, a nuclear engineering company that is behind the construction of the new reactor, located in Wyoming. The tech billionaire believes this project will significantly alter how power is generated in the United States.
Part of what sets this planned $4 billion facility apart is its use of sodium for cooling instead of a traditional water-cooling systems. This innovation allows the reactor to produce energy up to three times more efficiently, resulting in significantly less nuclear waste.
“This is a big step towards safe, abundant, zero-carbon energy,” Gates said. “It’s important for the future of this country that projects like this succeed.”
Once completed, the reactor is expected to power up to 400,000 homes, nearly double the number of residences in the entire state of Wyoming. However, the project is not expected to be operational until the late 2020s at the earliest.
Before it can start producing power, the reactor must secure additional approval from the Nuclear Regulatory Commission. Additionally, there are concerns that the project’s costs may exceed initial estimates, potentially leading to fiscal challenges. David Schlissel, the director of resource planning analysis for the Institute for Energy Economics and Financial Analysis, said this nuclear initiative could end up being a “financial disaster.”
“You know, building nuclear power plants comes with lots of challenges,” Gates said. “But, the real problem the industry has run into is that the costs have just gotten too high.”
Despite these potential fiscal hurdles, Gates, one of the world’s top five wealthiest individuals, appears prepared to take on the risk. The increasing demand for electricity in the U.S., driven by emerging technologies such as artificial intelligence and cryptocurrency at data centers, could make energy providers like TerraPower profitable in the future.
“We’re going to support electrification, we’re going to support keeping the world’s best data centers here in the country,” Gates said. “And so we do need a lot more energy, and you’re the pioneers that are going to make that happen.”
