November 19, 2012

TerraPower has concluded its third round of funding, further enabling progress toward the development of our advanced nuclear energy technology. We have received renewed support from all our existing investors and gained a strategic investment from our first multinational industrial backer. The new funding will stimulate forward-thinking materials science investigations.

We will expand our scope of work to develop advanced materials and metallic fuels for the traveling wave reactor. We already work with a variety of companies and institutions to develop fuel and materials for the traveling wave technology.

TerraPower combines extensive domestic and international experience from industry, university and laboratory leaders to prompt new approaches to address waste and proliferation concerns. Participating organizations include the Massachusetts Institute of Technology, Texas A&M, the University of Michigan, and the U.S. Department of Energy’s national laboratories, among others.

For the future, we continue to explore interest in TerraPower in countries with active nuclear programs. TerraPower is considering many options for future partners, but there are no deals to speak to at this time; we will continue to provide updates as we proceed.