Bill Gates-backed TerraPower raises $750 million for cheaper nuclear reactors

Bill Gates-backed TerraPower LLC raised at least $750 million to advance efforts to develop smallscale nuclear reactors, including a major investment from South Korean conglomerate SK Group.

SK will invest $250 million to add a stake in the technology developer, which aims to commercialize smaller and cheaper designs than conventional nuclear plants, the companies said Monday. “Nuclear will become a vital part of our energy transition,” Kim Moohwan, executive vice president of a green investment center at SK Inc., the holding company, said.