Bill Gates’ nuclear energy company TerraPower failed to make the cut and progress into the second stage of the UK’s small modular reactor competition.
Though previously tipped to rival the likes of Rolls-Royce Holdings PLC (LSE:RR.)’s prospective mini-nuclear reactors, TerraPower missed out on being shortlisted for potential public backing in Britain.
According to the government, the six firms chosen were those most likely to be able to make a final investment decision by 2029, before bringing their SMRs online in the mid-2030s.
These were EDF, GE-Hitachi Nuclear Energy International LLC, Holtec Britain Ltd, NuScale Power, Rolls Royce, and Westinghouse Electric Company UK Ltd.
Each will now be invited to apply for government contracts later this year, in a bid to secure backing for the smaller, potentially cheaper, and faster-to-build nuclear reactors.
TerraPower, which is chaired and founded by Bill Gates, had said earlier this year that it was looking to build dozens of reactors in the UK over the coming decade.
Such Natrium reactors would have an output of 345 megawatts, with a combined storage unit seeing this rise to 500MW at times of higher demand.
Gates’ firm is already developing a demonstration plant in Wyoming, USA, which is tipped to come online by the late 2020s, after having secured US$2 billion of public funding so far.
????NEWS????
TerraPower today announced Kemmerer, Wyoming as the preferred site for the Natrium™ reactor demonstration project.
Learn more about the exciting news and extensive evaluation process: https://t.co/72mrl8rHXA#cleanenergy #nuclearnews #advancednuclear
— TerraPower (@TerraPower) November 16, 2021
Though ruled out of applying for contracts in this competition, the government said a consultation would be opened later this year into supporting some technologies that had missed out.
TerraPower was approached for comment.