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Elementl Power announced a deal with Google to develop three new sites for advanced reactors on Wednesday
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Exact details remain private, but Google will be committing early-stage development capital in exchange for the option to purchase the power once the sites are complete
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The deal is the latest in a long string of tech companies partnering with nuclear power companies to fuel growth
Nuclear power developer Elementl Power said Wednesday that it had signed a strategic agreement with Google to develop three sites for advanced reactors.
“Innovative partnerships like this are necessary to mobilize the capital required to build new nuclear projects, which are critical to deliver safe, affordable and clean baseload power and help companies advance their long-term net zero goals,” said Chris Colbert, Elementl Power’s CEO.
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Exact details of the deal were not disclosed, but Google has agreed to commit early-stage development capital to advance the progression of the three projects. In exchange, the tech company will have the option to buy the power once the sites are complete and operational, the announcement said.
“Google is committed to catalyzing projects that strengthen the power grids where we operate, and advanced nuclear technology provides reliable, baseload, 24/7 energy,” said Amanda Peterson Corio, Google’s global head of data center energy, in Elementl’s statement. “Our collaboration with Elementl Power enhances our ability to move at the speed required to meet this moment of AI and American innovation.”
Elementl Power was founded in 2022 as a nuclear power project developer. The company has yet to build any sites. It also hasn’t chosen what reactors it will use in future projects, according to CNBC, instead opting to wait and see which reactor technology is furthest along in development when the time comes.
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Once these proposed projects reach final investment stages, Google and Elementl Power will work together to find other sources of capital, according to the statement.
