Bill Gates' nuclear venture hits snag amid U.S. restrictions on China deals: WSJ

Source: Reuters

BUSINESS NEWS JANUARY 1, 2019 / 3:56 PM / UPDATED AN HOUR AGO

Bill Gates' nuclear venture hits snag amid U.S. restrictions on China deals: WSJ

NEW YORK (Reuters) - TerraPower LLC, a nuclear energy venture chaired by Microsoft Corp co-founder Bill Gates, is seeking a new partner for early-stage trials of its technology after new U.S. rules forced it to abandon an agreement with China, company officials told the Wall Street Journal.

TerraPower reached an agreement with state-owned China National Nuclear Corp in 2017 to build an experimental nuclear reactor south of Beijing. But Gates wrote in an essay published late last week that TerraPower is unlikley to follow through on its plans in the face of new U.S. restrictions on technology deals with China.

The Bellevue, Washington-based company is now unsure which country it will work with to conduct trials of its technology, which is designed to use depleted uranium as fuel for nuclear reactors in a bid to improve safety and costs, company officials told the Journal.

“We’re regrouping,” Chief Executive Chris Levesque told the Journal in an interview. “Maybe we can find another partner.”

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Read more: https://www.reuters.com/article/us-terrapower-china/bill-gates-nuclear-venture-hits-snag-amid-u-s-restrictions-on-china-deals-wsj-idUSKCN1OV1S5