Reliance Industries has joined hands with Bill Gates, Vinod Khosla and Nathan Myrvhold – the former Microsoft tech honcho, maths whiz and master French chef – to fund the development of a nuclear reactor with the potential to revolutionise power generation.
The Mukesh Ambani-promoted company has bought a minority stake in Terra Power LLC, based in Washington, US, and founded by Myrvhold’s Intellectual Ventures. Gates is the primary investor and chairman in the company, and Khosla and Charles River Ventures are investors.
Terra Power is developing an ultra-modern reactor using the ‘traveling wave’ technology. Traditional reactors need to be refueled every few years, generate enormous amounts of waste and feed on enriched uranium. Traveling wave reactors, on the other hand, use depleted uranium and don’t need to be refueled for at least 40-60 years.
“Reliance Industries, through one of its subsidiaries, has made a minority investment in Terra Power LLC. This is one of the various investments Reliance makes in the broader energy sector. Terra Power is a nuclear design and engineering firm,” a Reliance Industries spokesperson told ET. He declined to give details.
“Mr Ambani has been personally invited by Bill Gates to join the company. He is on the board,” said a person familiar with the matter.