Google To Fund Three Nuclear Sites, Says The Move Will Allow Them To 'Move At The Speed Required To Meet This Moment Of AI And American Innovation'

Elementl Power announced a deal with Google to develop three new sites for advanced reactors on Wednesday
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
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.

Each project is aiming for at least 600 MW of capacity. The number is in line with Elementl Power's overall goal of adding 10 GW of power to the nuclear grid by 2035.

This is not the first nuclear power deal Google has made within the last year. In October, it said it would be buying power from small modular power reactor company Kairos Power. At the time, Google said that the first reactor would be online by 2030, with more following through 2035.

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The need for new power sources to support data centers has been a concern among tech giants for some time. Kevin Miller, Amazon's AMZN vice president of global data centers, told CNBC last month, "We continue to see very strong demand [for power], and we're looking both in the next couple years as well as long term and seeing the numbers only going up."

At the same time, Anthropic co-founder Jack Clark told CNBC "we're seeing… tremendous growth in the need for new baseload power. We're seeing unprecedented growth." He predicted that 50 GW of new power capacity, which is equivalent to 50 new nuclear plants, will be needed by 2027 to support AI growth.

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