Billionaires Are The Drivers Of Innovation In The Energy Industry – OilPrice.com

by | May 22, 2022 | Energy

Some of the world’s most famous billionaires have long had a hand in traditional and innovative energy projects, but just how much do they shape the perception of the industry? For example, when Elon Musk announces a major Tesla purchase of Bitcoin or critiques the digital currency, people listen. So, how do their investments in different energy projects or scepticism about energy developments shape public opinion?  Bill Gates created his energy firm, TerraPower, to commence work on a new nuclear project in rural Wyoming. He intends to build a new form of nuclear reactor, setting up a plant in Kemmerer, a town previously known for coal mining, by 2028. The facility is expected to create hundreds of new jobs in green energy, as the town shifts away from its fossil fuel-driven past. TerraPower and the U.S. Department of Energy will spend an anticipated $4 billion on the plant and will put Kemmerer on the map for its energy production. Gates’ firm and its partner GE-Hitachi have developed a new form of reactor using Natrium technology, which the companies believe is safer than traditional nuclear power mechanisms. It is a sodium-cooled reactor coupled with a molten salt energy storage system, which operates flexibly depending on renewable energy input. It was designed considering the fluctuation in the delivery of power from renewable sources to decrease and boost output depending on the availability of electricity. The smaller size of this new plant is also expected to reduce the time and cost needed to build it, making it replicable across var …

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