1. Evergy signed an MOU with TerraPower for potential nuclear power plants. 2. The Natrium reactor will support Evergy's all-of-the-above energy strategy. 3. This project aims to enhance energy resilience and support local economies. 4. Nuclear energy is expected to lower electricity costs for Kansas residents. 5. Investments in clean energy technology boost state energy independence.
The agreement could enhance Evergy's energy portfolio and lead to long-term cost benefits, similar to how investments in renewable energy options have historically improved stock performance in energy companies.
The collaboration with TerraPower is significant for Evergy's future energy strategy, indicating a move towards advanced energy solutions which are well-aligned with current market trends favoring sustainable energy.
While immediate impacts may be limited, the long-term benefits of nuclear energy, as demonstrated by past projects, could lead to sustainable growth and market confidence over the upcoming years.
TerraPower, a nuclear innovation company, Evergy (NASDAQ:EVRG) and the Kansas Department of Commerce, announced today the signing of a memorandum of understanding (MOU) to explore siting TerraPower's flagship technology, the Natrium® reactor1 and energy storage system, within Evergy's service territory in Kansas.
This agreement will enable the collaboration between the entities to evaluate site-specific characteristics for a potential advanced nuclear power plant, as well as explore the Natrium plant's technical design and ability to support Evergy's customers. Site selection will be based on an evaluation of a variety of factors including community support, the physical characteristics of the site, the ability of the site to obtain a license from the U.S. Nuclear Regulatory Commission and access to existing infrastructure.
"My administration has always supported an ‘all-of-the-above' approach when meeting the energy needs of Kansas citizens and businesses," Governor Laura Kelly said. "We need to explore all available sources to power the future of our great state, and I'm pleased we're using innovative methods to do just that."
"Our Natrium technology features a next-generation reactor with enhanced safety and efficiency, paired with utility-scale storage to ensure grid resilience," said TerraPower president and chief executive officer Chris Levesque. "The TerraPower team is excited to advance conversations with Evergy, state leaders and local communities on the opportunities that the Natrium reactor and energy storage system brings to Kansas."
"Nuclear energy has been part of Evergy's generation mix for decades, and this next step will allow us to explore the opportunity to add reliable, non-carbon emitting advanced nuclear energy in the state of Kansas," said David Campbell, Evergy's chairman and chief executive officer. "This agreement supports our all-of-the-above energy strategy and will allow us to evaluate the cost, technology, and feasibility of potentially deploying Natrium advanced nuclear plants."
"Expanding the use of nuclear energy strengthens U.S. energy independence while bringing down electricity costs for Kansas rate payers," said U.S. Senator Jerry Moran. "TerraPower's decision to collaborate with Evergy and invest in our state is a testament to the skill, opportunity and capabilities found in Kansas, and this partnership will help to advance energy innovation, bolster the Kansas workforce and make certain our state remains a place where business and talent can thrive."
"Nuclear energy is the way of the future," said U.S. Senator Roger Marshall. "Nuclear produces reliable, clean power—and a lot of it. I'm excited about the prospect of welcoming TerraPower's Natrium reactor to Kansas and look forward to helping bring this project to fruition so that Kansans can have safe, reliable, and affordable energy."
"In order to continue our state's phenomenal surge in economic activity that benefits Kansas residents and communities," Lieutenant Governor and Secretary of Commerce David Toland said, "we need to consider all innovative options that strengthen our competitive position while driving down costs for consumers. This project could do both."
The Natrium technology features a 345 MWe sodium-cooled fast reactor with a molten salt-based energy storage system. The storage technology can boost the system's output to 500 MW of power when needed as it is designed to keep base output steady, ensuring constant reliability, and can quickly ramp up when demand peaks — it is the only advanced reactor design with this capability.
TerraPower broke ground on the first Natrium project in 2024 in Wyoming and is positioned to be America's next commercial-scale nuclear power plant.
1 The Natrium reactor is a TerraPower and GE Vernova Hitachi Nuclear Energy technology
About TerraPower
TerraPower is a leading nuclear innovation company that strives to improve the world through nuclear energy and science. Since it was founded by Bill Gates and a group of like-minded visionaries, TerraPower has emerged as an incubator and developer of ideas and technologies that offer energy independence, environmental sustainability, medical advancement, and other cutting-edge opportunities. It accepts and tackles some of the world's most difficult challenges. Behind each of its innovations and programs, TerraPower actively works to bring together the strengths and experiences of the world's public and private sectors to answer pressing global needs. Learn more at terrapower.com.
About Evergy
Evergy, Inc. (NASDAQ:EVRG) serves 1.7 million customers in Kansas and Missouri. Evergy's mission is to empower a better future. Our focus remains on producing, transmitting and delivering reliable, affordable, and sustainable energy for the benefit of our stakeholders. Today, about half of Evergy's power comes from carbon-free sources, creating more reliable energy with less impact to the environment. Headquartered in Kansas City, our employees are active members of the communities we serve. For more information about Evergy, visit us at http://www.evergy.com.
About the Kansas Department of Commerce
As the state's lead economic development agency, the Kansas Department of Commerce strives to empower individuals, businesses and communities to achieve prosperity in Kansas. Commerce accomplishes its mission by developing relationships with corporations, site location consultants and stakeholders in Kansas, the nation and world. Our strong partnerships allow us to help create an environment for existing Kansas businesses to grow and foster an innovative, competitive landscape for new businesses. Through Commerce's project successes, Kansas was awarded Area Development Magazine's prestigious Gold Shovel award in 2021, 2022, 2023 and 2024, and was awarded the 2021 and 2022 Governor's Cup by Site Selection Magazine.
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Media Contacts
TerraPower -- press@terrapower.com
Evergy -- media@evergy.com
Kansas Department of Commerce -- Patrick.Lowry@ks.gov