Charles River Ventures announced a $35 million Series B financing investment in TerraPower, a company focused on the development of new choices for nuclear energy production. Additionally Khosla Ventures also invested money into this round of financing. Charles River Ventures is a Boston-based leader in early stage venture capital investments.

“A short term approach to investing isn't going to help achieve the goals many have for a clean-energy future," said Izhar Armony, general partner at Charles River Ventures and Board member of TerraPower in a statement. "TerraPower offers a vision for an ideal system and then brings together inspired people with the tools they need to advance reactor designs to transform waste liabilities into assets. The traveling-wave reactor is an incredibly exciting new design that could really advance the nuclear energy field."

Nuclear energy is seen as a viable alternative to oil-based energy and is expected to play a key role in the power generation over the next few years. TerraPower has been researching and developing options for nuclear energy production over the last few years, since the ‘invention sessions’ at Intellectual Ventures, a portfolio company of Charles River Ventures. From these brainstorming sessions arose a start up that touts 40 full time professionals and 75 consultants today.

“We are thrilled to attract VC investment in research and development. It shows markets are putting value to what's required to bring about real advancement," said Nathan Myhrvold, co-found of Intellectual Ventures in a statement. "TerraPower appeals to investors who know the commitment necessary to invent solutions to the complex problems facing the world today."

Source: Charles River Ventures