Touchberry reported in early January, 2023 that Venture capitalists from Silicon Valley and beyond are pouring investment money into nuclear power, an energy source that elected leaders and environmentalists are increasingly turning toward to combat climate change and achieve energy security. The value of investments in nuclear technology has skyrocketed by more than 9,000% since 2015, going from less than $12 million that year to north of $1.1 billion in 2022, according to private capital market research firm Pitchbook that compiled data for CNBC.
While the figures pale in comparison to the $30 billion in 2021 and $17 billion this year that was invested in climate technologies and renewable energies like wind and solar, the renewed interest comes as nuclear energy is becoming the go-to source of power for transitioning away from oil, natural gas and coal.
But the Palisades nuclear power plant in Covert Township, Michigan., shown at tip-top condition on June 24, 2010. Approval of the funding came as the Energy Department turned down a request by the Palisades nuclear plant for funding to restart operations. The plant along Lake Michigan was shut down last spring after generating electricity for more than 50 years. On other power plants, the Biden administration said Monday, Nov. 21, 2022, it is granting preliminary approval to spend up to $1.1 billion to help keep California's last operating nuclear power plant running.
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