Google-backed TAE Technologies forms JV with UK’s nuclear agency

Dec 2 (Reuters) – TAE Technologies, a private company backed by Alphabet’s Google and Chevron,​ said on Tuesday it had formed a joint venture ‌with the United Kingdom’s nuclear agency to develop neutral beams for nuclear fusion.

Under ‌the agreement, the UK Atomic Energy Authority will make an equity investment of 5.6 million euros ($6.50 million) in the new venture called TAE Beam UK.

Nuclear fusion is a nascent technology that ⁠aims to generate electricity ‌by harnessing the process that powers the sun. It offers the vision of abundant energy without pollution, ‍radioactive waste or greenhouse gases.

With nuclear power garnering renewed interest, countries such as Italy, the UK, China and the U.S. are looking ​into nuclear technology firms to enable application across industries including healthcare ‌and defense.

TAE Technologies said the partnership will enable it to develop and commercialize next‑generation neutral beam systems for fusion and related applications in a more cost‑effective manner.

The company added that it will design, develop and manufacture neutral beams for fusion,⁠ while adapting its accelerator technology for ​cancer therapy, food safety and homeland ​security.

“Together, we’re building critical infrastructure for the fusion supply chain and ensuring that the U.S.-‍UK partnership can ⁠together remain central to the fusion economy of the future,” CEO Michl Binderbauer said.

The project is expected to deliver the ⁠first short-pulse beams within 18 to 24 months, the company said.

($1 ‌= 0.8618 euros)

(Reporting by Dharna Bafna in ‌Bengaluru; Editing by Shreya Biswas)