Utah Office of Energy Development, TerraPower and Flagship Companies Sign MOU to Explore Siting of Advanced Nuclear Reactor
Salt Lake City, Utah – August 25, 2025 – The Utah Office of Energy Development (OED), TerraPower and Flagship Companies announced today the signing of a Memorandum of Understanding (MOU) to explore the potential siting of a Natrium® reactor and energy storage plant in Utah.
This landmark agreement establishes a non-binding framework for cooperation among the three parties and supports Gov. Cox’s Operation Gigawatt, a strategic effort to build an energy ecosystem that serves Utah and the Western U.S. Under the agreement, OED, TerraPower and Flagship will jointly identify and assess sites for a potential advanced nuclear plant, with the goal of establishing preliminary site recommendations by the end of 2025. 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.
“Today marks an important step forward for energy in Utah,” said Governor Spencer J. Cox. “Operation Gigawatt is about adding capacity from diverse sources — nuclear, natural gas, geothermal and more — so families and businesses have power that is affordable, reliable and clean. This agreement with TerraPower will help keep rates low, strengthen our grid and ensure Utah’s future can be as strong as our past.”
“Utah must lead in developing energy solutions that are affordable, reliable and clean,” said U.S. Senator Curtis. “Exploring advanced nuclear technology aligns with our commitment to energy independence and reflects the kind of forward-thinking policy our state, and nation, needs.”
"Utah has a proud history of energy innovation, and this agreement positions us to explore next-generation nuclear technology that can help meet our growing power needs while strengthening our energy independence," said Emy Lesofski, Executive Director of the Utah Office of Energy Development. “We look forward to working with our local communities, utilities, large energy users and other partners as we identify and evaluate potential sites.”
"TerraPower is excited to collaborate with Utah leaders and communities to explore how Natrium plants can help Utah achieve its economic and energy goals," said Chris Levesque, President and CEO of TerraPower. "Our Natrium reactor and energy storage system is well-suited for the Mountain West, and will play a vital role in ensuring a reliable grid for future generations."
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 reliability, and can quickly ramp up when demand peaks — it is the only advanced reactor design with this innovative feature. The Natrium reactor has the added benefit of using significantly less water than the current light water reactor fleet and SMR designs, making it well suited for water-constrained regions.
TerraPower broke ground on the first Natrium project in 2024 in Wyoming; and is slated to be America’s next commercial-scale nuclear power plant.
Flagship Companies, a Utah-based land development firm, will provide access to relevant land data and assist in identifying and evaluating potential candidate sites for reactor development. Craig Cannon, Partner at Flagship Companies, added, "We’re proud to be part of a forward-looking initiative that aligns land development with next-generation energy solutions. This MOU reflects a model for private-public collaboration in building the infrastructure of the future."
The MOU reflects a shared commitment to support advanced nuclear technologies as a cornerstone of Utah’s energy future — prioritizing reliability, economic growth and energy abundance and supports Gov. Cox’s Operation Gigawatt, a strategic effort to build an energy ecosystem that serves the state and the Western U.S.
About the Utah Office of Energy Development:
The Utah Office of Energy Development (OED) is Utah’s primary energy policy and development agency, supporting responsible resource development, breakthrough research initiatives, workforce training and education.
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 Flagship Companies:
Flagship Companies is a Utah-based landowner and developer with a broad portfolio across Utah, specializing in strategic land use, sustainable growth, and innovative energy solutions.
Utah OED Media Contact:
trees@utah.gov
TerraPower Media Contact:
press@terrapower.com
Flagship Companies Media Contact:
media@flagshiptoday.com
1The Natrium reactor is a TerraPower and GE-Hitachi technology
This landmark agreement establishes a non-binding framework for cooperation among the three parties and supports Gov. Cox’s Operation Gigawatt, a strategic effort to build an energy ecosystem that serves Utah and the Western U.S. Under the agreement, OED, TerraPower and Flagship will jointly identify and assess sites for a potential advanced nuclear plant, with the goal of establishing preliminary site recommendations by the end of 2025. 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.
“Today marks an important step forward for energy in Utah,” said Governor Spencer J. Cox. “Operation Gigawatt is about adding capacity from diverse sources — nuclear, natural gas, geothermal and more — so families and businesses have power that is affordable, reliable and clean. This agreement with TerraPower will help keep rates low, strengthen our grid and ensure Utah’s future can be as strong as our past.”
“Utah must lead in developing energy solutions that are affordable, reliable and clean,” said U.S. Senator Curtis. “Exploring advanced nuclear technology aligns with our commitment to energy independence and reflects the kind of forward-thinking policy our state, and nation, needs.”
"Utah has a proud history of energy innovation, and this agreement positions us to explore next-generation nuclear technology that can help meet our growing power needs while strengthening our energy independence," said Emy Lesofski, Executive Director of the Utah Office of Energy Development. “We look forward to working with our local communities, utilities, large energy users and other partners as we identify and evaluate potential sites.”
"TerraPower is excited to collaborate with Utah leaders and communities to explore how Natrium plants can help Utah achieve its economic and energy goals," said Chris Levesque, President and CEO of TerraPower. "Our Natrium reactor and energy storage system is well-suited for the Mountain West, and will play a vital role in ensuring a reliable grid for future generations."
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 reliability, and can quickly ramp up when demand peaks — it is the only advanced reactor design with this innovative feature. The Natrium reactor has the added benefit of using significantly less water than the current light water reactor fleet and SMR designs, making it well suited for water-constrained regions.
TerraPower broke ground on the first Natrium project in 2024 in Wyoming; and is slated to be America’s next commercial-scale nuclear power plant.
Flagship Companies, a Utah-based land development firm, will provide access to relevant land data and assist in identifying and evaluating potential candidate sites for reactor development. Craig Cannon, Partner at Flagship Companies, added, "We’re proud to be part of a forward-looking initiative that aligns land development with next-generation energy solutions. This MOU reflects a model for private-public collaboration in building the infrastructure of the future."
The MOU reflects a shared commitment to support advanced nuclear technologies as a cornerstone of Utah’s energy future — prioritizing reliability, economic growth and energy abundance and supports Gov. Cox’s Operation Gigawatt, a strategic effort to build an energy ecosystem that serves the state and the Western U.S.
About the Utah Office of Energy Development:
The Utah Office of Energy Development (OED) is Utah’s primary energy policy and development agency, supporting responsible resource development, breakthrough research initiatives, workforce training and education.
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 Flagship Companies:
Flagship Companies is a Utah-based landowner and developer with a broad portfolio across Utah, specializing in strategic land use, sustainable growth, and innovative energy solutions.
Utah OED Media Contact:
trees@utah.gov
TerraPower Media Contact:
press@terrapower.com
Flagship Companies Media Contact:
media@flagshiptoday.com
1The Natrium reactor is a TerraPower and GE-Hitachi technology