Bill Gates’ advanced power reactor gets closer to reality.

Terrapower, a startup funded in part by Nathan Myhrvold and Bill Gates, is moving closer to building a new type of nuclear reactor called a traveling wave reactor that runs on an abundant form of uranium. The company sees it as a possible alternative to fusion reactors, which are also valued for their potential to produce power from a nearly inexhaustible source of fuel.

Work on Terrapower’s reactor design began in 2006. Since then, the company has changed its original design to make the reactor look more like a conventional one. The changes would make the reactor easier to engineer and build. The company has also calculated precise dimensions and performance parameters for the reactor. Terrapower expects to begin construction of a 500-megawatt demonstration plant in 2016 and start it up in 2020. It’s working with a consortium of national labs, universities, and corporations to overcome the primary technical challenge of the new reactor: developing new materials that can withstand use in the reactor core for decades at a time. It has yet to secure a site for an experimental plant and surprisingly, the funding to build it.

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