Amazon (AMZN) is the latest tech giant to invest in nuclear power to help meet its rising electricity demand and power its energy-demanding artificial intelligence projects and Amazon Web Services (AWS).
Amazon on Wednesday announced a trio of investments to explore the development of or support existing nuclear facilities, specifically small modular reactors. The reactors are smaller and easier to build than traditional large nuclear power plants, which the International Atomic Energy Agency says can be built in a wider variety of places.
The investments include projects in Washington state and Virginia, with both state-run and private utility companies like Dominion Energy (D) and Energy Northwest, and an investment into a company developing new nuclear technology. The energy created will be used to power Amazon facilities and surrounding communities.
Dominion projects that power demand in Virginia is growing by 5% per year, and expects it to double over the next 15 years.
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