Elementl Power announced on Wednesday that it has partnered with tech giant Google (GOOGL) in order to develop three advanced nuclear reactor sites, as tech companies look for reliable energy to meet growing data center demands. Although the financial details were not shared, Google will provide early-stage funding for tasks like site permitting, securing connections to the power grid, and handling contract negotiations. Each site will have at least 600 megawatts of power, and Google will have the option to buy the electricity once they are running. For now, the locations of the sites have not been revealed.
Elementl Power, which started in 2022, has not yet built any nuclear sites and has not chosen which reactor technology it will use. The company plans to select the most advanced option available when construction begins. CEO Chris Colbert, who has experience from NuScale Power, said partnerships like this are key to raising the large amounts of money needed for nuclear projects. Once these projects reach the final investment stage, Elementl plans to raise more funding from infrastructure investors. Its goal is to add 10 gigawatts of nuclear power to the grid by 2035.
Interestingly, this is not Google’s first move in nuclear power. Indeed, last October, it agreed to buy energy from Kairos Power’s small modular reactors, with the first expected to be running by 2030. Although some, like AI startup DeepSeek, believe improved AI models could reduce the need for more power, companies like Amazon (AMZN) and Nvidia (NVDA) still see demand growing fast. In fact, Anthropic’s co-founder, Jack Clark, recently estimated that 50 gigawatts of new power (about the size of 50 nuclear plants) will be needed by 2027 to support AI development.
Is Google Stock a Good Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on GOOGL stock based on 28 Buys and eight Holds assigned in the past three months. Furthermore, the average GOOGL price target of $198.79 per share implies 31.3% upside potential from current levels.
