In order to meet the surging demand for artificial intelligence (AI) and other computing needs, Meta has finalised a 20-year deal to secure nuclear power at Facebook's parent company. The agreement with Constellation Energy Illinois nuclear plant was announced Tuesday, as per an AP report.
“Securing clean, reliable energy is necessary to continue advancing our AI ambitions,” said Urvi Parekh, Meta's head of global energy.
This is just one of the deals in a string of tech-nuclear partnerships among AI-driven companies. The Meta-Constellation deal will come into force in June 2027.
As per reports, Constellation's Clinton Clean Energy Centre was set to be shut in 2017 after facing financial losses for years, but it but was saved by legislation in Illinois establishing a zero-emission credit program to support the plant into 2027. The deal comes into effect in June 2027 whence the state's taxpayer funded zero-emission credit programme expires.
As per the companies, after this deal with Meta, Clinton's clean energy output will rise by 30 megawatts, give 1,100 jobs to locals and bring in $13.5 million in annual tax revenue.
Constellation had said in September that it planned to restart Three Mile Island nuclear power plant so Microsoft could secure power to supply its data centres.
Three Mile Island, located on the Susquehanna River just outside Harrisburg, Pennsylvania, was the site of the nation's worst commercial nuclear power accident in 1979.
Other tech giants are also embracing nuclear energy. Two days after Google said last year that it was investing in small nuclear reactors, Amazon made a similar announcement.
Google had also announced last month that it was investing in three advanced nuclear energy projects with Elementl Power.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!