Gates is the principal owner of TerraPower, a spinoff from Seattle's Intellectual Ventures, founded by former Microsoft Chief Technology Officer Nathan Myhrvold. The company explores ways to improve emission-free energy supplies through small nuclear reactors.

An agreement between the companies could be a boom to the creation of a traveling-wave reactor that runs on depleted uranium, a waste byproduct of the enrichment process. TerraPower says the reactor could supply the world's energy needs for thousands of years.

Such a reactor hasn't been built.

According to Intellectual Ventures' Web site, the traveling-wave reactor creates the simplest nuclear energy fuel cycle and "breeds its own nuclear fuel, where it needs it, when it needs it."

Unlike conventional reactors that take in new fuel and expel high-level waste about every 18 months, it says, a traveling-wave reactor can, in principle, be fueled once, sealed and run without refueling for 60 years or more. As a result, it would generate much less waste than existing reactor designs.

TerraPower's traveling-wave design differs from the reactor referred to as "4S" -- "super-safe, small and simple" that Toshiba is working on. Toshiba, the world's third-largest maker of microchips, also owns the Westinghouse reactor design company.

Toshiba said that the talks between the companies were "preliminary" and have involved an exchange of information, the BBC reports.

"We are looking into the possibility of working together," said Keisuke Ohmori, a Toshiba spokesman.

But last November Gates visited the company's nuclear research facility in Yokohama on behalf of TerraPower.

According to Japan's Nikkei newspaper, Gates could put tens of millions of dollars of his own money into a joint venture with Toshiba.

"There would be demand for this type of reactor in newly developing countries," Deutsche Securities analyst Takeo Miyamoto told the BBC.

Last month Business Week reported Gates as saying that nuclear power development fell behind somewhat after atomic energy fell from favor, leaving some "good ideas lying around."

Gates said the energy industry needs diversity and competition.

"There are fortunately dozens of companies (in the space, but) we need it to be hundreds," he said. "It's best if multiple (companies) succeed because then you can use a mix."

Gates also that the United States should spend $10 billion or more on an energy research and development budget.

"We need energy miracles," he said.

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