Bluecore Energy has raised US$50 million in seed funding to accelerate the development of its floating nuclear energy systems.
The round was led by Silverton Partners and follows the company’s US$10 million pre-seed round announced when it emerged from stealth in July.
The maritime nuclear energy company is developing its first system from its headquarters at the Port of Long Beach.
Funding to accelerate first floating nuclear system
Bluecore Energy is developing floating nuclear power systems aimed at ports, critical infrastructure and other locations with growing electricity demand.
Its first system is being designed to provide approximately 10 MWe of continuous power using water-cooled nuclear technology.
According to the company, the system is being designed to operate for years at a time, with refuelling required only once every few years.
The new funding will support engineering, hardware development, testing, regulatory work, manufacturing and recruitment.
Bluecore Energy has also secured its first barge as it advances development of the initial maritime nuclear energy system.
Bluecore advances regulatory work
The company has started regulatory engagement with the U.S. Nuclear Regulatory Commission (NRC) and the U.S. Coast Guard.
The work focuses on requirements for the potential commercial deployment of maritime nuclear systems.
Bluecore said safety, licensing and classification are being developed alongside the technology rather than after the system is completed.
“Today, we have the capital, the team, the hardware, and some of the most important institutions in nuclear and maritime working alongside us,” said Kofi Asante, Founder and CEO of Bluecore Energy.
First system under development at Port of Long Beach
Bluecore Energy is headquartered inside the Port of Long Beach, where it is developing its first maritime nuclear energy system.
The company’s current work includes a non-fueled maritime reactor module prototype. It is being used to develop and validate monitoring, sensor and control systems.
In July, the Port of Long Beach and the U.S. Maritime Administration signed a Memorandum of Cooperation to explore maritime energy technologies.
The initiative covers potential small modular reactor integration, port microgrids, shore power infrastructure and advanced vessel propulsion technologies.
Bluecore said future operating locations and configurations will remain subject to federal regulatory, maritime, environmental, security and safety processes.
