Bluecore Energy Secures $50 Million Seed Round for Maritime Nuclear Venture
Maritime nuclear startup Bluecore Energy Inc. has successfully raised $50 million in a seed funding round, following an earlier $10 million raise just seven weeks after its launch. This influx of capital is primarily aimed at engineering, testing, and obtaining licensing for its first floating nuclear reactor system.
The company is in the process of designing compact water-cooled reactors intended for deployment on barges in areas where grid capacity is inadequate. The initial system is projected to generate around 10 megawatts of continuous power and operate for several years between refueling sessions. Potential customers include ports, coastal infrastructure, and AI data centers, with the ambition to eventually supply power to cargo ships.
Regulatory Engagement and Development
Since its inception, Bluecore has acquired its first barge and initiated formal interactions with the U.S. Nuclear Regulatory Commission (NRC) and the U.S. Coast Guard. A non-fueled reactor module prototype is being developed at the Port of Long Beach to validate monitoring and control systems. Both agencies have established a memorandum of understanding to streamline requirements regarding the operation of floating nuclear power plants.
Megan Moyette, the company’s licensing and safety expert and a former Navy nuclear submarine officer, stated that both regulatory agencies have been cooperative since the initial meeting, describing the experience as encouraging.
Industry Context
Although the underlying reactor technology is well-established, with light-water reactors powering about 20% of the U.S. electricity supply for over 70 years, Bluecore is repurposing this technology to fit a maritime context.
In another strategic move, the Port of Long Beach partnered with the U.S. Department of Transportation’s Maritime Administration to explore maritime energy systems, including small modular reactors. The port’s leadership envisions substantial electrification and energy demands by 2050, highlighting the relevance of Bluecore’s mission.
Investor Support
The funding round was led by Silverton Partners, with participation from various entities including Slauson & Co., Harlem Capital Partners, and Hartbeat Ventures, the latter co-founded by comedian Kevin Hart. Notably, actor Simu Liu is also a general partner in Markham Valley Ventures, which contributed to the funding.
To date, Bluecore Energy has raised a total of $60 million from investors, further establishing its position in the nuclear startup landscape.
For more details, you can visit the original article on SiliconANGLE.
