US nuclear energy developer Bluecore Energy has raised $50 million in an oversubscribed seed round to develop small modular reactors for deployment on floating energy barges.
The company, which emerged from stealth in July, is developing water-cooled reactors designed to provide zero-emission power to ports, critical infrastructure, data centres and other locations with constrained grid capacity.
Bluecore Energy is headquartered at the Port of Long Beach, where it has secured and delivered its first barge and is developing and testing components of its reactor system.
The company’s initial system is designed to generate 10 MWe, equivalent to the electricity demand of approximately 15,000 homes, with multiple reactors able to be combined to provide greater capacity.
Kofi Asante, Founder and CEO of Bluecore Energy, said the company had secured a port terminal, delivered barges and begun engagement with the US Nuclear Regulatory Commission and US Coast Guard within nine months of its founding.
The company has also been involved in an MOU between the US Department of Transportation’s Maritime Administration (MARAD) and the Port of Long Beach covering maritime nuclear energy.
Bluecore Energy had previously raised approximately $10 million in funding, including investment from Slauson & Co., Harlem Capital, Precursor Ventures, LMNT Ventures, Visible Hands VC, Karman Ventures, Capital Factory, Share VC, X&, Markham Ventures and HartBeat Ventures.
Mr Asante said the longer-term objective is to apply the technology to cargo ship propulsion in addition to stationary power generation.
