Bluecore Energy raises $10M for portable nuclear reactors on barges

Maritime nuclear energy startup Bluecore Energy announced it has raised $10 million in a pre-seed funding round, led by Slauson & Co. The company, founded seven months ago by Uber alum Kofi Asante, is focused on building small modular nuclear reactors (SMRs) on floating barges.

Bluecore aims to provide clean power to ports and adjacent infrastructure using these mobile barges. According to Asante, the reactors heat water to create steam, which then drives a generator to produce electricity. The system is designed with a closed-loop, water-cooling mechanism. The company claims the energy produced can be transported by ship to new locations, resulting in zero emissions during transit. Furthermore, the system requires refueling only once every few years.

The barges can also be docked near communities and connected to the power grid via subsea cables. The goal is to power the equivalent of approximately 15,000 homes or scale to meet the needs of a major port. "We are able to utilize existing water-cooled nuclear technology that has been operating for over 70 years," Asante stated. "With a production line of small modular reactors that can be rapidly deployed on water, there is a pathway to provide clean energy to the majority of the country."

The company intends to use the capital to deploy its product. It has already acquired a port terminal, a barge, and a test reactor pressure vessel to simulate water flow, which serves as the system's cooling source. Bluecore is collaborating with regulatory agencies to embed the safest design decisions into its initial product. The startup is implementing multiple layers of safety and redundancy, including clad uranium, a thick steel pressure vessel, concrete shielding, and steel lining.

Bluecore's strategy includes close work with regulatory bodies to ensure safety standards. The company seeks to offer a nuclear-powered alternative to fossil fuels for maritime and industrial energy needs.