Bluecore Energy, a startup focused on small nuclear reactors (SMRs), has announced an oversubscribed $50 million seed funding round. This comes just months after the company emerged from stealth and raised a $10 million pre-seed round.
The company, founded by Kofi Asante, develops SMRs designed to operate on floating barges. This approach aims to provide clean energy to ports and nearby infrastructure, allowing power to be transported to where it is needed.
Silverton Partners led the new seed round, which closed in eight weeks. Existing pre-seed investors, including Slauson & Co., Harlem Capital, and Ripple co-founder Chris Larsen, increased their investment, with new capital also coming from Collab Capital and Kevin Hart’s Hartbeat Ventures.
Bluecore Energy, headquartered at the Port of Long Beach, has launched two floating barges and partnered with the Department of Transportation Maritime Division, the U.S. Nuclear Regulatory Commission (NRC), and the U.S. Coast Guard. Its product design is currently under review by the NRC and the Coast Guard, a process that could lead to certification of its floating nuclear power plant.
The newly acquired capital will be used for continued product development, regulatory work, nuclear fuel purchases, and hiring. Asante anticipates that securing hardware for portable electricity infrastructure at a pace matching consumer demand will be a significant challenge.