Bluecore Energy, a maritime nuclear energy startup, has announced a successful pre-seed funding round, securing $10 million. The investment, led by Slauson & Co., will fuel the company's ambitious plans to develop and deploy portable small nuclear reactors (SMRs) on floating barges, offering a novel approach to clean energy generation.
Founded just seven months ago by Kofi Asante, formerly of Uber Freight, Bluecore's core proposition involves building compact nuclear reactors designed to provide electricity to port facilities and surrounding communities. These reactors operate by heating water to produce steam, which then drives a turbine to generate power. The system employs a closed-loop, water-cooled design, leveraging established nuclear technology that has been in operation for over seven decades, according to Asante.
A key advantage highlighted by Bluecore is the mobility of its energy solution. The barge-mounted reactors can be transported by ship to different locations, promising zero emissions during transit. Furthermore, the entire system is designed for extended operation, requiring refuelling only once every few years. Bluecore's goal is to connect these floating power plants to the national grid via subsea cables, with each barge capable of powering approximately 15,000 homes or meeting the significant energy demands of a major port.
The newly acquired capital will be directed towards deploying Bluecore's product. The company has already secured a port terminal, a barge, and a test reactor pressure vessel. This test vessel will allow for simulations of the water-cooling system's flow, combining hardware and software testing to validate the foundational design. Bluecore is also actively collaborating with regulatory agencies to integrate the highest safety standards into its initial product, incorporating multiple layers of safety and redundancy, including robust shielding for the uranium fuel.
Looking ahead, Bluecore Energy anticipates playing a role in addressing the escalating power requirements of the burgeoning data centre industry, particularly those supporting artificial intelligence. Kofi Asante noted that AI data centre executives have expressed interest in independent power sources and access to water provided at sea, which could mitigate the strain on local community resources. Other investors in the funding round included Harlem Capital, Precursor Ventures, Ripple co-founder Chris Larsen, and actor Kevin Hart’s Hartbeat Ventures, alongside several angel investors.