U.S. nuclear startup Bluecore Energy has raised $50 million in seed funding just two months after its founding. The company specializes in deploying small modular nuclear reactors on barges to provide mobile clean power to ports and surrounding facilities.
Complete the seed round within eight weeks
This funding round was led by Silverton Partners. Early investors including Slauson & Co., Harlem Capital, and Ripple co-founder Chris Larsen further increased their investments, with additional participation from Collab Capital, Kevin Hart’s Hartbeat Ventures, and several tech angel investors.
Founder Kofi Asante said the company originally had no plans to raise additional funding this year, but continued to receive investment offers after the pre-seed round, leading to this round being completed within eight weeks.
Floating nuclear power plant under review
Bluecore Energy emerged from stealth in July of this year and established its headquarters at the Port of Long Beach. Since then, the company has launched two floating barges and partnered with the U.S. Department of Transportation’s Maritime Administration, the U.S. Nuclear Regulatory Commission (NRC), and the U.S. Coast Guard.
Currently, the company’s product design is under review by the NRC and the Coast Guard. If progress continues smoothly, its floating nuclear power plant will enter the certification process. Asante stated that the company has been in communication with relevant agencies since its founding and officially initiated regulatory engagement in August.
Targeting ports and AI data centers
The funds will be used for product development, regulatory affairs, nuclear fuel procurement, and hiring. The company anticipates that its next major challenge will be the supply chain, particularly whether the speed of acquiring critical hardware can keep pace with customer demand.
Asante said the company has received expressions of interest from multiple ports, AI data centers, and communities requiring clean energy and clean water. According to him, the team includes members from SpaceX, Rivian, and Toyota, and the company is drawing on these companies’ experience in sourcing critical components.
He also stated that Bluecore Energy already owns barges and reactors, and the next step is to order nuclear fuel and entrust a national nuclear laboratory partner to advance the subsequent work.