Technology and Science08 September, 20263 min read
Bluecore Energy Raises $50 Million Seed Round To Develop Floating Nuclear Reactors At Port Of Long Beach
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Bluecore Energy raises $50 million seed round led by Silverton Partners. Funds accelerate development of floating, barge-mounted small modular nuclear reactors for ports.
$50M Seed for Floating Reactors
Bluecore Energy, a California startup headquartered at the Port of Long Beach, announced an oversubscribed $50 million seed round on Tuesday to accelerate development of compact nuclear reactors mounted on floating barges.
The company said the initial design targets roughly 10 megawatts of continuous electrical output using light-water reactor technology, with the ability to operate for years before requiring refueling.
Bluecore said it has already secured its first barge and is developing a non-fueled, electrically heated reactor module prototype at its Long Beach facility to test monitoring, sensor, and control systems.
Kofi Asante, Bluecore’s founder and chief executive, said the Port of Long Beach is a priority because it is the first port in the country to be publicly enthusiastic about incorporating small modular reactors, while he also described inbound from other ports and even data centers.
Asante said the company has begun formal engagement with the U.S. Nuclear Regulatory Commission (NRC) and the U.S. Coast Guard, a process that could lead to certification of its floating nuclear power plant.
Regulators, Prototype, and Partnerships
Bluecore said it is developing its first system from its headquarters at the Port of Long Beach, and that its current work includes a non-fueled maritime reactor module prototype used to develop and validate monitoring, sensor and control systems.
The company said it has started regulatory engagement with the U.S. Nuclear Regulatory Commission (NRC) and the U.S. Coast Guard, focusing on requirements for potential commercial deployment of maritime nuclear systems.
Bluecore said safety, licensing and classification are being developed alongside the technology rather than after the system is completed, and it described the work as coordinated with federal oversight for civilian floating nuclear plants.
In July, the Port of Long Beach and the U.S. Maritime Administration signed a Memorandum of Cooperation to explore maritime energy technologies, including potential small modular reactor integration and port microgrids.
Asante said, “Today, we have the capital, the team, the hardware, and some of the most important institutions in nuclear and maritime working alongside us,” framing the funding as support for engineering, hardware development, testing, regulatory work, manufacturing and recruitment.
Supply Chain and Certification Hurdles
Bluecore said it faces significant hurdles before commercial deployment because it has yet to build a fueled reactor or apply for the approvals required to operate one. The company also said its Long Beach plans must navigate California's restrictions on new nuclear power plants, while Asante identified supply chain management as potentially the biggest challenge. Asante said Bluecore is applying procurement strategies from its experience at SpaceX, Rivian, and Toyota to secure critical components, and he linked the approach to the Navy’s “seven-decade record of accident-free maritime nuclear operations.”
“It has yet to build a fueled reactor or apply for the approvals required to operate one.”
In a separate account of the financing, TechCrunch reported that when Bluecore emerged from stealth in July, it became the first nuclear company headquartered at a major port: the Port of Long Beach. TechCrunch also quoted Asante saying, “The Navy is doing this as we speak, for the last 70 years, and has never had an accident,” and it added that Bluecore is undergoing review with the NRC and the Coast Guard on its product design, which could lead to certification of its floating nuclear power plant.