Bluecore Energy raises $10M to build portable nuclear reactors on barges

Bluecore Energy Secures $10 Million Pre-Seed Funding

Maritime nuclear energy startup Bluecore Energy announced on Tuesday that it has successfully raised $10 million in a pre-seed funding round. The investment round was led by Slauson & Co. The company was founded seven months ago by Kofi Asante, who previously worked with Uber Freight. Bluecore is focused on building small nuclear reactors, commonly known as SMRs, on floating barges. The primary aim of this initiative is to provide clean, reliable power to ports and nearby infrastructure.

The newly acquired capital will be directly utilized by the startup to deploy its innovative product. Asante shared that the company has already secured a port terminal, a barge, and a test reactor pressure vessel. This test vessel enables the team to simulate flow with water, which serves as the cooling source of the system. By combining hardware with software testing, Bluecore aims to validate and verify the foundational aspects of its design before broader commercial deployment.

How the Floating Nuclear Technology Works

The technology behind Bluecore's initiative relies on established nuclear principles. Asante explained that the system utilizes existing water-cooled nuclear technology that has been operating safely for over 70 years. Inside the reactor, water is heated, and the resulting steam is transferred into a generator. This generator then spins a turbine to generate electricity. Furthermore, the entire system operates via a water-cooled closed-loop design.

Once the energy is produced on the barges, the system is designed for mobility. The energy expected to be produced can be moved by ship to its next location, which Asante claims reduces the emissions involved in its transport to zero. Additionally, the entire system behind the nuclear power plant only needs to be refueled once every few years, minimizing maintenance interruptions and operational complexities.

Powering Communities and Grid Connections

Bluecore’s barges are designed to be docked near communities, offering a flexible energy solution that can connect directly to the power grid via subsea cables. According to details shared with TechCrunch, the ultimate goal is to try to power the equivalent of approximately 15,000 homes or scale efficiently to meet the substantial power needs of a major port facility.

With a production line of small modular reactors that can be rapidly deployed on water, Asante believes there is a clear pathway to provide clean energy to the majority of the country. The mobility of these barges allows for swift responses to shifting regional energy demands and grid vulnerabilities, utilizing waterways to bypass traditional land-based transmission bottlenecks.

Addressing Safety and Regulatory Standards

Safety remains a paramount focus for the startup. Bluecore is actively working alongside regulatory agencies to embed the safest design decisions directly into its first product. Asante noted that the startup is engineering many layers of safety and redundancy into the architecture. These measures include having the uranium clad and protected within a thick steel pressure vessel, which is subsequently padded with concrete shielding and an additional steel lining.

Meeting the Rising Demand from Data Centers

Asante also highlighted the potential for Bluecore to assist with the increasing power demand driven by the ongoing data center buildout. Artificial intelligence data center executives have communicated that they would not need to pull water or energy from surrounding communities if they are able to receive their own dedicated source of electricity alongside access to water provided at sea.

Beyond lead investor Slauson & Co., the funding round attracted participation from Harlem Capital, Precursor Ventures, Visible Hands, LMNT, Ripple co-founder Chris Larsen, HartBeat Ventures led by actor Kevin Hart, and a select group of angel investors.