Key facts
- Bluecore Energy raised $50 million in a seed funding round.
- The company develops small nuclear reactors (SMRs) on floating barges.
- The technology aims to provide clean energy to ports and nearby infrastructure.
- Bluecore Energy is headquartered at the Port of Long Beach.
- The company is working with the U.S. Nuclear Regulatory Commission and U.S. Coast Guard for design review and certification.
Bluecore Energy, a startup focused on developing small nuclear reactors (SMRs) mounted on floating barges, has successfully closed an oversubscribed $50 million seed funding round. This significant investment comes just two months after the company raised $10 million in pre-seed funding and emerged from stealth. Founded by Kofi Asante, Bluecore Energy's innovative approach aims to provide mobile clean energy solutions for ports and adjacent infrastructure, a concept Asante believes can democratize access to clean power.
The company's technology draws inspiration from the Navy's long-standing use of portable nuclear power. Asante highlighted that their miniaturized version allows for rapid deployment and relocation of energy sources within days, rather than years. The recent funding round saw participation from existing pre-seed investors, including Slauson & Co., Harlem Capital, and Ripple co-founder Chris Larsen, who doubled down on their investment. New capital was contributed by investors such as Collab Capital, Kevin Hart's Hartbeat Ventures, and angel investors from major tech companies like Tesla, Uber, Amazon, and Google. Silverton Partners led the seed round, which was completed in eight weeks.
Bluecore Energy, headquartered at the Port of Long Beach since its July emergence from stealth, has already launched two floating barges. The company has established partnerships with the Department of Transportation Maritime Division, the U.S. Nuclear Regulatory Commission (NRC), and the U.S. Coast Guard. It is currently undergoing a formal review process with the NRC and Coast Guard for its product design, a crucial step toward certification of its floating nuclear power plants. Asante indicated that formal engagement with these agencies began in August.
The newly acquired capital will be allocated towards advancing product development, navigating regulatory processes, purchasing nuclear fuel, and expanding the company's workforce. Asante identified supply chain challenges as a primary hurdle, emphasizing the need to secure hardware for portable electricity infrastructure at a pace that meets growing demand. He noted significant inbound interest from various entities, including multiple ports, AI data centers, and communities requiring clean energy and water solutions. The team's background includes experience from companies like SpaceX, Rivian, and Toyota, which Asante believes will aid in securing critical components. Bluecore Energy has already acquired barges and a reactor and is preparing to order nuclear fuel for testing at a national nuclear laboratory.