Bluecore Energy Secures $50M to Develop Floating Nuclear Reactors for Coastal Power

Bluecore Energy Inc., a startup focused on deploying nuclear power at sea, announced a $50 million seed funding round on Tuesday, just seven weeks after its official launch with an initial $10 million investment. The company plans to mount compact reactors on barges that can be positioned where electricity demand exceeds grid supply. The bulk of the new funding will support the engineering, testing and regulatory approval of its inaugural installation.

The company's core technology centers on small, water-cooled reactors mounted on floating platforms capable of docking at various locations. The initial unit will be engineered to generate approximately 10 megawatts of continuous output and operate for extended periods before requiring refueling, with additional units deployable as needs increase. Target markets include port facilities, coastal industrial operations and artificial intelligence data centers, with potential future applications in powering commercial vessels.

Since July, Bluecore has acquired its first barge and begun formal coordination with the U.S. Nuclear Regulatory Commission and the U.S. Coast Guard. At the Port of Long Beach, the company is constructing a non-fueled prototype reactor module to test monitoring, sensor and control systems. The two federal agencies maintain a memorandum of understanding that aligns their oversight of civilian floating nuclear installations and nuclear propulsion systems, with the NRC confirming that current regulatory frameworks can accommodate maritime reactor licensing.

Megan Moyette, the company's licensing and safety officer and a former Navy nuclear submarine officer with 13 years of service, characterized the regulatory process as "encouraging." She noted that both agencies have participated in discussions from the company's inception.

Founder and Chief Executive Kofi Asante reflected on the company's rapid progress: "Six months ago, we were building the foundation. Today, we have the capital, the team, the hardware, and some of the most important institutions in nuclear and maritime working alongside us."

The reactor design itself builds on proven technology. Light-water reactors have functioned reliably across the United States for over seven decades and currently generate roughly 20% of the nation's electricity supply. Bluecore's innovation lies in adapting this established design to a significantly smaller scale and engineering it specifically for maritime deployment rather than fixed terrestrial installations.

The Port of Long Beach and the U.S. Department of Transportation's Maritime Administration formalized a memorandum of cooperation in July to investigate maritime energy solutions, including small modular reactors and shoreside power infrastructure. Port Chief Executive Noel Hacegaba indicated that the port's strategic vision through 2050 envisions widespread electrification and energy requirements potentially reaching hundreds of megawatts. Long Beach Mayor Rex Richardson has publicly endorsed the initiative.

Bluecore's leadership and technical staff include former Navy nuclear submarine personnel alongside engineers recruited from Space Exploration Technologies Corp., Northrop Grumman Corp., Toyota Motor Corp., Rivian Automotive Inc. and Uber Technologies Inc.

Silverton Partners directed the funding round. Returning investors include Slauson & Co., Harlem Capital Partners, Precursor Ventures, LMNT Ventures, Visible Hands VC, Karman Ventures, Capital Factory, Share VC, Markham Valley Ventures (where actor Simu Liu serves as a general partner) and Hartbeat Ventures (co-founded by comedian Kevin Hart). Fresh capital came from MaC Ventures, Collab Capital, Symphony Ventures, Act One Ventures, Animal Capital, Black Angel Group and Rackhouse Ventures. Total investor commitments now reach $60 million.