Bluecore Energy raises $50M to build its first floating nuclear system

Bluecore Energy Inc., a maritime nuclear startup, has raised $50 million in seed funding, seven weeks after its formal launch with an initial $10 million. The company plans to use most of the new capital to engineer, test, and license its first floating nuclear system, which will mount small reactors on barges. Bluecore is designing compact, water-cooled reactors for floating platforms that can dock where grid capacity is strained, targeting ports, coastal infrastructure, and artificial intelligence data centers as customers. The first unit is designed to produce roughly 10 megawatts of continuous power and run for years between refuelings, with additional units possible as demand grows.

Since July, Bluecore has secured its first barge and begun formal regulatory engagement with the U.S. Nuclear Regulatory Commission and the U.S. Coast Guard. The company is also developing a non-fueled reactor module prototype at the Port of Long Beach to test monitoring, sensor, and control systems. The two agencies have a memorandum of understanding coordinating requirements for civilian floating nuclear plants, and the NRC has said existing federal frameworks can license maritime reactors. Megan Moyette, Bluecore’s licensing and safety lead and a former Navy nuclear submarine officer, said both agencies have been involved since the company’s first meeting, calling the experience encouraging.

Founder and Chief Executive Kofi Asante said that six months ago the team was building the foundation, but now the company has capital, staff, hardware, and support from key nuclear and maritime institutions. The reactor technology itself is established: light-water reactors have operated in the U.S. for over 70 years and supply about 20 percent of the country’s electricity. Bluecore is applying that design to a far smaller system built for a moving maritime platform rather than a permanent land site.

The Port of Long Beach and the U.S. Department of Transportation’s Maritime Administration signed a memorandum of cooperation in July to explore maritime energy systems, including small modular reactors and shoreside power. Port Chief Executive Noel Hacegaba said the port’s 2050 vision anticipates electrification and rising energy demand that could reach hundreds of megawatts, and Long Beach Mayor Rex Richardson has also backed the project. Bluecore’s staff includes former Navy nuclear submarine officers and engineers from Space Exploration Technologies Corp., Northrop Grumman Corp., Toyota Motor Corp., Rivian Automotive Inc., and Uber Technologies Inc.

Silverton Partners led the funding round. Returning investors included 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 is a general partner - and Hartbeat Ventures, co-founded by comedian Kevin Hart. New backers included MaC Ventures, Collab Capital, Symphony Ventures, Act One Ventures, Animal Capital, Black Angel Group, and Rackhouse Ventures. The company has said it eventually wants to power cargo ships, extending its floating reactor concept beyond stationary grid support.

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