Bluecore Energy has secured an additional $50 million in seed financing to scale the development, testing and deployment of floating nuclear energy systems designed to deliver zero-emission power directly to ports, critical infrastructure and cargo ship propulsion. The maritime nuclear company is based at the Port of Long Beach and was founded by Kofi Asante after an earlier $10 million oversubscribed pre-seed round.
Bluecore Energy’s technology and mission
Bluecore is developing small, modular, water-cooled nuclear reactors intended to operate aboard floating energy barges. The company’s initial system is being developed to power the equivalent of approximately 15,000 homes and can scale to meet the power needs of a major port. Asante said, “Traditionally, getting more electricity at scale can take many years; rather than waiting years for new power infrastructure to reach the point of demand, our floating nuclear power plant is designed to bring the power source directly to it in the matter of days.” He added, “Our focus is simple. Create and deliver zero-emission energy as safely and quickly as possible. Over 3 billion people live within an hour of water. We want to power them all. Excited about our pace, but not satisfied until everyone has access to clean energy.”
Progress, funding and team
Bluecore announced a $10 million oversubscribed pre-seed round in July with participation from many Black-owned and Black-led venture capital firms, and has now raised the additional $50 million seed to advance its goals. The company’s team includes SpaceX engineers, Black nuclear engineers, former Toyota manufacturers, Black Ivy League PhDs from Blue Origin and one of the first women to serve as a nuclear submarine officer. Since January Asante has focused full time on Bluecore; he wrote on LinkedIn that, in the first nine months after founding, the company secured a port terminal, received delivered barges, acquired a test reactor, kicked off Nuclear Regulatory Commission engagement, engaged the U.S. Coast Guard, and executed a memorandum of understanding between the U.S. Department of Transportation’s Maritime Administration and the Port of Long Beach.
