Maritime Nuclear Startup Bluecore Raises $10 Million

Maritime energy startup Bluecore Energy has secured US$10 million in pre-seed funding to accelerate the development of floating small modular nuclear reactors (SMRs) designed to supply low-carbon electricity to ports, coastal infrastructure and nearby communities.

The funding round, announced on Tuesday, was led by Slauson and Co., with participation from Harlem Capital, Precursor Ventures, Ripple co-founder Chris Larsen, HartBeat Ventures, the investment firm founded by actor Kevin Hart, and several angel investors.

Founded just seven months ago by former Uber Freight executive Kofi Asante, Bluecore is developing compact nuclear reactors that are installed on barges instead of traditional land-based facilities. The floating platforms are designed to be deployed where electricity is needed most, offering an alternative power source for ports, industrial operations and coastal regions with limited grid capacity.

Floating Nuclear Power

Bluecore’s reactor system generates electricity by using nuclear energy to heat water, producing steam that drives a turbine connected to an electricity generator. The system operates using a closed-loop water-cooling process and is designed to require refuelling only once every few years.

Because the reactors are installed on barges, they can be relocated by sea without the emissions associated with transporting conventional power infrastructure over land. According to Asante, each floating power station could generate enough electricity for around 15,000 homes, while larger deployments could supply the energy demands of major commercial ports.

“We are able to utilize existing water-cooled nuclear technology that has been operating for over 70 years,” Asante said. “With a production line of small modular reactors that can be rapidly deployed on water, there is a pathway to provide clean energy to the majority of the country.”

Funding to Advance Development

Bluecore plans to use the new investment to move its technology closer to commercial deployment. The company has already secured a port terminal, a barge and a reactor pressure vessel for testing.

Asante said the test system allows engineers to simulate coolant flow using water while combining hardware and software testing to validate the reactor’s core design before commercial deployment.

The startup is also working with nuclear regulators to ensure safety requirements are incorporated into the design from the outset. According to Asante, the reactor includes multiple layers of protection, with uranium fuel enclosed inside a heavy steel pressure vessel that is surrounded by concrete shielding and additional steel containment.

Targeting Growing Energy Demand

Bluecore believes floating nuclear reactors could help address rising electricity demand from sectors such as artificial intelligence and cloud computing, where new data centres are placing increasing pressure on existing power infrastructure.

Asante said operators of AI data centres have expressed interest in dedicated offshore power sources that would reduce reliance on local electricity grids and freshwater supplies by using seawater-based cooling systems.

If successfully commercialised, Bluecore’s floating SMRs could provide an additional clean energy option for ports, industrial facilities and large technology campuses seeking reliable baseload power while reducing carbon emissions.