The UK’s CORE POWER has built up a war chest of more than $100m and is gearing up to roll out its first suite of floating nuclear applications.
Formed in 2018, the company now counts 65 investors, with Splash understanding more than 60% of whom are household names in the shipping industry combining corporations, trading houses, shipyards, cargo interests, financial institutions and family offices representing long-term investors.
Among well-known names as investors Splash has been able to identify are Onomichi Dockyard and Imabari Shipbuilding from Japan as well as Singapore-based shipowners Berge Bulk and Sea Consortium.
CORE POWER is setting out the case for floating nuclear power which can be stationed in ports to provide clean power for shore gear operations, freshwater desalination, electric vehicle charging and green fuels production to support green corridor development. A further case has been made for providing much-needed power to support green corridor development, like charging smaller battery-powered vessels shuttling between the power plant and battery-powered assets. Nuclear ships are set to follow in defined tradelanes to start, the company’s founder, Mikal Boe, told Splash.
“Providing a positive contribution to ports, would, I think, enable operators of floating new nuclear solutions to re-write the contract on nuclear with the public. That large household names from shipping and the maritime sector are now stepping up shows that the industry is ready to think differently. The future cannot look the same as today. This is new, this is exciting, we’re in good company,” Boe said.
CORE POWER is in the process of developing a floating nuclear power plant featuring molten chloride fast reactors in collaboration with TerraPower, Southern Company from the US and Orano of France, a nuclear fuel cycle company.
A demonstration reactor is planned for 2026 with the aim to commercialise the vessel product by the start of the next decade.
A recent survey carried by the International Chamber of Shipping showed 9% of its C-suite members expect nuclear ships within a decade.
