Bluecore Energy has raised an oversubscribed $50 million seed round, just months after securing a $10 million pre-seed and emerging from stealth. The company plans to use the funding to develop floating small modular nuclear reactors designed to supply electricity to ports, AI data centers and other infrastructure.
Silverton Partners led the round, which closed in eight weeks. Existing investors including Slauson & Co., Harlem Capital and Ripple co-founder Chris Larsen participated again, while new investors included Collab Capital, HartBeat Ventures and angel investors with backgrounds at Tesla, Uber, Amazon and Google.
Founder and CEO Kofi Asante said Bluecore had not planned to raise another round this year, but investor interest increased following its July launch. The company detailed its floating nuclear concept and initial $10 million financing in its official launch announcement.
Bluecore Takes Nuclear Power Onto Barges
Founded earlier this year, Bluecore is developing compact, water-cooled nuclear reactors installed on floating barges rather than permanent land-based facilities. Its initial system is designed to produce about 10 megawatts of continuous electricity and operate for years between refueling.
Bluecore argues that placing reactors on movable platforms could allow power generation to reach locations without waiting years for major new land infrastructure. The company is headquartered at the Port of Long Beach, where it has already secured barges and is developing its reactor system.
The startup began formal engagement with the U.S. Nuclear Regulatory Commission and U.S. Coast Guard in August. Its design is now undergoing regulatory review, with successful completion required before the floating nuclear system can receive certification.
New Funding Targets Testing, Fuel and Hiring
Bluecore plans to use the new capital for engineering, product testing, regulatory work, nuclear fuel purchases and hiring. Asante told TechCrunch that supply-chain constraints could become one of the company’s biggest challenges as it seeks hardware quickly enough to meet potential demand.
The company says it has received interest from multiple ports, AI data centers and communities seeking additional electricity and water infrastructure. Its team includes people with experience at SpaceX, Rivian and Toyota, which Asante said is helping Bluecore secure critical components.
Bluecore has already obtained a reactor and barges and is preparing to order nuclear fuel for delivery to a partner at a national nuclear laboratory. The company says its longer-term objective is to make reliable, zero-emission power available in locations where existing infrastructure limits access.
Featured image credits: Magnific.com
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