Shipping nuclear propulsion start-up CORE POWER is set to reach a funding milestone of $500m, which will support the UK-based company in finishing the technology designs and building the program for the maritime industry.
CORE POWER is building the world’s first maritime civil nuclear program in the Organisation for Economic Co-operation and Development (OECD), which it says has a potential market of $5.6trn by 2060.
The company claims its technology will power large ocean-going ships with dramatic improvements in energy efficiency and true zero emissions, with an estimated $3trn market for large ships by 2060, and it also plans to provide floating nuclear power, a market that it estimates would reach $2.6bn by the same timeframe as nuclear power for shipping.
“We are entering an exciting period in the development of maritime nuclear technology as we move from the drawing board to building technology which will change the face of shipping for good,” said Mikal Bøe, CEO of CORE POWER.
To further bolster its operations, CORE POWER has revealed a deal with Mitsubishi Research Institute (MRI) to study market conditions for the program in Japan, where the company already has significant backers of its technology.
“Japan will play a major role in the development of the specially designed ships as it is a world leader in innovative engineering and shipbuilding. CORE POWER is also working to build continued support from Japanese, European and American end users in shipping, finance, industry and trading houses,” added Bøe.
Splash understands that the majority of CORE POWER shareholders are household names in the shipping industry, combining corporations, trading houses, shipyards, cargo interests, financial institutions and family offices representing long-term investors.
The company has been 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. Last year, alongside other designs, CORE POWER also unveiled a concept for a nuclear-powered, 2,800 teu boxship using molten salt reactors. In August, Danish liner giant Maersk also teamed up with the company and class society Lloyd’s Register to study a potential next-generation nuclear-propelled feeder containership.
Core Power said it aims to generate orders worth up to $10bn by 2030, and once the first ships and floating power stations are built, it will co-own and operate turnkey solutions with customer investors.
