CORE POWER Nears $500M Funding to Transform Maritime with Nuclear Tech

Nuclear Propulsion Pioneer CORE POWER Set to Reach $500m Funding Milestone

The groundbreaking shipping nuclear propulsion start-up, CORE POWER, is on the cusp of a significant funding accomplishment of $500 million. These funds will be pivotal in aiding the UK-based company to finalize tech designs and pave the path for the maritime industry's nuclear program.

Revolutionizing the Maritime Industry with Clean Power

Positioned as the world's first provider of a maritime civil nuclear program within the Organisation for Economic Co-operation and Development (OECD), CORE POWER projects a potential market value of an astronomical $5.6tn by 2060. The company's technological innovations have the potential to drive large ships with a marked increase in energy efficiency, coupled with a commitment to zero emissions. The target market for these large ships is estimated to be worth $3tn by 2060. The company's ambitions also extend to the realm of floating nuclear power, which they predict will touch $2.6bn in the same timeframe.

CEO of CORE POWER, Mikal Bøe, enthusiastically shared, “We are commencing on a highly promising period in maritime nuclear technology development. Transitioning from conceptualization to tangible technology will forever change and enhance the face of the shipping industry."

Close Collaboration for a Sustainable Future

In a bid to invigorate its operations, CORE POWER has unveiled a collaboration with Mitsubishi Research Institute (MRI) to evaluate the market potential for this technology in Japan where it already benefits from substantial backing. The CEO underscored Japan's influential role in innovating and constructing these specially designed ships. CORE's alliances are expanding, and it aims to garner continued backing from end users in Japan, Europe, and America across various sectors such as shipping, finance, industry, and trading.

The information divulged indicates that a majority of CORE POWER shareholders belong to the shipbuilding industry, representing a consortium of corporations, trading houses, shipyards, cargo interests, financial institutions, and family establishments making long-term investment commitments.

Further innovations by the company include a floating nuclear power plant featuring molten chloride fast reactors, developed in conjunction with TerraPower, Southern Company from the US, and France's nuclear fuel cycle firm, Orano. Last year, CORE POWER revealed a design for a nuclear-powered boxship, and in August, Danish shipping leader Maersk collaborated with the firm and Lloyd’s Register to research the prospects of a nuclear-driven feeder containership.

CORE POWER is aiming to accumulate orders to the tune of $10bn by 2030. Once the inaugural ships and floating power stations are constructed, CORE POWER intends to co-own and manage these as turnkey solutions in partnership with investor customers.