Nuclear startup Bluecore Energy raises $50M seed round, just two months after launch

Bluecore Energy, a nuclear startup founded earlier this year by Kofi Asante, has raised a $50 million seed round, just two months after launching. The company builds small nuclear reactors (SMRs) on floating barges to generate clean energy for ports and nearby infrastructure. This portable technology could bring clean power to those who need it most, as Asante stated in a recent interview with TechCrunch.

The Navy has been using this approach for the past 70 years without any accidents, but Bluecore Energy has made it smaller, allowing for rapid deployment in days instead of years. Despite not planning to raise capital this year, numerous investors, including Slauson & Co., Harlem Capital, Ripple co-founder Chris Larsen, Collab Capital, Kevin Hart’s HartBeat Ventures, and angel investors from tech giants like Tesla, Uber, Amazon, and Google, have doubled down on the new round.

Silverton Partners led this seed round, and it took just eight weeks to close. Bluecore Energy emerged from stealth in July, becoming the first nuclear company headquartered at the Port of Long Beach. The company has launched two floating barges and has partnered with the Department of Transportation Maritime Division, the U.S. Nuclear Regulatory Commission (NRC), and the U.S. Coast Guard.

The fresh capital will support product development, regulatory work, nuclear fuel purchases, and hiring. The biggest challenge for Bluecore Energy is the supply chain for securing hardware to build the portable electricity infrastructure at a pace that matches consumer demand. The startup's team has experience from companies like SpaceX, Rivian, and Toyota, and they are applying similar strategies to secure critical parts.

Bluecore Energy is determined to democratize access to clean energy and water, believing that it should be a human right.