Bluecore Energy announced an oversubscribed $50 million seed funding round on Tuesday. This fresh capital comes just months after the company secured a $10 million pre-seed investment, bringing its total funding this year to $60 million. The quick funding highlights strong investor interest in its approach to small nuclear reactors (SMRs).
Bluecore Energy’s Technology and Mission
Founded earlier this year by Kofi Asante, Bluecore Energy builds SMRs on floating barges. This design allows for clean energy to be moved to ports and nearby infrastructure as needed, a strategy Asante hopes will deliver power to underserved areas. He points to the U.S. Navy’s 70-year history of using portable nuclear technology without accidents as a precedent for the companys mobile design, emphasizing how Bluecore’s scaled-down version can be deployed in days, not years.
The recent seed round, which closed in eight weeks, was led by Silverton Partners. Several pre-seed investors, including Slauson & Co., Harlem Capital, and Ripple co-founder Chris Larsen, doubled down on their commitments. New investors included Collab Capital, Kevin Harts HartBeat Ventures, and angel investors from companies like Tesla, Uber, Amazon, and Google. Asante noted he was not planning to raise this much capital so quickly but made room for the strong interest from partners.
Bluecore Energy, headquartered at the Port of Long Beach since emerging from stealth in July, has already launched two floating barges. It has formed partnerships with the Department of Transportation Maritime Division, the U.S. Nuclear Regulatory Commission (NRC), and the U.S. Coast Guard. The company is now undergoing product design review with the NRC and Coast Guard, aiming for certification of its floating nuclear power plant, with formal engagement starting in August. The new capital will support product development, regulatory work, nuclear fuel purchases, and hiring efforts.
The Supply Chain Challenge for Portable Nuclear
Asante identified supply chain as the biggest challenge, specifically securing hardware to meet consumer demand for portable electricity infrastructure. He mentioned the team, with members from SpaceX, Rivian, and Toyota, is applying similar strategies to manage parts procurement. Bluecore Energy has already received inbound interest from multiple ports, AI data centers, and communities needing clean energy and water. Asante reiterated the core mission: “to democratize access to clean energy,” viewing clean energy and water access as a human right.
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