Months after exiting stealth with $10 million in funding, Bluecore Energy has raised new funding to fuel its clean energy vision.
As AFROTECH™ previously reported, the maritime nuclear energy company — based at the Port of Long Beach in California — is the brainchild of Kofi Asante. His team includes SpaceX engineers, Black nuclear engineers, former Toyota manufacturers, Black Ivy League PhDs from Blue Origin, and one of the first women to serve as a nuclear submarine officer.
Asante previously described the Port of Long Beach as one of the world’s largest that is also striving to be the greenest. Since January, he has placed his full-time attention on BlueCore Energy, which has been developing small, modular, water-cooled nuclear power reactors with the intent to operate “aboard floating energy barges and deliver reliable, zero-emission power directly to ports, critical infrastructure, and cargo ship propulsion,” according to a press release.
“Traditionally, getting more electricity at scale can take many years; rather than waiting years for new power infrastructure to reach the point of demand, our floating nuclear power plant is designed to bring the power source directly to it in the matter of days,” Asante said. “Our initial system is being developed to power the equivalent of approximately 15,000 homes or scale to meet the power needs of a major port.”
Bluecore Energy announced a $10 million oversubscribed pre-seed round in July with participation from many Black-owned and Black-led venture capital firms. Now, Bluecore Energy has secured an additional $50 million in seed financing to scale development, testing, and deployment of floating nuclear energy systems, according to a press release shared with AFROTECH™.
“Less than 2 months ago, we came out of stealth. In the first 9 months from founding the company we now have a port terminal secured, barges delivered, test reactor, Nuclear Regulatory Commission (NRC) engagement kicked off, US Coast Guard engaged, MOU between U.S. Department of Transportation’s Maritime Administration (MARAD) and the Port of Long Beach signed, and a mission driven team of nuclear scientists, navy nuclear submarine and ship officers, rocket and automotive leaders,” Asante wrote on LinkedIn.
“Our focus is simple. Create and deliver zero-emission energy as safely and quickly as possible. Over 3 billion people live within an hour of water. We want to power them all. Excited about our pace, but not satisfied until everyone has access to clean energy,” he added.
Silverton Partners led the latest round, with participation from existing investors such as Slauson & Co., Harlem Capital, Precursor Ventures, LMNT, Visible Hands VC, Karman Ventures, Hartbeat Ventures, and new investors including MaC Ventures, Collab Capital, Vanderbilt, Black Angel Group, NBAYoungboy, and others.
