To enable worldwide adoption, CORE POWER aims to build advanced reactors, designed for commercial insurance approval.
Shipping nuclear propulsion startup CORE POWER will shortly reach its funding milestone of $500 million, which will allow it to finish the technology design and move on to the next steps.
The startup, based in the United Kingdom, is planning to build the world’s first maritime ‘civil’ nuclear program in the Organization for Economic Co-operation and Development (OECD).
CORE POWER states that this technology will be able to run large ocean-going cargo ships with nuclear power, resulting in enhanced efficiency and little to no emissions. It also plans to offer floating nuclear power, which it estimates could reach $2.6 billion by the year 2060.
CORE POWER’s mission of advanced nuclear power for maritime
CORE POWER states that nuclear energy is the only zero-emission energy source for ships throughout their lifetime.
However, the main hurdle is getting naval reactors insured. Therefore, although the technology has been used since the 1950s, it has not been widely adopted.
To enable worldwide adoption, CORE POWER aims to build advanced reactors designed for commercial insurance approval. These reactors could revolutionize maritime operations by enhancing cargo capacity, speed, and operational duration.
“At CORE POWER, we’re working to realize a future of superior quality ships operating under robust regulations and crewed by highly qualified personnel. Our goal is to make true zero-emission maritime propulsion a reality, ushering in a new era of sustainable and efficient global maritime trade,” reads the company’s website.
Floating nuclear power plants and other planned innovations
Moreover, the company is also planning to build floating nuclear power plants. These power plants can be manufactured centrally and transferred to operation sites.
They are designed to offer flexible power supply for local grids, providing heating, cooling, and Electric vehicle charging.
According to CORE POWER, the floating nuclear plants’ offshore nature will protect them from earthquakes, tsunamis, and volcanic eruptions. They can also be rapidly deployed to meet urgent energy needs.
The startup believes that electricity generated by floating nuclear power plants can also be used in other areas, such as green hydrogen production, which can help create zero-carbon transportation fuels and green steel production.
It also aims to build a floating water desalination plant that can produce freshwater round the clock from the sea without causing environmental pollution. They can be easily relocated along coastlines to meet any changes in needs.
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Research already underway
Earlier this year, Lloyd’s Register (LR), CORE POWER, and AP Moller—Merks launched a study to assess multiple factors, including regulatory feasibility, for nuclear-powered container ships.
The three companies are researching frameworks to establish nuclear container ships using a fourth-generation reactor.
The study will analyze the requirements for updated safety rules and the improved operational and regulatory understanding needed to apply nuclear power in container shipping.
The study is expected to combine LR’s expertise as a trusted adviser to the maritime industry, CORE POWER’s experience developing advanced nuclear energy technology for maritime applications, a leading Port Authority, and Maersk’s extensive experience in shipping and logistics.
