Core Power ramps up Japan operations as US$500m funding round nears completion

(Posted on 19/10/24)

CORE POWER is building the world’s first Maritime Civil Nuclear Programme in the OECD with a potential market of US$5.6 trillion by 2060. The company is also nearing completion of its Series B funding round of US$500 million to finish the technology designs and build the program.

Founded in 2018, CORE POWER is a UK-based innovation company spearheading the development and commercialisation of new nuclear technologies for marine applications.

“We are entering an exciting period in the development of maritime nuclear technology, as we move from the drawing board to building technology which will change the face of shipping for good,” said Mikal Bøe, CEO of CORE POWER.

In order to further strengthen its operations, CORE POWER has signed a deal with Mitsubishi Research Institute (MRI) to study market conditions for the program in Japan.

“Japan will play a major role in the development of the specially designed ships as it is a world leader in innovative engineering and shipbuilding. CORE POWER is also working to build continued support from Japanese, European and American end users in shipping, finance, industry and trading houses,” said Bøe.

CORE POWER’s technology will power large ocean-going ships with dramatic improvements in energy efficiency and true zero emissions, an estimated US$3 trillion market for large ships by 2060.

The company also plans to provide reliable, clean floating nuclear energy to coastal customers, on time and on budget. Estimates are that the floating nuclear power market will reach $2.6 trillion by 2060.

Once the first ships and floating power stations are built, CORE POWER will co-own and operate ‘turnkey’ floating nuclear power solutions with customer investors. The company aims to build an order book of critical mass by 2030 worth up to $10 billion.

CORE POWER is present and active across the OECD, with offices in London, Washington D.C., and Tokyo.

With over 60 key strategic shareholders from the global maritime industry and a fast-growing client base of ship yards, ship operators, trading houses, and energy companies, CORE POWER is a leading provider of marine nuclear energy solutions.