Blue Energy secures $45M funding for modular nuclear power plant

Blue Energy, a US-based company focused on nuclear power, has successfully raised $45 million in a Series A funding round co-led by Engine Ventures and At One Ventures, with additional contributions from several capital firms. The funding will be utilized to enhance engineering efforts, develop sites, and establish partnerships. Blue Energy aims to revolutionize the nuclear power sector by introducing a modular, reactor-agnostic power plant design that can be manufactured in existing shipyards. This innovative approach is expected to significantly reduce capital costs from $10,000 per kilowatt to $2,000 per kilowatt and decrease construction time from ten years to just two. CEO Jake Jurewicz emphasized that this method addresses the primary barriers to nuclear power adoption, namely cost and construction duration. The company is also collaborating with reactor vendors to expedite the market introduction of its modular plants. A notable step towards commercialization has been the signing of a letter of intent with a data center and cloud provider, which will act as the off-taker for the first plant. This strategy positions Blue Energy to meet the increasing demand for clean, reliable power while making nuclear energy a competitive alternative to fossil fuels and renewables.

- Blue Energy raised $45 million to advance its modular nuclear power plant project.

- The company’s design aims to cut costs and construction time significantly.

- Collaboration with reactor vendors is intended to expedite market entry.

- A letter of intent has been signed with a data center for the first plant's off-take.

- The initiative seeks to make nuclear power a viable alternative to fossil fuels and renewables.