Core Power and Mitsubishi to Enhance Maritime Nuclear Solutions in Japan

Core Power has entered into an agreement with Mitsubishi Research Institute to explore the market conditions for a maritime civil nuclear program in Japan. The UK-based company is also close to finalizing its Series B funding round, which amounts to USD500 million. Core Power CEO Mikal Bøe emphasized Japan’s significant role in developing specially designed ships, highlighting the country’s expertise in engineering and shipbuilding. The company aims to garner support from Japanese, European, and American stakeholders in various sectors such as shipping, finance, industry, and trading houses.

Japanese companies, including Onomichi Dockyard and Imabari Shipyard, have collectively invested around USD80 million in Core Power, aiding in the development of a floating molten salt reactor nuclear power plant and other maritime applications. Core Power’s technology is geared towards powering large ocean-going ships with enhanced energy efficiency and zero emissions, targeting a market worth an estimated USD3 trillion by 2060. The company plans to deliver clean floating nuclear energy to coastal customers, projecting the floating nuclear power market to reach USD2.6 trillion by 2060.

As Core Power progresses towards constructing its first ships and floating power plants, it intends to co-own and operate turnkey floating nuclear power solutions with customer investors. The company envisions building a substantial order book by 2030, potentially reaching up to USD10 billion. Bøe expressed excitement about the advancements in maritime nuclear technology, emphasizing the industry’s transition towards sustainable practices. With the shipping sector accounting for a significant portion of global carbon emissions, the push for net-zero emissions by 2050, as set by the International Maritime Organization, underscores the importance of innovative solutions like those offered by Core Power.

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