Blue Energy raises $45m for modular nuclear power plant

Blue Energy, a US-based company specializing in nuclear power, has completed a $45 million Series A fundraising round co-led by Engine Ventures and At One Ventures. The funding also saw participation from capital firms Angular Ventures, Tamarack Global, Propeller Ventures, Starlight Ventures, and Nucleation Capital.

The funds will be used to advance Blue Energy’s core engineering work, site development, and secure additional partnerships. The company introduced a modular, reactor-agnostic power plant architecture that can be manufactured in existing shipyards. This approach aims to reduce nuclear power plant capital costs from $10,000 per kilowatt (kW) to $2,000/kW and shorten build times from ten years to just two.

By prefabricating plants in shipyards and transporting them to operational locations, Blue Energy expects to address the high costs and long timelines traditionally associated with nuclear power, making it cost-competitive with fossil fuels and renewables.

Blue Energy has partnered with reactor vendors to leverage existing regulatory progress and expedite the introduction of its modular plants. The company has already signed a letter of intent with a data center and cloud provider as the off-taker for its first plant, a critical step toward commercialization.