Nucleation announces its investment in Blue Energy's Series A with Fund I
Blue Energy is working to deploy small modular reactors (SMR) in a unique and cost-effective offshore formation that leverages shipyard manufacturing and existing, mature offshore wind technology to decrease siting difficulty, lower construction costs and increase safety by utilizing the vast cooling power of the ocean. Read Blue Energy's press release about their financing.
Blue Energy recognizes that speed to deployment really matters. By utilizing smaller, simpler and manufacturable SMR technology optimized for this purpose, combined with shipyard production, Blue Energy will have a competitive advantage being able to deploy off-shore at existing nuclear power facilities, where approvals to build already exist. This team has figured out a brilliant “ocean-cooled” deployment strategy that enables it to be technology agnostic and build the emerging SMR market with a more affordable and efficient implementation process, in partnership with existing utilities. Energy Secr. Jennifer Granholm believes nuclear needs to "at least triple,” and the U.S. together with some 25 other nuclear nations have also pledged to triple their nuclear generation as well. More recent estimates from the DOE put the amount of new power needed in the U.S. at 200 GW. Blue Energy’s design is poised to help accelerate this growth and are focused on deploying design that are low-cost, manufacturable and NRC-approved. Recently, the DOE announced plans to allocate some $900 million towards the deployment of SMRs. We believe that Blue Energy could be an early mover working to leverage this DOE funding and have significant advantage in having an implrementation plan ready to go. According to yet another DOE study, of the 65 nuclear power plant sites in 31 states, there is the potential to install as much as 60 to 95 GW of new capacity at these existing and/or recently retured nuclear power plant sites. For existing sites which are situated on the coast, Blue Energy's approach can give these sites the potential ability to increase that number by adding new, off-shore sitings. Additionally, we are extraordinarily delighted to share that both the U.S. House of Representative and the Senate reconciled versions of the Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act have passed, making sweeping changes to the approval process for new technology in the nuclear energy sector. The ADVANCE Act, more than anything else, seeks to accelerate the deployment of nuclear power, and passed with significant bipartisan majorities in both chambers and is now on President Biden's desk, awaiting his signature. HuffPo calls this the "The Biggest Clean-Energy Bill" since the passage of the IRA, and is designed to turn the NRC into a 21st century regulator. We have written about both House and Senate versions previously, and we will post more information about the final resulting legislation, which Biden is almost certain to sign, on our website shortly.