Modular nuclear plants for low-carbon power

The scalable designs can be prefabricated in centralised shipyards

Spotted: Concerns over radioactive waste and potential accidents have long made nuclear a controversial energy option. But, as the need to completely phase out fossil fuels becomes more urgent, many countries are turning to nuclear to provide an additional, reliable low-carbon energy source. For instance, for the USA to meet its COP28 goals, the country needs to deploy 13 gigawatts of new nuclear energy a year from 2030. Installing new capacity is time-intensive and expensive, but Blue Energy may be able to change that.

The US company has designed a modular nuclear power plant that can be safely and efficiently manufactured in existing shipyards. In the design, Blue Energy would install small modular reactors in cylinder towers, which would then be lowered into the water. Safely storing the reactors underwater physically protects them and provides additional cooling. According to the company, using its technology, the plant capital costs can be cut from $10,000 per kilowatt to $2,000, while production time is slashed from 10 to 2 years.

Typically, building a new nuclear power plant would take thousands of workers several years, but Blue Energy’s innovative and easily scalable design would enable plants to be prefabricated much more quickly in centralised shipyards using automated processes, and then transported to its operating site. Plus, the plants are reactor agnostic.

Last month, Blue Energy completed a $45 million series A funding round co-led by Engine Ventures and At One Ventures. The new investment will help the company expand its engineering work, develop sites, and explore new partnerships. Blue Earth has already signed a letter of intent for an offtake agreement with a data centre and cloud provider for its first modular plant.

Written By: Duncan Whitmore and Matilda Cox