Japanese companies back British floating nuclear startup with $80 million investment

13 Japanese companies have invested about $80 million to take majority ownership of Core Power, a British startup focused on developing floating nuclear power.

PHOTO: UK-based Core Power is developing a floating nuclear power plant, with Japanese companies investing in the project. Core Power

Launched in 2018, Core Power is trying to develop a floating nuclear power plant in partnership with US reactor designer TerraPower, nuclear plant operator Southern Company and French nuclear fuel cycle company Orano.

Only one floating nuclear plant has been deployed so far in Russia, but the US and other countries have been investing in developing the technology as some consider it safer than onshore nuclear power generation. As it is located on a marine vessel or platform, floating nuclear reactors would not be impacted by earthquakes, a major concern with onshore nuclear plants.

Japan, as an island nation, has taken a keen interest in the technology. Core Power says it is interested in Japanese shipbuilding technology and hopes to work with Japanese companies to develop floating equipment for the project.

The British company plans to launch a demonstration vessel in 2026 with the target of commercialisation by between 2030 and 2032. The demonstration is expected to cost 50 billion yen ($359 million), a cost that will be shared between Core Power, Southern Co, TerraPower and Orano.

By Debarati Bhattacharjee

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