Core Power expects first maritime nuclear orders before 2030

Core Power, a company specialising in the development of nuclear technology, expects to receive its first orders to equip ships with nuclear reactors before the end of the decade, according to CEO Mikal Bøe at a press conference in London. According to, the company aims to develop a market for the use of nuclear reactors at sea, both on floating platforms and in ship propulsion systems.

Bøe said he expects the first orders in 2028 or 2029. ‘Our goal is to build a $10 billion order book by 2030, with first deliveries expected in the five-year period between 2030 and 2035,’ added the Core Power CEO.

The company expects the first orders to be for the construction of floating nuclear power plants, ‘as this is a very large market and easier to regulate’; but according to Mikal Bøe, ship orders should not come much later than that period.

Core Power estimates that the energy costs of a nuclear-powered ship are equivalent to between $500 and $700 per tonne of fuel oil over a 25-year lifetime, with zero carbon emissions. Also, the ship´s nuclear reactor would produce excess energy that would allow it to travel at much higher speeds and supply power to the onshore grid while docked in port. A disadvantage would be the high initial cost of around $700 million.

The company´s next goal will be to get the International Maritime Organisation (IMO) and the International Atomic Energy Agency (IAEA) to update their rules and create a regulatory framework for nuclear-powered ships. "We expect the IMO to modernise and revise its current nuclear merchant ship code by 2028. The IAEA is already doing this and it is possible that it will be ready sooner,’ Bøe explained.

‘And of course, we have to work with the insurance industry to have the right liability regime in place,’ Mikal Bøe concluded.


News and image obtained: "Asociación de Navieros Españoles"


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