CORE POWER, the UK-headquartered technology developer specializing in advanced nuclear power for ocean transportation has established a US subsidiary and opened an office in Washington D.C.
A team of leading nuclear innovation corporations including Southern Company, TerraPower and CORE POWER, has secured cost-share funding from the U.S. Department of Energy to develop the first proof-of-concept Molten Salt Reactor (MSR) in the USA by 2025.
“We have ramped up our activities in the United States significantly during the last year and we have decided it’s time to establish a permanent presence in this market”, says Mikal Bøe, Chairman and CEO of CORE POWER, adding: “CORE POWER is building a market for the MSR in global shipping, so our engagement with the U.S. Government, the energy industry and key regulatory agencies here, means our decision to make Washington D.C. our home in the US is a natural choice”.
The ocean transportation sector counts around 100,000 vessels emitting more than 1 billion tons of CO2 per year, where 20% of the sector is responsible for 80% of those emissions.
“Shipping carries 90% of all global trade and with advanced nuclear which is true-zero emissions, we can make both a meaningful impact on climate change, and provide substantial economic benefits to the industry”, says Bøe.
With the additional pressure on shipping to reduce emissions on a phased timeline from international leaders at COP26 last week, momentum is building to leverage advanced nuclear energy for production of green fuels and vessel propulsion.
Advances in MSR technology offer the possibility to create the perfect civilian grade true-zero emission energy source that neither threatens the tactical superiority of a nuclear navy, nor poses a threat to the peace and stability of port states.
“It’s very important that those who are tasked with handling export controls and licensing can be fully confident that large scale production of zero-carbon green fuels with advanced nuclear as well as civilian nuclear propulsion is proposed for all the right reasons. Our permanent presence in DC means we will engage on these issues in the years ahead”, Bøe says.
Successful deployment of advanced nuclear technologies to produce an industrial supply chain of low-cost zero carbon fuels for ships, leading to nuclear-powered merchant ships within a climate driven timeframe, depends on international collaboration to progress both development and licensing.
“Our office in Washington DC in an important piece in achieving international collaboration across the public and private markets“, concludes Bøe.