CORE-POWER

CORE-POWER (UK) Ltd. is a London-based development company, founded in 2018 by Mikal Bøe, focusing on creating a market for advanced atomic power within the maritime sector. Bøe, a Norwegian national with three decades of experience as a senior executive in international shipping, finance, and technology, established the company to address the shipping industry's need to shift towards zero-emission propulsion. His background as Chief Risk Officer for large shipping groups provides him with a deep understanding of the technical, commercial, and regulatory challenges involved in this transition.

The company is developing advanced nuclear energy technologies for two primary applications: providing propulsive power for large commercial ships and powering floating industrial production through Floating Nuclear Power Plants (FNPPs). These solutions are aimed at the ocean transport and heavy industry sectors, helping them meet increasingly stringent emissions regulations, such as the International Maritime Organization's mandate to significantly cut carbon emissions. The business model involves not just developing the technology but also establishing a comprehensive civil maritime nuclear program called LIBERTY, which covers regulatory frameworks, workforce training, and a robust supply chain to ensure safety and public trust. Once operational, CORE-POWER plans to co-own and operate these turnkey solutions with its customer investors.

The core of the company's offering is its work with Molten Salt Reactor (MSR) technology, specifically the Molten Chloride Fast Reactor (MCFR). Unlike traditional reactors, MSRs operate at atmospheric pressure and use liquid fuel, which enhances safety; in case of a leak, the salt fuel would cool and solidify. This technology is designed to power a ship for its entire 30-year lifespan without refueling, a significant advantage over conventional nuclear propulsion. The reactors can also be used on FNPPs to generate electricity for shoreside grids or to produce carbon-neutral fuels like hydrogen and ammonia. In partnership with TerraPower, Southern Company, and Orano, CORE-POWER is part of a U.S. Department of Energy-backed project to develop and test this technology, with a prototype demonstration reactor expected in the early 2030s.

Keywords: maritime nuclear propulsion, molten salt reactor, MSR, floating nuclear power plant, FNPP, zero-emission shipping, clean energy, decarbonization, advanced reactors, Mikal Bøe, TerraPower, maritime technology, sustainable shipping, nuclear energy for industry, Molten Chloride Fast Reactor, MCFR, marine engineering, alternative marine fuel, nuclear powered ships, green shipping corridors