Constellation invests in Blue Energy

Blue Energy says that reactors make up less than 10% of the cost of a nuclear power plant, with most of the cost coming from "construction and regulatory challenges in the rest of the plant". Its model is for a modular, reactor-agnostic power plant architecture to house the next generation of nuclear reactors using centralised manufacturing at existing shipyards. It says this will cut construction time, with the temporary use of gas generation meaning power can be delivered within 36 months.

The investment by Constellation Technology Ventures in Blue Energy marks the first investment by Constellation - which operates more than 19,000 MWe of nuclear generating capacity in the USA - in a US nuclear developer advancing small modular reactors. Stemming from the Massachusetts Institute of Technology's Nuclear Science and Engineering Department, Blue Energy was founded by Jake Jurewicz and Matt Slotkin in 2023.

"With demand for near-term power rising, Constellation's investment will help Blue Energy meet America's need by making new nuclear development predictable, rapidly scalable, and project financeable for the first time in history," said Blue Energy CEO and co-founder Jake Jurewicz. "This relationship helps us ​leverage ​an established operator, proven technology, and innovative, project-financeable deployment models to expand access to nuclear energy. Together, we're demonstrating that the future of nuclear energy isn't a decade away and doesn't take a leap of faith on technology or construction execution, it's being built right now."

David Dardis, Constellation Senior Executive Vice President and Chief External Affairs and Growth Officer​​, added: "Constellation is committed to exploring innovative pathways that can help accelerate the deployment of advanced nuclear technologies in the United States and allocate risk appropriately. The Constellation Technology Ventures investment in Blue Energy supports its deployment plans for GE Vernova Hitachi's BWRX-300, a proven technology with a potential path to scale for the next generation of nuclear energy."

Earlier this year, Blue Energy announced it had raised USD380 million and forged a strategic collaboration with GE Vernova to develop a multi-gigawatt gas-to-nuclear project utilising GE Vernova gas turbines and BWRX-300 small modular reactors. The company also recently secured a key US Nuclear Regulatory Commission licensing milestone that supports its goal of delivering reliable power in 48 months or less through its phased gas-to-nuclear deployment strategy.

In November last year, Blue Energy announced an agreement with AI infrastructure firm Crusoe through which it secured a site for an up to 1.5 GW nuclear plant in the Port of Victoria, Texas, to power Crusoe AI factories on a nearby site. Blue Energy says its gas-to-nuclear conversion will see it power the proposed 1,600-acre Crusoe AI factory campus from 2028, with a transition to nuclear generation by 2031.

Blue Energy says it could begin early site works on its first planned project in Texas in 2026, to support a final investment decision in 2027.