Core Power assesses Japanese market for maritime nuclear

Core Power said it signed the agreement with Mitsubishi Research Institute to "further strengthen its operations".

"Japan will play a major role in the development of the specially designed ships as it is a world leader in innovative engineering and shipbuilding," said Core Power CEO Mikal Bøe. "Core Power is also working to build continued support from Japanese, European and American end users in shipping, finance, industry and trading houses."

In May last year, it was reported that more than a dozen Japanese companies - including Onomichi Dockyard and Imabari Shipyard - had invested a combined total of about USD80 million in Core Power, which is helping develop a floating molten salt reactor nuclear power plant and other maritime applications. The British company is now reportedly majority-owned by Japanese companies.

Core Power said its technology will "power large ocean-going ships with dramatic improvements in energy efficiency and true zero emissions, an estimated USD3 trillion market for large ships by 2060". It also plans to provide reliable, clean floating nuclear energy to coastal customers, on time and on budget. Estimates are that the floating nuclear power market will reach USD2.6 trillion by 2060.

Once the first ships and floating power plants are built, Core Power will co-own and operate 'turnkey' floating nuclear power solutions with customer investors. The company said it aims to build an order book of critical mass by 2030 worth up to USD10 billion.

"We are entering an exciting period in the development of maritime nuclear technology, as we move from the drawing board to building technology which will change the face of shipping for good," Bøe said.

The shipping industry consumes some 350 million tonnes of fossil fuel annually and accounts for about 3% of total worldwide carbon emissions. In July last year, the shipping industry, via the International Maritime Organization, approved new targets for greenhouse gas emission reductions, aiming to reach net-zero emissions by or around 2050.