Emerald Nuclear today announced a $2.1 million award from The Research Council of Norway to support its efforts to bring nuclear energy to the shipping industry and offshore power. The Seattle-based startup is developing high-temperature gas reactors that use an encapsulated fuel designed to resist meltdowns.
“This award will enable Emerald Nuclear to work directly with our marine partners to validate integration of our technology with their state-of-the-art marine power distribution and control systems,” said Wesley Deason, co-founder and CEO.
The funding supports Norway’s Marine Nuclear Propulsion System Pilot project, which is being led by Emerald Nuclear’s Norwegian subsidiary.
Shipping accounts for roughly 3% of global carbon dioxide emissions, making it a significant target for lower-carbon energy solutions. Some ferries serving shorter routes are adopting hybrid-electric propulsion. Shipping companies are exploring methanol, ammonia, biofuels and other alternatives to heavy fuel oil, but their climate benefits depend on how those fuels are produced and used.
Nuclear reactors have powered U.S. Navy submarines for more than 70 years. Now, a new wave of companies is working to expand nuclear power’s role in commercial shipping and other marine applications.
The award supports an early development step for Emerald Nuclear, with substantial work remaining before commercial deployment. The company has yet to build its first reactor, and its plans will require additional financing, regulatory approvals and a reliable fuel supply. The startup has previously received an undisclosed amount of funding from angel investors.
Emerald Nuclear has five employees , most of them in Norway, and is targeting two applications: offshore ships that help construct facilities like oil platforms and wind turbines and lay deep-sea cables, and floating power plants for remote communities.
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