Bluecore Energy has raised $50 million in seed financing to advance the development of its floating nuclear power system. The Long Beach-based company is developing compact, water-cooled nuclear reactors designed to operate aboard barges and provide electricity to ports and other high-demand facilities.

According to the company, the financing will support engineering and hardware development, testing and validation, manufacturing, hiring, and regulatory and classification work. Its first system is being designed to produce about 10 megawatts of continuous electrical power and operate for several years between refueling periods.

Bluecore Energy is developing its first system at the Port of Long Beach in California. The company said it is working with the U.S. Nuclear Regulatory Commission and the U.S. Coast Guard as it develops the technology and works toward the regulatory approvals required before a fueled system can be deployed.

The planned system would operate offshore and transmit electricity to shore through subsea cables. Bluecore Energy sees potential applications in ports, coastal infrastructure, data centers, and other facilities with growing electricity demand. Any future deployment would remain subject to federal licensing and applicable environmental, maritime, safety, and security reviews.