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Blue Energy, a developer of financeable, prefabricated nuclear power plants, today announced a strategic equity investment from Constellation Technology Ventures, the venture arm of Constellation (Nasdaq: CEG), the nation's largest producer of clean energy and operator of the largest fleet of nuclear power plants in the United States. The investment reflects a growing confidence in Blue Energy's strategy to utilize shipyard manufacturing and project financing to deploy proven reactor technology that has the potential to accelerate new nuclear development making it predictable, faster and more affordable. It also marks the first investment by Constellation Technology Ventures in a U.S. nuclear developer advancing small modular reactors.
"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. This relationship helps us leverage an established operator, proven technology, and innovative, project-financeable deployment models to expand access to nuclear energy," said Jake Jurewicz, Blue Energy CEO and Co-Founder. "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."
"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," said David Dardis, Constellation Senior Executive Vice President and Chief External Affairs and Growth Officer. "The Constellation Technology Ventures investment in Blue Energy supports its deployment plans for the GE Vernova Hitachi's BWRX-300, a proven technology with a potential path to scale for the next generation of nuclear energy."
Blue Energy's model is designed to address one of the biggest challenges facing the nuclear industry: how to finance and deploy new nuclear generation at the speed required to meet growing demand. By utilizing proven nuclear technology and employing an innovative large-format robotic prefabrication and assembly method inspired by offshore oil & gas and LNG projects, the company plans to unlock project financing for the first time in the nuclear sector and accelerate deployment timelines.
Earlier this year, Blue Energy announced it raised $380 million and forged a strategic partnership with GE Vernova to develop a multi-gigawatt gas-to-nuclear project utilizing GE Vernova gas turbines and BWRX-300 small modular reactors. The company also recently secured a key U.S. 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. Blue Energy could begin early site works on its first planned project in Texas in 2026, to support a final investment decision in 2027.
About Blue Energy
Founded in 2023, Blue Energy develops financeable, turnkey nuclear power plants compatible with leading reactor technology. Our proprietary lower cost of capital solution and offsite pre-fabrication accelerates new nuclear deployment – making it predictable, faster and more affordable. We will deliver baseload power competitive with fossil fuels and renewables to meet unprecedented global demand. Blue Energy's world-class team has extensive experience in nuclear construction, licensing, engineering, and development. We stem from MIT's Nuclear Science & Engineering Department and are backed by VXI Capital, Engine Ventures, At One Ventures and Tamarack Global. Visit www.blueenergy.co or follow us on LinkedIn.
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SOURCE Blue Energy
