The US Maritime Administration (MARAD) and CORE POWER have signed a Memorandum of Cooperation (MOC) to develop commercial, industrial and regulatory frameworks for a future fleet of US-flagged nuclear-powered merchant ships.
CORE POWER is targeting first construction from 2028, although the company said the timetable remains subject to regulatory, commercial, project and industrial readiness.
“Nuclear propulsion is a serious commercial opportunity, but it must be approached as a complete system – safe, secure, licensable, and investable,” said Stephen M. Carmel, Administrator of the Maritime Administration.
CORE POWER plans to develop a dedicated US nuclear-grade integration and lifecycle shipyard to carry out nuclear installation, initial fuelling, testing, commissioning, refuelling, defuelling and through-life support.
Conventional hulls and marine systems would be built at commercial shipyards, with the company intending to use allied shipbuilding capacity while developing specialist nuclear integration and lifecycle capability in the United States.
“A reactor provides sustained high power for years between refuelling, avoids dependence on conventional marine fuel supply and eliminates emissions from propulsion,” said Mikal Bøe, Founder and CEO of CORE POWER.
“CORE POWER is targeting first construction starts from 2028. Government can set the direction and coordinate; private industry must move the money and the steel.”
The partners note that this non-exclusive agreement is not a procurement contract, grant or commitment of federal funds and does not commit MARAD to acquire any vessel, technology or service.