Blue Energy Raises $380 Million to Build Nukes for Data Centers
(Bloomberg) -- The startup Blue Energy Global Inc. raised $380 million to develop small, prefabricated nuclear reactors to run data centers.
The funding round was led by VXI Capital and included investments from Engine Ventures and Tamarack Global, according to a statement Tuesday. Among other things, the Chevy Chase, Maryland-based company will use the proceeds to pay for equipment that needs to be ordered long in advance.
Blue Energy plans to build a power plant for a data center being developed in Port of Victoria, Texas. The company will initially use natural gas generators at the site, then later install small reactors using a standardized construction model that can be repeated.
The strategy will make the project faster to develop and easier to finance by avoiding the kind of massive cost overruns that have long bedeviled large traditional reactors that are highly customized, Chief Executive Officer Jake Jurewicz said.
“This is the Ikea kit for how to build a nuclear power plant,” Jurewicz said in an interview.
Blue Energy, which is doing early development work at other locations, plans to use light-water reactors for its projects and is evaluating several vendors. The company says it already has a supplier lined up for the gas turbines.
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