I am very excited to share what we have been working on for the last year. For over 40 years, construction of new nuclear power plants has been slow and plagued with cost overruns. We founded Blue Energy to unlock an entirely new paradigm of manufacturing, installation, and siting for nuclear power, leveraging techniques and form factors from the offshore oil & gas and wind sectors to reduce the build time from >10 years to 2 years and the overnight capital cost from >$10K/kW to $2K/kW.
We have assembled an industry-leading team, and we are announcing today a $45M Series A to execute on the first step of this plan. Additionally, we are sharing the design of our fully modular plant architecture that is compatible with multiple reactor vendors and can be manufactured centrally in existing shipyards around the world.
Those of you who have known me for a decade or longer know this is a pursuit of passion for me. I would like to thank our investors and our team for making the vision of this company a reality. We are building an energy abundant future enabled by low cost nuclear power. Please reach out if you would like to help build this future.
Thank you Matthew Slotkin, Tom O'Neill, Ted Kowalski, Charlie Bowser, CJ Fong, Cody Jacobucci, Jared Conway, Paulina Mustafa, Jake Bograd-Denton, Engine Ventures, At One Ventures, Angular Ventures, Tamarack Global, Propeller Venture Capital, Nucleation Capital, Starlight Ventures, Lara Pierpoint, Jon Gribble, Lisa Wood, John Raymont, Lee Laurendeau, Kenneth Petersen
And thank you Michelle Hussel for he great fast work on the renderings