New nuclear for maritime is a “geopolitical imperative” delegates told at CORE POWER’s European Summit

- Former UK Cabinet Minister, Rt Hon Anne-Marie Trevelyan, says there is now added urgency to deliver safe and secure energy as demand for electricity grows

L to R: Anna Bradford, Division Directorat International Atomic Energy Agency (IAEA);

Admiral John Richardson; Sama Bibao y Leon, Director General of World Nuclear Association; Tim Stone CBE, Non-Executive Director of Great British Nuclear, Charlotte Vere, Group Head of Market Development, CORE POWER; Rt Hon Anne-Marie Trevelyan, Former UK Cabinet Minister

The New Nuclear for Maritime European Summit, the world’s largest international summit on maritime nuclear, brought together expert speakers covering breakthroughs in nuclear technology, naval architecture, reactor safety and security, international and domestic regulatory frameworks and finance, insurance and law. Delegates including industry partners from the shipping and nuclear sectors, international standards setters, and legal, insurance and finance specialists heard from the CORE POWER senior team about plans to deploy Floating Nuclear Power Plants to generate clean, firm energy and develop civil nuclear-powered ships.

“This is the year that nuclear for maritime went mainstream and speaker after speaker shared their thoughts about how and why it will be a significant part of their future. With this broad coalition of global experts working alongside CORE POWER to accelerate the timescales for the deployment of maritime nuclear, we are strengthening our core capabilities, building our networks and delivering the next phase of our ambitious program for new nuclear for maritime,” said Mikal Bøe, CEO of Core Power.

There was a sense of urgency from many of the panellists citing growing demand for electricity in many parts of the world, which is putting further strain on national grids. Heavy industry and AI data centres and other electricity superusers are under pressure to secure clean firm energy to ensure uninterrupted operations in the future.  

Speaking on a panel focusing on the impact and influence of geopolitics on maritime nuclear and the alignment of international standards, former UK Cabinet Minister, the Rt. Hon. Anne-MarieTrevelyan, stated that the development of new nuclear for maritime in the OECD ‘was not a technological frontier but a geopolitical imperative.’

Morgan Fanberg, CEO of leading naval architects, Glosten, outlined the challenges of integrating structure, safety systems, operations and mission into a single floating platform. While Michael Vandevanter, Director of Technology Development at TerraPower delivered a keynote speech on the Molten Chloride Fast Reactor, the ‘ideal reactor for maritime’.

Sangmin Park of HD KSOE noted that the company has designated nuclear technologies as one of its ‘key missions’.

On finance, Michael Parker, Citi’s veteran shipping finance banker, confirmed that there will be capital available to fund maritime nuclear programs but there are still questions from financiers that need to be answered. He suggested using the 2021 Clydebank Declaration on maritime decarbonisation to encourage leading nation states to step up the dialogue.

One of the highlights of the day was the announcement by Dr. Mamdouh el-Shanawany, Chairman of the Nuclear Energy Maritime Organisation, that the organisation has been recognised by both the International Maritime Organization and the International Atomic Energy Agency, and will provide expert input to both as international standards are refreshed. 

“There is a clear political and social imperative to deliver clean firm energy and nuclear is now accepted by most governments and industry leaders as the only viable technology able to deliver it” added Bøe.

■ Contact: CORE POWER www.corepower.energy