Japanese firms invest $72 million in British floating nuclear plant project

• 11 months ago (2023-05-29)
• David Flin

Asia 851 Europe 1061 Nuclear 640

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A number of Japanese companies have invested ¥10 billion (around $72 million) in a British start-up developing floating offshore nuclear power plants.

Onomichi Dockyard and Imabari Shipbuilding are among the companies that provided funds to Core Power , which has been working on the project along with TerraPower , a US venture founded by Bill Gates. It is believed that the Japanese companies are aiming to acquire expertise through their stake and launch a similar project in Japan.

The plant being developed is designed to liquefy salt by heating it above 400°C and mixing it with uranium.

An official of Onomichi Dockyard said: “We’ve decided to join a demonstration project overseas, considering the speed of development.” They added that the company is aiming for commercialisation around 2030.