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Russia’s nuclear equipment manufacturer Atommash has shipped three of the four steam generators for Unit 4 of the Xudabu nuclear power station being built in Liaoning province in northeast China.

Atommash, part of Russian state nuclear corporation Rosatom, shipped the first of the four steam generators and the reactor pressure vessel in August 2024.

Construction of Xudabu-4 – also written in English as Xudabao and Xudapu – began in May 2022.

The plant will be a conventional pressurised water reactor unit using the Russian VVER-1200 technology.

There are four steam generators in the set for a VVER-1200 PWR design. They act as heat exchangers where water carrying heat generated from the nuclear reaction is used to turn demineralised water into steam.

International Atomic Energy Agency data shows four units are currently under construction at the Xudabu site.

Xudabu-1 and -2 are of the CAP1000 PWR design, a domestic version of the Westinghouse AP1000 design.

Xudabu-3 and -4 are both of the Rosatom-supplied VVER-1200 PWR technology.

US-based nuclear technology company Terrestrial Energy and UK-based Viaro Energy have signed a partnership to develop an Integral Molten Salt Reactor (IMSR) project in the UK.

The two companies said they will work on the deployment of Terrestrial Energy’s IMSR plant technology for a range of potential industrial applications, including powering data centres for AI.

These applications currently rely on fossil fuels to drive energy-intensive processes, for which an IMSR plant offers a “scalable, carbon-free replacement”, Terrestrial Energy said.

Viaro, which has interests in oil and gas projects in the North Sea, and Terrestrial Energy will initially evaluate siting, regulatory, macroeconomic and policy factors to confirm the viability of the project, before proceeding to identification of target sites, followed by detailed evaluation and site selection.

The two companies intend to form a joint venture for the delivery of the IMSR plant project in the UK, with Viaro providing the infrastructure and investment for the deployment and Terrestrial Energy leading the nuclear system development and procurement activities.

The companies anticipate the project will reach a final investment decision in 2030.

The IMSR is a Generation-IV nuclear power plant technology using a molten salt fuel and coolant.

The small modular reactor industry is in a period of “epochal change” as major industries turn to nuclear as the most direct, efficient, reliable source of energy to power everything from data centres to ships, an International Atomic Energy Agency (IAEA) conference has heard.

The agency’s director-general, Rafael Grossi, told the International Conference on SMRs at the IAEA’s headquarters in Vienna that “now there is a market out there” for SMRs, although he warned there is a degree of uncertainty on “whether we are going to be able to deliver on time and in the scale that is required”.

Grossi said: “We are all looking at how industries, and in particular AI [artificial intelligence] and the IT industry, the big, big firms in the world, the Googles of this world and the Microsofts of this world are now knocking at the door of nuclear.

“They are not coming to nuclear for an idea or information,” he said. They are requesting nuclear to deliver.”

Grossi said it is not only big tech that is looking to nuclear. He said he has been talking to the steel industry, the shipping industry and the coal energy companies and “they are all looking at nuclear”, particularly SMRs, which can decarbonise industries, power economies and help meet global net zero goals.

The conference follows a number of major announcements in recent weeks from technology companies that are planning to use SMRs to provide electricity for their businesses, particularly for data centre and AI operations.

Background: Big Tech’s Big SMR Deals

Amazon said it is buying a stake in US nuclear developer X-energy, as part of a collaboration with the company aimed at deploying SMRs to provide electricity to power its data centres.

Google announced that it will back the construction of seven small SMRs from Kairos Power, becoming the first tech company to commission new nuclear power plants for data centres.

In September, Microsoft announced that it would commit to buying 20 years’ supply of electricity from the mothballed US nuclear power plant Three Mile Island if Constellation Energy restarted the site.

US computer technology company Oracle wants to power a new data centre through nuclear energy, according to the firm’s chief technology officer Larry Ellison.

Speaking during a recent earnings call, Ellison confirmed the cloud computing giant has “already got building permits” for three SMRs, without giving details.

According to Grossi, SMRs are one of the most promising, exciting, and necessary developments in nuclear energy.

“A growing number of countries are turning to SMRs to power their economies and the IAEA is supporting them through our SMR platform,” he said.

“Financing will be key, and we are working to open doors, as we have seen for renewables, to ensure efficient progress.”

Orano has created two specific 'sharing groups' which bring together the main designers of innovative fast neutron reactors in France. These groups, it says, are open to all designers of these types of reactors who wish to join.

According to Orano, small modular reactors (SMRs) and advanced modular reactors (AMRs) offer "flexible, safe and sustainable solutions to meet the energy needs of tomorrow, complementing more powerful reactors". It adds, "Some AMRs are notable for their ability to use fuel based on recycled plutonium, such as MOX (mixed-oxide) fuel or molten salt fuels. These features make for reactors which are potentially well-suited to long-term, sustainable use of resources and the reduction of nuclear waste."

Orano said it has signed two collaboration charters, thereby setting up two sharing groups which will make it possible to pool start-ups' needs relating to the development of fuels.

The first FNR MOX sharing group brings together Orano, Hexana, Newcleo and Otrera. Its aim is to work on the developments necessary for the production of the mixed-oxide (MOX) fuel used in these fast neutron reactors (FNRs) and its future processing in a facility on Orano's La Hague site, as well as on the associated logistical solutions.

The second MSR sharing group brings together Orano, Naarea, Stellaria and Thorizon. Its aim is to work on the developments necessary for the production of the liquid fuel used in these fast neutron molten salt reactors (MSRs), as well as on the associated logistical solutions and the prospects of processing these salts on Orano's La Hague site.

"This shared approach will aid the development of fast neutron reactors by allowing for greater efficiency, as well as optimising costs and resources for developments associated with this fuel," Orano said.

It added: "These collaborations follow on from the France 2030 investment plan, which aims to promote the emergence of high-end nuclear technologies and reinforce France's position as a leader in energy innovation. They will complement existing collaborations with the two start-ups Stellaria and Thorizon, established following the call for projects for phase 1, which ran until June 2023."

Orano said it was interested in the concept of reactors which can run not only on the plutonium from used fuel from existing reactors, but also on minor actinides, which until now have been treated as vitrified waste. By coupling this technology with the recycling of uranium and plutonium in light water reactors which are already used in several countries, the Orano group could go even further in terms of the recovery of nuclear materials and reduction of waste.

Newcleo CEO Stefano Buono commented: "By developing and utilising MOX fuel for fast neutron reactors, we are tackling two of the nuclear industry's most critical challenges: waste management and sustainability. This strategic collaboration with Orano, Hexana and Otrera underscores our commitment to innovation and a circular economy in nuclear energy. Together, we are not only closing the nuclear fuel cycle but also paving the way for a cleaner, safer, and more sustainable future."

GEN energija says that an independent review of its costings for the proposed JEK2 new nuclear project in Slovenia has produced a similar estimated construction figure, but stressed that risk analysis needs to be given a clear focus in future decision-making.

Slovenia's JEK2 project is for a new one or two-unit nuclear power plant, with up to 2400 MW capacity, next to its existing nuclear power plant, Krško, a 696 MWe pressurised water reactor which generates about one-third of the country's electricity and which is co-owned by neighbouring Croatia.

Prime Minister Robert Golob has committed to holding a referendum on the project before it goes ahead, and has suggested the vote could be held later in 2024, with a number of key studies and documents to be published beforehand to "enable citizens to make an informed decision". The current timetable for the project is for a final investment decision to be taken in 2028, with construction beginning in 2032.

The JEK2 project team, following discussions with potential nuclear power plant providers EDF, KHNP and Westinghouse, in May estimated the cost for various reactor sizes, ranging from EUR9.314 billion (USD10.1 billion) for a 1000 MW unit, up to EUR15.371 billion for a 1650 MW unit.

The series of reports published before the referendum now includes a review of input data used to estimate the finances. Carried out by Ernst & Young, GEN energija said: "This showed that the inputs used by GEN in its economic study were within an acceptable cost range compared to recent academic research and industry standards ... at the same time, the sensitivity of the investment's performance to changes in uncertain input parameters can be discerned from the analysis, which requires extreme attention in risk analysis in the further steps of project decision-making."

Kruno Abramovič, executive director for finance of GEN energija, said the estimated cost, in January 2024 prices and excluding financing cost, would be in a range from EUR9.5 billion for a 1000 MW unit to EUR15.4 billion for a 1650 MW unit. Average operating costs were estimated at EUR41.9-45.6 per MWh. It says with an assumed selling price of electricity of EUR75 per MWh "it was determined that the investment is economically justified and that it makes sense to continue with the development of the JEK2 project".

A separate study was published by Jože Damijan from the Faculty of Economics of the University of Ljubljana, which GEN energija said showed that a new unit would "play a key role in ensuring the stability of the power system ... also help mitigate potential short-term price spikes ... achieve climate goals in the energy sector [and] reduce Slovenia's dependence on electricity imports and would even enable it to become a net exporter of electricity".

The deputy prime minister of Serbia, whose government is keen to overturn a ban on nuclear energy projects in the country, has held discussions with Rosatom about expanding cooperation in non-energy applications of nuclear technologies.

Rosatom said that during Director General Alexei Likhachev and Serbia's Deputy PM Alexandar Vulin's meeting (see picture above) they also discussed the involvement of Russian companies in projects in Serbia as well as the involvement of Serbian companies in projects taking place in third countries.

The construction of nuclear power plants, nuclear fuel production plants and plants for used nuclear fuel processing for nuclear power plants in Serbia has been forbidden since 1989 - in the wake of the Chernobyl accident - predating the breakup of the former Yugoslavia. That ban has stayed in place, although the current government is aiming to reverse it.

In March, Serbia's President Aleksandar Vučić told the Nuclear Energy Summit in Brussels that Serbia's government was aiming to win public support for an end to the nuclear energy ban and was seeking support from other countries on nuclear know-how and financing towards its goal of getting 1200 MW of capacity from small modular reactors.

Since then, France's EDF and French engineering consultancy Egis have been awarded a contract by Serbia's Ministry of Mining & Energy to conduct a preliminary technical study on the potential use of nuclear power in the country and the Serbian ministry has also gathered together experts and institutions from within the country and abroad to consider establishing a programme for nuclear energy with "the use of nuclear energy foreseen in one of the scenarios of the Integrated National Energy and Climate Plan".

Talks have also been held with the International Atomic Energy Agency about cooperation in the development of a nuclear energy programme.

France-based small modular reactor (SMR) startup Blue Capsule Technology has chosen CSTI Group for the design and construction of a test qualification loop, to be used in testing all thermo-hydraulic aspects of the reactor’s various components.

Blue Capsule said it is developing a high-temperature sodium-cooled 150-MWt SMR that can produce industrial-grade heat to 750°C, vapour to 650°C, and 50 MWe of electricity.

The company said its reactor design is targeting hard-to-abate sectors, such as ammonia and soda ash production, and industries that require industrial-grade heat and steam for hydrogen production.

The reactor optimised for deployment in arid environments, as it doesn't require water cooling, and its modular nature allows for cost-effective manufacturing and deployment, the company has said.

The Blue Capsule experimental loop will be built in 2025, with a series of tests planned for the end of 2025, a statement said.

The operation of this loop will take several years, before the commissioning of Blue Capsule’s non-nuclear prototype, expected by the end of 2028.

According to Alexey Lokhov, co-founder and chief technology officer at Blue Capsule, the project will serve as a demonstrator for the company’s concept as this first loop is expected to provide “valuable data not only for our project but for the nuclear sector more broadly”.

Domnin Erard, Blue Capsule's nuclear architect, said the loop tests will involve the natural circulation of liquid sodium at high temperatures and will be followed by a second phase testing the sodium-air heat exchangers and various materials.

Blue Capsule Technology was founded in November 2022. The company is a spin-off from France's Alternative Energies & Atomic Energy Commission (CEA).

In May 2024, Blue Capsule agreed with CEA to extend the support to fields including equipment and components, materials, and Triso (tristructural-isotropic)-based fuel.

In July 2024, the company announced new investment of €2m ($2.1m) in its high-temperature SMR project.

Investment in nuclear power must rapidly increase to $125bn (€115bn) a year by 2030 meet global climate targets, according to a new report, Climate Change and Nuclear Power 2024, by the International Atomic Energy Agency (IAEA).

The report says that nuclear power investment, both in nuclear new-build and long-term operation of existing reactors, needs to rise from the current average of $50bn a year to $125bn a year by 2030 to support ambitious projections to reach a 2.5-fold increase in nuclear capacity by 2050.

Last month, the IAEA released its forecast for a significant increase in global nuclear power capacity by 2050 by 2.5 times current levels.

The agency said a “more aspirational goal” would require more than $150bn in annual investment to triple global nuclear capacity – a pledge made by 22 countries in December 2023 at the Cop28 United Nations (UN) climate conference in Dubai.

The new report highlights the financial challenges and opportunities in scaling up nuclear energy, underlining the need for innovative financing mechanisms to meet the growing demand for clean energy.

A main focus of the report is the financial complexity surrounding nuclear projects, particularly the large upfront costs and long construction timelines. The report said these two aspects “exacerbate the perception of investment risks.”

According to the report, costs for new nuclear power plants can be highly project-specific, varying across countries and reflecting not only differences in technologies, labour costs, project scope and financing mechanisms but also different recent experiences in plant construction. The UN agency based its report on financing and cost estimations by the International Energy Agency (IEA).

The IAEA said “reported” capital costs (excluding financing costs) for a first-of-a-kind (Foak) reactor unit after many years in the EU, UK and US range between US $8,000-11,000 per kW or more.

In countries with ongoing experience in nuclear plant construction and “mature expanded” nuclear energy supply chains, and often lower labour and regulatory costs, construction costs and construction times have been comparatively lower, the agency said.

The IAEA gave examples recent new-builds in China, South Korea and Russia where reported capital costs have been closer to $2,500-5,000 per kW.

According to the report, quoting IEA estimates, by rebuilding nuclear supply chains, scaling up deployment volumes, and reusing the same design from one project to the next China and India will be able to deliver nuclear projects for less than $3,000 per kW, while in the EU and the US, new build costs could be reduced to around $4,500 per kW by 2050.

Government Backing Is Essential

The report calls for governments to play a role in ensuring financing availability for nuclear power projects. This includes providing loan guarantees, subsidies, and regulatory support to attract private investors. Public-private partnerships are seen as a potential model for distributing financial risks while making nuclear energy projects more bankable.

According to the IAEA, nuclear power projects have the potential to be attractive to private investors because of their long-term stability and predictability in energy generation, which can translate to consistent revenue.

Despite private investors having been “historically averse” to engage in nuclear energy projects due to their specific risks, various financial instruments can help mitigate these risks and make nuclear ventures more appealing to private capital.

Government backing is essential for nuclear expansion, particularly in managing the risks of new-build projects. Such support is important also for emerging markets and developing economies which can be “newcomers” to nuclear power.

The report says government backing can also come though export credit agencies, with export credit having become increasingly important for all parties involved in nuclear energy projects. “For technology exporters, the ability to provide financial solutions has become a critical competitive advantage, especially in new or emerging markets that lack the access to the large funding required in nuclear energy projects,” says the report.

Innovative financing mechanisms, including green bonds and sustainable finance, could be used to unlock the required capital. The inclusion of nuclear energy in sustainable investment taxonomies, such as in the European Union, is seen as a potential catalyst for drawing commercial banks into the sector.

The IAEA also sees a growing role for multilateral development banks, especially in emerging markets, to bridge financing gaps in countries with less developed financial systems.

“The IAEA is engaging multilateral development banks, including the World Bank, to highlight their potential role in making sure that developing countries have more and better financing options when it comes to investing in nuclear energy,” says the report.

The Potential Of Small Modular Reactors

The report highlights the potential of small modular reactors (SMRs) to attract new types of financing. Although these reactors promise lower initial capital costs and reduced construction risks, no large-scale commercial deployment of SMRs has yet provided a clear picture of their cost competitiveness.

“The cost structure of SMRs in many ways mirrors that of their larger counterparts,” the report said adding that “both have relatively high upfront capital investment requirements and stable and predictable operating expenses.”

“However, SMRs offer the potential for simplification, standardisation and predictability that holds the key to unlocking their economic competitiveness, overcoming their main disadvantage compared with traditional large reactors, which have evolved towards larger units to take advantage of economies of scale.”

The timeframe for investors to see returns is expected to be shorter for SMRs because of their faster construction period, says the report.

The report concludes that collaborative efforts between policymakers, regulators and the nuclear industry could facilitate the broader financing and deployment of SMRs.

The creation of the Nuclear Energy Platform is intended to share experience and support the development of nuclear technologies among BRICS+ member countries.

The intergovernmental BRICS organisation's members are currently Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia and the UAE, with more than 20 other countries also expressing an interest in joining the organisation which is widely seen as a counterbalance to the G7 grouping of industrialised nations.

The presidency of what is now sometimes referred to as BRICS+ since its expansion from 5 to 10 members this year, is currently held by Russia, with its annual summit taking place in the city of Kazan next week. But ahead of that event, the BRICS+ Business Forum has been taking place, with the issue of collaboration in the field of peaceful uses of nuclear technology discussed at a meeting at Moscow Atom Museum.

Alexey Likhachev, Rosatom director general, said that nearly all the organisation's members were implementing projects in the field of nuclear energy: "Today, many BRICS members are the technological drivers of the international nuclear market. The common experience can and should be used and replicated throughout the BRICS space and on the planet as a whole. Therefore, we propose to join forces within the framework of the BRICS nuclear platform, a voluntary alliance of companies, professional nuclear communities and NGOs supporting the development and implementation of nuclear technologies."

BRICS member countries currently have 390 GWe of operable nuclear power units with a further 66 MWe under construction. One of the platform's aims is to help companies, if required, with persuading their governments to see nuclear as a clean energy source, and also share assistance for dealing with other issues which may be hampering nuclear energy projects.

According to Russia's official Tass news agency, Likhachev told reporters that the process of legal formalisation of the Nuclear Energy Platform had started and that its main aim was to develop and implement best practices relating to energy and non-energy use of nuclear technologies for peaceful purposes in BRICS and BRICS+ markets and to develop incentivising mechanisms and models of projects’ implementation in member countries.

It reported him as saying that the platform was intended for companies, nuclear power plants and related organisations - "those capable of contributing to development of the nuclear power sector" - and the plan had been backed unanimously.

Orpet Peixoto, deputy chairman of the Brazilian Association for the Development of the Nuclear Industry, said: "I am very happy with the progress in the formation of the Platform. I believe that it will prove fruitful for BRICS countries and BRICS associate member-states ... we are one of the very few countries in the world with all the elements of nuclear fuel cycle but we need support, we need financing, and we know that we can get them through cooperation with the BRICS countries. So, I see Brazil has a lot to gain from the cooperation within the platform."

Meanwhile, speaking at the BRICS business forum on Friday, Russian President Vladimir Putin said that BRICS members now had a bigger share of global gross domestic product than the G7 members, saying its members were "in fact the drivers of global economic growth" and with the development of "communication channels, technological and educational standards, financial systems, payment instruments and, of course, mechanisms for sustainable, long-term investment ... the economic growth of BRICS members in the future will increasingly depend less on outside influence or interference".

Member countries of the European Nuclear Alliance have called upon the next European Commission to recognise the contributions of both nuclear and renewables in Europe's decarbonisation in its upcoming programme, covering the period 2024-2029.

The Alliance met on 15 October in Luxembourg in the margins of the Energy Council with ministers and high-level representatives from 14 EU member states (including the upcoming Polish presidency) as well as the European Commission.

In a joint statement, the Alliance said: "In a changing global geopolitical context, the upcoming 2024-29 Commission's mandate must ensure the competitiveness and resilience of our economies towards reaching climate-neutrality by 2050 and to address the 'existential challenge' that Europe is facing.

"Nuclear energy, alongside renewable energy, is a cost-competitive solution to meet the growing demand for fossil-free electricity and mitigate climate change, thanks to its low-carbon footprint. Nuclear energy is the ready-available fossil-free technology able to produce consistent baseload dispatchable power, ensuring both our collective security of supply and the necessary flexibility in our electricity market."

In March, the European Nuclear Alliance outlined four pillars of action to set "an enabling European framework to foster a robust European nuclear industry and guarantee the security of supply of nuclear materials, particularly nuclear fuel, for power and non-power uses". These included: developing access to private and public financing, and exploring the possibilities and benefits of European financing instruments; developing a skilled and diverse nuclear workforce for all civil nuclear applications; scaling-up industrial, research and innovation collaboration across a European value chain through concrete projects; and respecting the national choices of all member states with regards to the decarbonisation of their energy mix to strengthen our unity.

"We commit to intensify our cooperation within the Alliance, with all other like-minded EU member states and with the European Commission on these four pillars," the Alliance said in their latest statement.

"The benefits of existing and future nuclear power plants go beyond the borders of member states which opt for nuclear energy," they continue. "Indeed, low-carbon baseload energies such as hydro or nuclear power stabilise our common grid and the entire European electricity market.

"Nuclear energy as well as renewables are true collective assets for the European Union. Due to its baseload profile and low operating costs, nuclear power production creates less volatile market conditions. Without such energies, there is no path for the EU to provide to its citizens affordable, reliable and abundant low-carbon energy while achieving net-zero by 2025."

The 103 nuclear power reactors currently in operation in the EU provide it with about one-quarter of its electricity.

The current Commission's term of office runs until 31 October 2024. Between 6 and 9 June, EU citizens voted to elect the 720 members of the next European Parliament. European Commission President Ursula von der Leyen was elected for a second mandate.

The European Nuclear Alliance comprises Bulgaria, Croatia, the Czech Republic, Finland, France, Hungary, the Netherlands, Poland, Romania, Slovakia, Slovenia and Sweden, plus Belgium and Italy as observers.

The head of cloud-based gaming services provider Ubitus KK has said the Tokyo-based company is planning to construct a new data centre in Japan and is specifically looking at areas with nearby nuclear power plants.

Ubitus already has two data centres for gaming - located in Tokyo and Osaka to be close to gaming clients - which are operated in partnership with Nippon Telegraph & Telephone Corporation.

The company is now looking to build a third data centre to serve generative artificial intelligence. For generative AI, the priority becomes more about the size of energy supply and electricity price, Ubitus CEO Wesley Kuo told Bloomberg.

Kuo said the company is looking to acquire land in Kyoto, Shimane or a prefecture in Japan's southern island of Kyushu, primarily because of the availability of nuclear power in the region. Setting up a data centre in these areas would allow access to a grid with cheap and stable electricity thanks to the nuclear facilities, he said.

Kyoto is close to several nuclear power plants operated by Kansai Electric Power Company, while Kyushu is home to four units managed by Kyushu Electric Power Company. Chugoku Electric Power Company is scheduled to restart unit 2 of its Shimane plant in Shimane Prefecture in December.

"Unless we have other, better, efficient and cheap energy, nuclear is still the most competitive option in terms of cost and the scale of supply," Kuo said. "For industrial use - especially AI - they need a constant, high-capacity supply."

Ubitus expects to select a location for its new data centre in early 2025, Kuo told Bloomberg. The centre will initially have power-receiving capacity of 2-3 MWe, with plans to potentially expand to up to 50 MWe.

In March, Ubitus announced that it had received new investment from California-based software and fabless company Nvidia Corporation, which it said "underscores the immense potential and accelerating demand for generative AI and cloud gaming across Asia and beyond".

Earlier this week, online shopping and web services giant Amazon announced it was investing USD500 million in developing nuclear technologies to power its data centres. That announcement came two days after fellow online giant Google signed a Master Plant Development Agreement with Kairos Power for the development and construction of a series of advanced reactor plants. And last month Microsoft announced it had signed a 20-year power purchase agreement with Constellation which would see Three Mile Island unit 1 restarted, five years after it was shut down.

Core Power announced it has signed an agreement with Mitsubishi Research Institute to study market conditions for a maritime civil nuclear programme in Japan. The UK-based company is also nearing completion of its Series B funding round of USD500 million.

Core Power said it signed the agreement with Mitsubishi Research Institute to "further strengthen its operations".

"Japan will play a major role in the development of the specially designed ships as it is a world leader in innovative engineering and shipbuilding," said Core Power CEO Mikal Bøe. "Core Power is also working to build continued support from Japanese, European and American end users in shipping, finance, industry and trading houses."

In May last year, it was reported that more than a dozen Japanese companies - including Onomichi Dockyard and Imabari Shipyard - had invested a combined total of about USD80 million in Core Power, which is helping develop a floating molten salt reactor nuclear power plant and other maritime applications. The British company is now reportedly majority-owned by Japanese companies.

Core Power said its technology will "power large ocean-going ships with dramatic improvements in energy efficiency and true zero emissions, an estimated USD3 trillion market for large ships by 2060". It also plans to provide reliable, clean floating nuclear energy to coastal customers, on time and on budget. Estimates are that the floating nuclear power market will reach USD2.6 trillion by 2060.

Once the first ships and floating power plants are built, Core Power will co-own and operate 'turnkey' floating nuclear power solutions with customer investors. The company said it aims to build an order book of critical mass by 2030 worth up to USD10 billion.

"We are entering an exciting period in the development of maritime nuclear technology, as we move from the drawing board to building technology which will change the face of shipping for good," Bøe said.

The shipping industry consumes some 350 million tonnes of fossil fuel annually and accounts for about 3% of total worldwide carbon emissions. In July last year, the shipping industry, via the International Maritime Organization, approved new targets for greenhouse gas emission reductions, aiming to reach net-zero emissions by or around 2050.