Over the next few decades as many as 60,000 ships must transition from combustion of fossil fuels to zero-emission propulsion. The UN’s maritime agency IMO has mandated with unanimous approval from 197 countries that shipping must reduce emissions by 50% of the 2008 total, before 2050. This means an actual emission reduction of almost 90%, by 2050.
CORE-POWER is developing game changing energy technology in the form of the marine-Molten Salt Reactor (m-MSR) for ocean transportation together with the world’s leading Advanced Reactor Developers (ARDs). The world’s leading ARDs have chosen to partner with CORE-POWER because we bring access to pent-up demand from a market with real customers.
The m-MSR is set to create the first sustainable zero-emission energy system for ocean transportation.
The m-MSR is the technology that forms the start of a ‘second atomic era’, where climate change is the main driver of powerful, inexpensive, and safe new energy solutions.
The m-MSR is like an atomic battery pack. The m-MSR is small, with no moving parts, it can be a third cheaper to run than a large fossil fuelled engine. It massively reduces waste, and is fuelled-for-life, avoiding proliferation of spent fuel.
The m-MSR is inherently walk-away safe. Atomic reactors produce heat. Therefore, the coolant is the key to safety. In an m-MSR the fuel is the coolant, and the coolant is the fuel, so coolant cannot be lost. This is the very definition of passive walk-away safety which will create a positive public opinion.
The m-MSR has an economic potential which is greater than that of oil and gas. It can provide all the sustainable, clean energy we need to move us deep into the future without polluting the environment.
Mikal Bøe, CEO, CORE POWER (UK) Ltd
Mikal is a native Norwegian who followed his father's footsteps into shipping in the early 1990s. Three decades on, Mikal is now a senior executive with hard earned experience from dry bulk shipping, commodities trading, technology design and finance. As Founder and CEO of CORE-POWER, Mikal today plays a key role in the development of a new generation of atomic molten salt reactor technologies as the ultimate solution for ocean transportation to meet its emission reduction targets. In the decade prior to starting CORE-POWER in 2018, Mikal served as Chief Risk Officer for Thoresen Thai Agencies and Eagle Bulk Shipping in Singapore and New York. Mikal has started and built several innovative and successful businesses including Bunkerworld.com which was sold to S&P Platts in 2013 and Cleartrade Exchange which became EEX Asia in 2018.