MARAD and CORE POWER Partner on Nuclear Propulsion

[By MARAD]

  of Transportation's Maritime Administration

(MARAD) and CORE POWER (US) Inc. today signed an agreement to accelerate the
commercial, industrial, and regulatory pathways for U.S.-flagged nuclear-powered commercial
ships. Fueled by small modular reactor (SMR) technology, this first-of-its-kind partnership will
advance the President’s agenda to strengthen American shipping and secure energy dominance.

"President Trump has made it clear that American energy dominance and maritime strength go
hand in hand," said Maritime Administrator Stephen M. Carmel. "This framework ensures
that the United States leads the world with a secure U.S.-flagged fleet. Nuclear propulsion is a
serious commercial opportunity, but it must be approached as a complete system - safe, secure,
licensable, and investable.”

"China is already moving toward nuclear-powered commercial shipping. That should focus
minds in Washington," said Mikal Bøe, Founder and CEO of CORE POWER. "America does
not regain maritime strength by building a slightly better version of yesterday's ship. This is a
new dawn for American shipping: not catching up using an old model, but making American
shipping relevant again by leading the next one.”

Under the Memorandum of Cooperation, MARAD and CORE POWER will establish a
collaborative framework to navigate SMR regulatory acceptance, port operations, workforce
credentialing, fuel and lifecycle services, insurance, and finance. The announcement comes
ahead of the International Atomic Energy Agency's ATLAS launch forum on nuclear
applications at sea.

Moving at the Speed of Trump, this marks the Department’s third SMR agreement since
Secretary Duffy launched the initiative in May to develop SMRs for use in U.S. shipping to
drive down costs and enhance energy dominance.

The Trump Administration has signed agreements to establish the nation’s first testing areas for
nuclear-powered vessels with the Port of Long Beach and the Port of Corpus Christi.