Head of Government Affairs

Blue Energy receives strategic investment from Constellation to accelerate commercialization of novel shipyard manufacturing and project financing model for new nuclear. Jul 16, 2026, 10:54 ET CHEVY CHASE, Md., July 16, 2026 /PRNewswire/ - Blue Energy, a developer of financeable, prefabricated nuclear power plants, today announced a strategic equity investment from Constellation Technology Ventures, the venture arm of Constellation (Nasdaq: CEG), the nation's largest producer of clean energy and operator of the largest fleet of nuclear power plants in the United States. The investment reflects a growing confidence in Blue Energy's strategy to utilize shipyard manufacturing and project financing to deploy proven reactor technology that has the potential to accelerate new nuclear development - making it predictable, faster and more affordable. It also marks the first investment by Constellation Technology Ventures in a U.S. nuclear developer advancing small modular reactors. "With demand for near-term power rising, Constellation's investment will help Blue Energy meet America's need by making new nuclear development predictable, rapidly scalable, and project financeable for the first time in history. This relationship helps us leverage an established operator, proven technology, and innovative, project-financeable deployment models to expand access to nuclear energy," said Jake Jurewicz, Blue Energy CEO and Co-Founder. "Together, we're demonstrating that the future of nuclear energy isn't a decade away and doesn't take a leap of faith on technology or construction execution, it's being built right now." "Constellation is committed to exploring innovative pathways that can help accelerate the deployment of advanced nuclear technologies in the United States and allocate risk appropriately," said David Dardis, Constellation Senior Executive Vice President and Chief External Affairs and Growth Officer. "The Constellation Technology Ventures investment in Blue Energy supports its deployment plans for the GE Vernova Hitachi's BWRX-300, a proven technology with a potential path to scale for the next generation of nuclear energy." Blue Energy's model is designed to address one of the biggest challenges facing the nuclear industry: how to finance and deploy new nuclear generation at the speed required to meet growing demand. By utilizing proven nuclear technology and employing an innovative large-format robotic prefabrication and assembly method inspired by offshore oil & gas and LNG projects, the company plans to unlock project financing for the first time in the nuclear sector and accelerate deployment timelines. Earlier this year, Blue Energy announced it raised $380 million and forged a strategic partnership with GE Vernova to develop a multi-gigawatt gas-to-nuclear project utilizing GE Vernova gas turbines and BWRX-300 small modular reactors. The company also recently secured a key U.S. Nuclear Regulatory Commission licensing milestone that supports its goal of delivering reliable power in 48 months or less through its phased gas-to-nuclear deployment strategy. Blue Energy could begin early site works on its first planned project in Texas in 2026, to support a final investment decision in 2027. About Blue Energy Founded in 2023, Blue Energy develops financeable, turnkey nuclear power plants compatible with leading reactor technology. Our proprietary lower cost of capital solution and offsite pre-fabrication accelerates new nuclear deployment - making it predictable, faster and more affordable. We will deliver baseload power competitive with fossil fuels and renewables to meet unprecedented global demand. Blue Energy's world-class team has extensive experience in nuclear construction, licensing, engineering, and development. We stem from MIT's Nuclear Science & Engineering Department and are backed by VXI Capital, Engine Ventures, At One Ventures and Tamarack Global. Visit www.blueenergy.co or follow us on LinkedIn. SOURCE Blue Energy

Blue Energy, a developer of prefabricated nuclear power plants, has received a strategic investment from Constellation Technology Ventures, the venture arm of the US's largest clean energy producer. This marks Constellation's first investment in a US small modular reactor developer. The funding will support Blue Energy's novel approach of using shipyard manufacturing and project financing to deploy proven reactor technology. Earlier this year, Blue Energy raised $380 million and partnered with GE Vernova to develop a multi-gigawatt gas-to-nuclear project using BWRX-300 small modular reactors. Founded in 2023, Blue Energy uses offsite prefabrication to accelerate nuclear deployment. The company recently secured a key Nuclear Regulatory Commission licensing milestone and could begin early site works on its first Texas project in 2026, targeting a final investment decision in 2027.

Blue Energy and Calcuta Resources form joint venture to build an Oklahoma carbon-storage platform. Anadarko Basin project pairs continued American oil production with permanent CO[2] storage - Blue Energy's first U.S. operation and the foundation of a new Carbon-Neutral Division MEXICO CITY & OKLAHOMA CITY, Okla., June 15, 2026 (GLOBE NEWSWIRE) - Blue Energy, power supplier and renewable-energy platform owned by EIM Capital, today announced that it has entered into a non-binding memorandum of understanding with Calcuta Resources LLC, an Oklahoma-based enhanced oil recovery (EOR) operator, to form a joint venture to develop one of the larger CO[2] sequestration projects in the Anadarko Basin. The proposed venture would mark Blue Energy's entry into the United States and anchor a new Carbon-Neutral Division within the company. The memorandum is non-binding and remains subject to definitive documentation, an independent fairness opinion and customary approvals. The joint venture would initially develop and operate a carbon-storage project at the Squirrel Creek Cottage Grove Unit (SCCGU) in Dewey County, Oklahoma, a 6,400-acre producing oilfield with the geological capacity to permanently store an estimated 3 to 5 million metric tonnes of carbon dioxide over its operating life. Storing up to 5 million tonnes is equivalent to the annual tailpipe emissions of roughly one million passenger vehicles. An Oklahoma carbon-storage platform The venture is a dedicated carbon-storage platform. SCCGU is the first project; additional EOR-to-sequestration candidates have been identified across Oklahoma and Texas. Building on existing field infrastructure lowers capital cost, accelerates time to first injection, and keeps Oklahoma crews at work. The partners intend SCCGU to be the operational template for a wider CO[2] sequestration corridor in the state. Oklahoma has a long-established CO[2]-EOR industry, with legacy operations including Chaparral Energy's Farnsworth Unit and CapturePoint's Oklahoma Carbon Hub. Since the One Big Beautiful Bill Act passed in July 2025, no major new operator-led CO[2] storage project has been announced in the state. This joint venture is among the first U.S. projects structured around the expanded credit framework, and the partners hope it will draw additional independent operator capital into Oklahoma and the broader mid-continent. Proposed structure Under the terms contemplated by the memorandum, Blue Energy would commit preferred equity capital toward project development, while Calcuta Resources would contribute operatorship, subsurface geology and storage rights, and a dedicated overriding royalty interest on pilot-phase oil production. Carbon revenue - including federal 45Q tax credits, voluntary-market credits and CO[2] storage-offtake fees - would be shared equally between the partners following an initial capital-return period. Federal policy foundation Section 45Q of the U.S. Internal Revenue Code was significantly expanded by the One Big Beautiful Bill Act of 2025, which granted enhanced-oil-recovery sequestration full parity with dedicated geologic storage at a credit value of $85 per metric tonne. The credits are transferable to third-party corporate buyers under §6418 of the Code. Applied to the project's full estimated storage capacity over its entire operating life, the §45Q program could generate gross federal tax credits on the order of $425 million. This figure is illustrative only. It represents an undiscounted, gross estimate over a multi-decade operating life - not a forecast of revenue, cash flow or value to the joint venture or to Blue Energy - and assumes, among other things, that maximum projected CO[2] volumes are stored, that the project achieves and maintains credit eligibility, that required permits are obtained, and that credits are monetized in the secondary market (where transferable credits typically trade at a discount to face value and the buyer bears recapture risk). Actual credits generated and amounts realized could be materially lower and may be zero. No assurance can be given as to the amount or timing of any §45Q credits. Climate profile Independent, peer-reviewed and U.S. Department of Energy-funded lifecycle research on CO[2]-based enhanced oil recovery has found that projects of this kind can permanently store more carbon dioxide than the resulting oil emits, particularly in the earlier years of operation.* Blue Energy intends to commission an independent lifecycle assessment of the SCCGU project to quantify its net-carbon position. A revenue stream independent of the oil price Carbon revenue depends on tonnes of CO[2] stored and the $85/tonne federal credit, not on oil price. The platform earns through the oil cycle on its own merits, separate from the underlying field's production economics. "This venture is intended to anchor a corridor of C02 injection projects in Oklahoma," said Franco Hamdan, Chief Executive Officer of Blue Energy. ""When you study the net emissions of C02 EOR, surprisingly, it beats out most renewable projects because more C02 is captured from sequestration then the resulting barrel emits. We love Oklahoma, and this type of project can take fields stranded for decades and repurpose them to create additional jobs and sources of income, so it's a rare win-win for everybody" He added, "the project will also showcase our partners pioneering digital twin field technology that will increase performance through real time optimizations and set a new recovery benchmark for mature fields." "SCCGU is a mature oil field which has been re-established and certified for enhanced oil recovery, including secondary water injection and tertiary CO2 injection," said Mark Falk, Chief Geoscientist of Calcuta Resources. "The field has definitive proven reservoir, trap, and seal: a geologic configuration which trapped and stored hydrocarbons for tens of millions of years. Mature fields like this one are excellent candidates for economic and effective carbon storage, providing potential scalability from concept to industrial reality." Contemplated public listing Blue Energy has previously stated that it is exploring a potential public listing, subject to market conditions. Any such offering, if undertaken, would be made only by means of a prospectus or other offering document filed with the applicable securities regulatory authorities. This release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities. Related-party transaction and governance Calcuta Resources is controlled by Blue Energy's founder and Chief Executive Officer. The joint venture is therefore a related-party transaction and is subject to governance and disclosure provisions consistent with public-market standards, including independent committee approval and an independent fairness opinion prior to closing, and full disclosure in any future offering document. About Blue Energy Blue Energy is a power supplier and renewable platform servicing industrial and commercial customers. The company is establishing a Carbon-Neutral Division to anchor its U.S. operations and integrated energy-transition platform. About Calcuta Resources LLC Calcuta Resources LLC is a Delaware-domiciled oil and gas operator focused on the redevelopment of mature U.S. oilfields through advanced recovery techniques and integrated carbon sequestration. The company operates the South Cottage Grove Unit in Dewey County, Oklahoma - a 6,400-acre producing unit with an estimated 32.5 million barrels of original oil in place. Media Contact Franco Hamdan [email protected] +52 55 4356 3947 * See Nuñez-López et al., "Carbon balance of CO[2]-EOR for NCNO classification," Energy Procedia 114 (2017): 6597-6603; and the DOE/NETL-funded final report "Carbon Life Cycle Analysis of CO[2]-EOR for Net Carbon Negative Oil (NCNO) Classification" (DOE Award DE-FE0024433), Gulf Coast Carbon Center, Bureau of Economic Geology, The University of Texas at Austin (2019). The cited findings are general to CO[2]-EOR; SCCGU-specific net-carbon status will be determined by the project-specific lifecycle assessment Blue Energy intends to commission. Forward-Looking Statements This release contains forward-looking statements regarding the proposed joint venture, the expected tax-credit value and storage capacity of the project, the project's carbon profile, Blue Energy's potential public listing, and the company's identified U.S. project pipeline. Forward-looking statements are based on current expectations and are subject to risks and uncertainties including, without limitation, regulatory and permitting developments, oil and carbon-market conditions, counterparty performance, the results of any lifecycle assessment, and the completion of any contemplated public offering. Actual results may differ materially from those expressed or implied. No statement in this release constitutes an offer to sell, or the solicitation of an offer to buy, any securities, and no securities may be offered or sold absent registration or an applicable exemption. Any future offering, if undertaken, would be conducted only by means of an offering document filed with the applicable securities regulatory authorities. Legal Disclaimer: EIN Presswire provides this news content "as is" without warranty of any kind. Alabama Business Reporter do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.