Tidewater Marine Power
Tidewater Hull 001
A reactor built in a shipyard and towed to a berth. Shipyards have a learning curve; construction sites do not.
The reason nuclear construction costs what it does is that every plant is a bespoke first-of-a-kind built outdoors by a workforce assembled for the occasion. A floating unit is built in a shipyard by people who build ships, under cover, on a production line, then towed to site. A barge also solves seismic isolation and cooling water access simultaneously.
$3,215,000 committed of $5,000,000
$964,500 released · 64% subscribed
- Minimum
- $100
- Target coupon
- 6.00%
- Term
- 4 yr
- Investors
- 1,902
$25 per unit
Annual, fixed
Closes December 15, 2026 · 93 days remaining
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TRL assessment
5
Technology readiness level, 1 to 9
Confidence band 4.2 – 5.8
The reactor is a conventional pressurised water design with substantial operating precedent; what is unproven is the marine platform and the licensing pathway for it. Hull and containment integration has been validated against wave loading in tank testing, supporting level 5. Commercially there is a port authority term sheet rather than an executed agreement, and a regulatory route no United States applicant has completed.
At TRL 5, the ladder permits Convertible note and releases up to 30% of committed capital. This offering is structured as a convertible note, which is consistent with that band.
Signed and published
- Reviewer
- Dr. Helena Vargas-Mbeki
- Credential
- PE, Nuclear; former NRC senior reactor analyst
- Signed
- May 28, 2026
- Published
- May 29, 2026
- Methodology
- v1.4
- Model
- ci-trl-2026.06
- Generated
- May 23, 2026
Evidence
Every score cites the documents it was derived from, with the weight each carried. An assessment without evidence is an opinion.
| Source | Document | Date | Weight |
|---|---|---|---|
| Independent test report | Scale model wave loading and mooring response Independent hydrodynamic tank test report Motion response within design limits for the specified hundred-year sea state. | Apr 2, 2026 | 34% |
| NRC docket | Pre-application engagement on marine siting NRC pre-application meeting summaries Regulator confirmed no existing licensing framework for a floating commercial unit; approach under discussion. | Mar 18, 2026 | 27% |
| Independent test report | Shipyard production TRL assessment Independent industrial engineering assessment Yard capable of the hull scope with identified capital additions. | Nov 27, 2025 | 23% |
| Supplier contract | Port authority electrification term sheet Non-binding term sheet Non-binding. No executed offtake exists. | Jan 30, 2026 | 16% |
Score history
A score changes on the day a reviewer signs a new assessment, which is why this is a step line rather than a curve.