NuScale Closes New Business Agreements to Support Deployment of Revolutionary Small Modular Reactor and Provide Cash Investment
Company has finalized separate strategic partnerships with Doosan Heavy Industries and Construction and Sargent & Lundy
PORTLAND, ORE--(Business Wire / Korea Newswire) August 01, 2019 -- NuScale Power today announced that it has finalized agreements with Doosan Heavy Industries and Construction (DHIC) and Sargent & Lundy to support deployment of its groundbreaking small modular reactor (SMR) and provide cash investment in NuScale.
DHIC will bring its expertise in nuclear pressure vessel manufacturing and will join the larger U.S.-led manufacturing team to build NuScale’s groundbreaking NuScale Power Module™ (NPM), America’s first small modular reactor. Meanwhile, Sargent & Lundy will proceed with development of the standard plant design to be used at multiple locations, including the Carbon Free Power Project in Idaho, and will provide additional architect-engineer support.
“NuScale’s collaborations with DHIC and Sargent & Lundy are a strong endorsement of our company’s standing as a global leader in SMR technology,” said NuScale Chairman and Chief Executive Officer John Hopkins. “Both of these companies will provide cash investments and offer invaluable technical expertise, design support and, in the case of DHIC, manufacture key components of our groundbreaking reactor as we near the beginning of the construction phase for our first plant at the Idaho National Lab. We look forward to working with both of them to deliver America’s first SMR.”
“The strategic cooperation between NuScale and Doosan will be a foundation for our win-win collaboration not only in the US but also in the global nuclear markets,” said Mr. Kiyong Na, CEO of DHIC Nuclear Business Group. “It will give a boost to the US nuclear industries and Korean nuclear industries, and also contribute to reduction of CO2 worldwide.”
“We’re thrilled to both design NuScale Power’s first-of-a-kind commercial nuclear power plant and to invest in NuScale,” said Sargent & Lundy Chairman, President & CEO Thomas R. White. “This project will be groundbreaking in many ways, and we’re proud that Sargent & Lundy will be on the front-line of this industry-leading initiative. I look forward to the unique opportunity this presents for our firm to help bring America’s first SMR to market.”
NuScale’s technology is the world’s first and only SMR to undergo design certification review by the U.S. Nuclear Regulatory Commission (NRC). The NRC recently completed phases 2 and 3 of its review and is scheduled to complete the entire review of NuScale’s design in September 2020. NuScale’s first customer, Utah Associated Municipal Power Systems, is planning a 12-module SMR plant in Idaho slated for operation by the mid-2020s based on this certified design.
About NuScale Power
NuScale Power is developing a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, and other process heat applications. This groundbreaking small modular reactor (SMR) design features a fully factory-fabricated NuScale Power Module™ capable of generating 60 MW of electricity using a safer, smaller, and scalable version of pressurized water reactor technology. NuScale's scalable design - a power plant can house up to 12 individual power modules - offers the benefits of carbon-free energy and reduces the financial commitments associated with gigawatt-sized nuclear facilities. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with a 60-year history in commercial nuclear power.
NuScale is headquartered in Portland, Oregon and has offices in Corvallis, Ore.; Rockville, Md.; Charlotte, N.C.; Richland, Wash.; Arlington, Va.; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, and Instagram: nuscale_power. NuScale has a new logo, brand, and website. Watch the short video.
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