Doosan Heavy Industries and Construction Makes Fourth Investment in NuScale Power | Business


PORTLAND, Oregon – (BUSINESS WIRE) – July 20, 2021–

NuScale Power announced today that Doosan Heavy Industries and Construction (DHIC) has agreed to make a cash investment in NuScale to continue to support the deployment of its revolutionary Small Modular Reactor (SMR). In 2019, Doosan was joined by financial investors who collectively invested $ 44 million in NuScale. Marking the next step in the strategic relationship between NuScale and DHIC, this is the fourth investment by DHIC and its financial partners over a two-year period. Including the latest $ 60 million investment, DHIC and its financial investors have invested over $ 100 million in NuScale, demonstrating confidence in the promising potential and viability of NuScale’s technology to transform the industry. clean energy.

The strategic relationship between NuScale and DHIC has been created in 2019, and enabled NuScale to award DHIC a contract for manufacturing consulting services. As part of this strategic partnership, DHIC brings its expertise in the manufacture of nuclear pressure vessels and joined a US-led manufacturing team to build NuScale’s revolutionary NuScale Power Module ™ (NPM), the first small American modular reactor. DHIC will be a source for certain forgings associated with NPM as well as key components of the reactor pressure vessels. DHIC is a preferred supplier for additional scopes of supply essential to the delivery of a NuScale plant. This latest investment ensures that NuScale and DHIC will continue this strategic relationship for many years to come.

“NuScale is delighted to welcome Doosan’s continued investment and commitment to commercialize the United States’ first small modular reactor,” said John Hopkins, President and CEO of NuScale Power. “Doosan’s expertise in heavy-duty manufacturing will be invaluable as we move forward with the construction of our first NuScale power plant at the Idaho National Laboratory in just a few years, and we are grateful for their continued support and endorsement of our revolutionary technology. “

“With this additional investment, Doosan and NuScale Power will further consolidate their strategic cooperative relationship,” said Geewon Park, President and CEO of Doosan Heavy Industries & Construction. “The wide range of supplies provided by NuScale Power will also provide momentum and new opportunities to the national supply chain. “

In August 2020, NuScale made history as the first and only SMR to receive design approval from the United States Nuclear Regulatory Commission and in July 2021, the Commission released the proposed rule that would certify the NuScale design – a critical step towards building and deploying this SMR technology. The company maintains strong program momentum towards commercializing its SMR technology, including supply chain development, standard factory design, planning of factory delivery activities and start-up plans and commissioning.

About NuScale Power

NuScale Power has developed a new modular light water reactor nuclear power plant to provide power for power generation, district heating, desalination, hydrogen production and other process heat applications. This revolutionary Small Modular Reactor (SMR) design features a fully factory-built NuScale Power Module ™ capable of generating 77 MW of electricity using a safer, smaller, and scalable version of nuclear reactor technology. pressurized water. NuScale’s scalable design (power plants that can accommodate up to four, six or 12 individual power modules) delivers the benefits of carbon-free power and reduces the financial liabilities associated with gigawatt-sized nuclear facilities. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement and construction company with a 70-year history in commercial nuclear power.

NuScale is headquartered in Portland, OR and has offices in Corvallis, OR; Rockville, MD; Charlotte, North Carolina; Richland, WA; and London, UK. Follow us on twitter: @NuScale_Power, Facebook: NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram: nuscal_power. Visit NuScale Power’s website.

About Doosan Heavy Industries & Construction

Doosan Heavy Industries & Construction is a leading engineering, procurement and construction (EPC) contractor offering a wide range of services ranging from the manufacture of castings and forgings, power generation systems and desalination plants to the construction of power plants.

Doosan maintains high quality standards based on its extensive experience in manufacturing major components for nuclear power plants. Doosan has an integrated manufacturing facility in Changwon, Korea, capable of the production of raw materials to the final assembly of nuclear components. Doosan has manufactured and supplied 33 reactor vessels and 120 steam generators worldwide.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210719005794/en/

CONTACT: Diane Hughes, Vice-President, Marketing and Communications, NuScale Power

[email protected]

(C) (503) 270-9329 Jongbyum Park, Senior Manager, Communications Team, Doosan Heavy Industries & Construction

[email protected]

KEYWORD: SOUTH KOREA UNITED STATES NORTH AMERICA ASIA PACIFIC OREGON

INDUSTRY KEYWORD: ENGINEERING TECHNOLOGY ENERGY MANUFACTURING NUCLEAR MATERIAL

SOURCE: NuScale Power

Copyright Business Wire 2021.

PUB: 07/20/2021 12:30 a.m. / DISC: 07/20/2021 12:30 a.m.

http://www.businesswire.com/news/home/20210719005794/en

Copyright Business Wire 2021.



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