NuScale Power Secures Investment and Support for SMR Deployment from GS Energy
As a strong demonstration of continued global interest in NuScale Power, Korean-based GS Energy will support future deployments of NuScale SMRs.
PORTLAND, ORE--(Business Wire / Korea Newswire) July 02, 2021 -- NuScale Power today announced that it has finalized an investment agreement with GS Energy North America Investments (GS Energy), the U.S. entity of the South Korean leading energy services provider. This announcement continues the strong momentum of investments NuScale Power has secured in recent months and is a significant step for commercializing NuScale’s small modular reactor (SMR) technology.
GS Energy brings years of expertise as an energy solution provider in Korea and internationally with a diversified portfolio that includes: refining of transportation fuels and other petrochemical products; LNG procurement and supply; electric power production and district heat; and oil and gas exploration and production. GS Energy seeks to secure a diversified and cleaner energy portfolio and is continuously exploring various forms of renewable energy and new technologies, including nuclear power.
As part of a long-term strategic relationship established under the agreement, GS Energy will provide a cash investment in NuScale Power and support deployment of NuScale plants. The two parties will also look to develop regional NuScale power plant service delivery opportunities.
“NuScale is delighted to welcome GS Energy’s investment and commitment to commercializing America’s first small modular reactor,” said John Hopkins, NuScale Power Chairman and Chief Executive Officer. “GS Energy’s renowned expertise in energy project development complements our effort to demonstrate how cleaner and safer advanced nuclear technology can bring numerous economic and environmental benefits, especially as the global community transitions to reliable, clean energy.”
“GS Energy is committed to expanding its clean energy portfolio and we believe that innovative and safe SMR technologies such as NuScale’s will be key to transitioning toward a net zero economy,” said Yongsoo Huh, Chief Executive Officer of GS Energy Corporation.
In August 2020, NuScale made history as the first and only SMR to receive design approval from the U.S. Nuclear Regulatory Commission and maintains strong program momentum toward commercialization of its SMR technology by the end of this decade, including supply chain development, standard plant design, planning of plant delivery activities, and startup and commissioning plans.
NuScale Power continues to field growing domestic and international interest from those who see the NuScale power plant as a long-term solution for providing reliable, safe, affordable, and operationally flexible carbon-free energy for diverse applications. NuScale has signed and announced memoranda of understanding with potential customers interested in considering a deployment of its SMR technology in 11 countries and continues to field private investment interest in the company’s game-changing SMR - including recent investment agreements with IHI Corporation and JGC Holdings Corporation.
About NuScale Power
NuScale Power has developed 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 77 MW of electricity using a safer, smaller, and scalable version of pressurized water reactor technology. NuScale's scalable design—power plants that can house up to four, six, or 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, OR and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram: nuscale_power. Visit NuScale Power’s website(https://bit.ly/3xecYyG).
About GS Energy
GS Energy Corporation is a diversified energy solution company with businesses in electric power, district heating, LNG, refining and upstream resources.
To meet the climate challenge, GS Energy is increasingly shifting its focus to a decarbonized energy mix by building out capabilities in renewable development and investments in climate technologies.
GS Energy is headquartered in Seoul, Republic of Korea and has offices in San Mateo, CA, Abu Dhabi, UAE and Singapore. Visit GS Energy’s website(https://bit.ly/3hbekEQ).
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