Doosan Heavy Industries and Construction Completes Fourth Investment in NuScale Power
Company has finalized second investment round from Doosan Heavy Industries and Construction; together with financial investors, totaling more than $100 million invested to date
PORTLAND, ORE--(Business Wire / Korea Newswire) July 21, 2021 -- NuScale Power announced today Doosan Heavy Industries and Construction (DHIC) has agreed to complete a cash investment in NuScale to continue to support deployment of its groundbreaking small modular reactor (SMR). In 2019, Doosan was joined by financial investors that collectively invested $44 million in NuScale. Marking the next step in the strategic relationship between NuScale and DHIC, this is the fourth investment from DHIC and its financial partners in a two-year span. Including the latest investment of $60 million, DHIC and its financial investors have invested more than $100 million in NuScale, further demonstrating their confidence in the promising potential and viability of NuScale’s technology to transform the clean energy sector.
The strategic relationship between NuScale and DHIC was established in 2019, and resulted in NuScale awarding DHIC a manufacturing consulting services contract. Under this strategic partnership, DHIC is bringing its expertise in nuclear pressure vessel manufacturing and has joined a U.S.-led manufacturing team to build NuScale’s groundbreaking NuScale Power Module™ (NPM), America’s first small modular reactor. DHIC will be a source for certain forgings associated with the NPM as well as key parts of the reactor pressure vessels. DHIC is a preferred supplier for additional scopes of supply central to delivering a NuScale Plant. This latest investment ensures that NuScale and DHIC will continue in this strategic relationship for many years to come.
“NuScale is delighted to welcome Doosan’s continuing investment in and commitment to commercializing America’s first small modular reactor,” said John Hopkins, NuScale Power Chairman and Chief Executive Officer. “Doosan’s expertise in heavy 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 thankful for their ongoing support and endorsement of our groundbreaking technology.”
“Through this additional investment, Doosan and NuScale Power will further solidify their strategic cooperative relationship,” said Geewon Park, Chairman and Chief Executive Officer of Doosan Heavy Industries & Construction. “The large scope of supply secured from NuScale Power will also offer momentum and new opportunities to the domestic supply chain.”
In August 2020, NuScale made history as the first and only SMR to receive design approval from the U.S. Nuclear Regulatory Commission and in July of 2021, the Commission published the proposed rule that would certify the NuScale design - a crucial step towards the construction and deployment of this SMR technology. The company maintains strong program momentum toward commercialization of its SMR technology, including supply chain development, standard plant design, planning of plant delivery activities, and startup and commissioning plans.
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, hydrogen production 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 70-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.
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 manufacturing of castings and forgings, power generation systems and desalination facilities to the construction of power plants.
Doosan maintains high quality standard based on the extensive experiences in manufacturing major components of nuclear power plants. Doosan has an integrated manufacturing facility in Changwon, Korea which is capable from raw material production to final assembly of nuclear components. Doosan has manufactured and supplied 33 Reactor Vessels & 120 Steam Generators globally.
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