NuScale Power Secures Investment and Support from Samsung C&T Corporation for Global SMR Deployment
Samsung C&T Corporation executes investment in NuScale Power; establishes future collaboration with Fluor Corporation for SMR deployment
PORTLAND, ORE.--(Business Wire / Korea Newswire) July 23, 2021 -- NuScale Power announced today Samsung C&T Corporation (Samsung C&T) has committed to make an equity investment in NuScale to support deployment of its groundbreaking small modular reactor (SMR). In conjunction with the investment, Samsung C&T and NuScale’s lead engineering, construction and procurement (EPC) partner, Fluor Corporation, are developing a business collaboration agreement to expand capabilities available for future deployment of NuScale projects.
Samsung C&T, a trusted nuclear power plant contractor, participated in construction of the four unit Barakah Nuclear Power Plant in the United Arab Emirates. Under its agreements with NuScale and Fluor, Samsung C&T will draw upon its nuclear construction experience with the successful completion of the Barakah Plants and Uljin, South Korea Nos. 5 and 6 Plants to serve as a strategic partner to Fluor and other potential project participants.
“NuScale is excited to draw upon Samsung C&T’s proven track record as a leading nuclear engineering and construction partner,” said John Hopkins, NuScale Power Chairman and Chief Executive Officer. “The company’s expertise and investment in NuScale will be invaluable as we seek to bring this revolutionary clean energy technology to market.”
“Samsung C&T is delighted to invest in and explore global carbon-free power opportunities together with NuScale Power and Fluor Corporation, leading companies in the SMR nuclear business. SMR technology is next-generation with eco-friendly energy and this agreement is a crucial step to Samsung C&T to achieve future substantial growth,” said Se Chul Oh, Samsung C&T’s Engineering & Construction Group President and Chief Executive Officer.
“Fluor is enthusiastic and welcomes Samsung C&T’s capabilities, experience and global footprint in the deployment of NuScale’s SMR technology,” said Fluor’s Group President of Energy Solutions Jim Breuer. “This investment and partnership with Samsung C&T is aligned with Fluor and NuScale’s long-term strategy to create the preeminent SMR value chain and investor syndicate. We are very pleased to start this new alliance and look forward to developing new SMR opportunities together.”
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 Samsung C&T’s Engineering & Construction Group
Samsung C&T’s Engineering & Construction Group has more than 40 years of engineering and construction experience operating throughout the world. The group focuses on the following key areas: commercial and residential buildings, civil infrastructure and plant construction. Its landmark projects include Burj Khalifa - the world’s tallest building, the ongoing Riyadh Metro Project in Saudi Arabia, and the UAE’s 5,600MW Barakah Nuclear Power Plant Project.
Find out more about
Samsung C&T Newsroom (http://news.samsungcnt.com/)
Samsung C&T Official Website (http://www.samsungcnt.com/eng/index.do)
View source version on businesswire.com: https://www.businesswire.com/news/home/20210722005095/en/
Vice President, Marketing & Communications
(C) (503) 270-9329
This is a news release distributed by Korea Newswire on behalf of this company.