Doosan Heavy Industries and Construction completes fourth investment in NuScale Power | Companies

PORTLAND, Oregon – (BUSINESS WIRE) – Nov. July 2021–

NuScale Power announced today that Doosan Heavy Industries and Construction (DHIC) has agreed to complete a cash investment in NuScale to further support the deployment of its groundbreaking Small Modular Reactor (SMR). In 2019, Doosan joined financial investors who put a combined $ 44 million in NuScale. As the next step in the strategic relationship between NuScale and DHIC, this marks the fourth investment by DHIC and its financial partners in two years. Including the latest $ 60 million investment, 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 technology to transform the clean energy sector.

The strategic relationship between NuScale and DHIC was established in 2019 and resulted in NuScale DHIC awarding a manufacturing consultancy service contract. As part of this strategic partnership, DHIC brings its nuclear pressure vessel manufacturing expertise to the table and has joined a US-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 NPM-related forgings as well as key parts of the reactor pressure vessels. DHIC is a preferred supplier for additional items that are central to the delivery of a NuScale system. This latest investment ensures that NuScale and DHIC will continue this strategic relationship for many years to come.

“NuScale is pleased to welcome Doosan’s continued investment in and commitment to commercializing America’s first small modular reactor,” said John Hopkins, chairman and chief executive officer of NuScale Power. “Doosan’s expertise in heavy industry will be invaluable as we push ahead with building our first NuScale power plant at Idaho National Laboratory in just a few years, and we appreciate your continued support and advocacy of our breakthrough technology.”

“With this additional investment, Doosan and NuScale Power will further strengthen their strategic partnership,” said Geewon Park, chairman and chief executive officer of Doosan Heavy Industries & Construction. “The large scope of supply from NuScale Power will also provide impetus and new opportunities for the domestic supply chain.”

In August 2020, NuScale made history as the first and only SMR to receive building permit from the U.S. Nuclear Regulatory Commission, and in July 2021 the commission released the proposed rule that would certify NuScale design – a crucial step towards construction and use of this SMR technology. The company maintains strong program dynamics to commercialize its SMR technology, including supply chain development, standard equipment design, planning equipment delivery activities, and commissioning and commissioning plans.

About NuScale Power

NuScale Power has developed a new modular light water reactor nuclear power plant to provide energy for power generation, district heating, desalination, hydrogen generation and other process heating applications. This groundbreaking 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 more scalable version of pressurized water reactor technology. NuScale’s scalable design – power plants that can accommodate up to four, six, or 12 individual power modules – offers the benefits of carbon-free energy and reduces the financial obligations associated with gigawatt nuclear power plants. NuScale’s majority investor 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 the NuScale Power website.

About Doosan Heavy Industries & Construction

Doosan Heavy Industries & Construction is a leading provider of Engineering, Procurement and Construction (EPC), offering a wide range of services ranging from the manufacture of cast and forgings, power generation systems and desalination plants to the construction of power plants.

Doosan maintains a high quality standard based on extensive experience in the manufacture of key components for nuclear power plants. Doosan has an integrated manufacturing facility in Changwon, Korea capable of everything from raw material production to 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 & 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 MANUFACTURING ENERGY NUCLEAR HARDWARE

SOURCE: NuScale Power

Copyright Business Wire 2021.

PUB: 07/20/2021 00:30 a.m. / DISC: 07/20/2021 00:30 a.m.

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

Copyright Business Wire 2021.

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