Deal establishes significance of collaboration between Reuter-Stokes & Paragon Energy Solutions to provide pivotal energy technology to the fast-growing SMR market

HOUSTON – Sept. 12, 2022 – Reuter-Stokes, a Baker Hughes business, and Paragon Energy Solutions have signed a contract to design and manufacture unique neutron monitoring detectors for NuScale Power, LLC (NuScale), the only provider of Small Modular Reactors (SMRs) with design approval from the U.S. Nuclear Regulatory Commission.

Reuter-Stokes' detector assemblies will be responsible for monitoring the fission rate, ensuring the production of zero-emissions nuclear energy. The first NuScale project to use Reuter-Stokes detectors will be the groundbreaking Carbon Free Power Project (CFPP) in Idaho Falls, Idaho, with the first NuScale VOYGR™ SMR power plant, scheduled to begin generating power in 2029.

“We are excited to partner with Paragon Energy and extend our cutting-edge nuclear technology to the global SMR market,” said Rod Martinez, vice president at Reuter-Stokes. “Investing for growth and working with Paragon, we aim to quickly establish Reuter-Stokes as pivotal sensor technology partners across the SMR market - we are very excited to be working with a market leader like NuScale.”

NuScale designs and markets SMR technology, providing scalable advanced nuclear power plants for the production of electricity and process heat. The company offers flexible and scalable 4, 6 and 12-module VOYGR power plants that meet its customers’ needs with an energy source that is smart, clean and safe.

“We’re excited to be working with both Reuter-Stokes and Paragon as we take the next step toward providing clean, safe energy at an accelerated scale across the globe, including for the CFPP located at the Idaho National Laboratory,” said John Hopkins, NuScale president and chief executive officer.

The agreement with NuScale follows a teaming agreement signed in 2021 between Reuter-Stokes and Paragon Energy Solutions that includes project development and execution in the SMR and advanced reactor markets to provide a holistic nuclear instrumentation solution. To provide the best design for each client, the technology can be customized to a user’s specific application.

“Our partnership with Reuter-Stokes was conceived to support the industry’s technology needs and work with businesses who are helping to make nuclear energy a key component of a zero-carbon future,” said Doug VanTassell, Paragon’s president and chief executive officer. “This deal with NuScale underlines this commitment and the work we want to continue doing, made possible by our collective collaboration.”

About Baker Hughes

Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in 120+ countries, our innovative technologies and services are taking energy forward – making it safer, cleaner, and more efficient for people and the planet. Visit us at bakerhughes.com.

About Reuter-Stokes

Reuter-Stokes, a Baker Hughes business, designs and manufactures mission-critical measuring devices for precise radiation measurement in harsh environments, pressurized and boiling water reactor monitoring, UV flame detection inside gas turbines, and downhole sensors for directional drilling in the oil and gas industry.

About Paragon Energy Solutions

For more than 30 years, Paragon has provided an unmatched level of commitment to tackling the nuclear industry's most difficult challenges. Dedicated to quality, safety, reliability, and carbon-free energy, the company delivers premium products to nuclear energy facilities with proven reductions in direct costs, parts inventory, improved process efficiency, and obsolescence solutions. www.paragones.com or (865) 966-5330.

About NuScale Power

NuScale Power (NYSE: SMR) is poised to meet the diverse energy needs of customers across the world. It has developed small modular reactor (SMR) nuclear technology to supply energy for electrical generation, district heating, desalination, commercial-scale hydrogen production and other process heat applications. The groundbreaking NuScale Power Module™ (NPM), a small, safe pressurized water reactor, can generate 77 megawatts of electricity (MWe) and can be scaled to meet customer needs. NuScale’s 12-module VOYGR™-12 power plant is capable of generating 924 MWe, and NuScale also offers four-module VOYGR-4 (308 MWe) and six-module VOYGR-6 (462 MWe) power plants, as well as other configurations based on customer needs.

Founded in 2007, NuScale is headquartered in Portland, Ore., and has offices in Corvallis, Ore.; Rockville, Md.; Charlotte, N.C.; Richland, Wash.; and London, UK.

Forward Looking Statements

This release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. These forward-looking statements are inherently subject to risks, uncertainties and assumptions. Actual results may differ materially as a result of a number of factors. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, NuScale’s results may differ materially from its expectations and projections. While NuScale may elect to update these forward-looking statements at some point in the future NuScale specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing NuScale’s assessments of any date subsequent to the date of this release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Image: Members of the Reuter-Stokes, Paragon Energy and NuScale Power teams met recently at Reuter-Stokes’ global headquarters in Twinsburg, Ohio.