NuScale and DHIC Announce Strategic Cooperation

NuScale and DHIC Announce Strategic Cooperation

Supports deployment of NuScale technology worldwide

Monday, April 29, 2019 1:00 pm PDT
"Furthermore, we see great potential for international applications of NuScale’s carbon-free technology, and look forward to collaborating with NuScale as the company pursues additional opportunities."

PORTLAND, Ore.--(BUSINESS WIRE)--NuScale Power LLC and Doosan Heavy Industries and Construction Co., Ltd. (DHIC) are pleased to announce the signing of a memorandum of understanding (MOU) for strategic cooperation to support deployment of the NuScale Power Module™ (NPM) worldwide. The relationship includes DHIC, a member of the Doosan Group, and potential Korean financial investors, which, commensurate to final due diligence, plan to make a cash equity investment in NuScale.

DHIC is expected to bring its expertise in nuclear pressure vessel manufacturing, and will join the larger U.S.-led manufacturing team to build NuScale’s groundbreaking NuScale Power Module™ (NPM), America’s first small modular reactor.

“NuScale welcomes this strategic relationship with DHIC – a leader in the global manufacturing industry,” said John Hopkins, Chairman and chief executive officer of NuScale Power. “Through this relationship, we are not only broadening our supply chain base, but DHIC’s potential investment will also be an endorsement of NuScale’s strong position as a global SMR leader and our capability to deliver NuScale plants worldwide. We also welcome the interest from Korean financial investors. Based upon the international interest in the NuScale design, it is anticipated that significant international capabilities will be needed to meet worldwide needs. DHIC is a highly capable partner to help NuScale meet these market demands.”

Under the terms of the MOU, DHIC, a pre-eminent, world-renowned nuclear pressure vessel manufacturer with substantial experience, is expected to build a portion of the most critical and complex NPM sub assemblies for the plant under development for Utah Associated Municipal Power Systems, which is expected to begin operation in 2026. The new international relationship with DHIC will further build NuScale’s U.S.-centered supply chain and accelerate NuScale’s ability to deliver its technology quickly to future customers around the world.

“We are impressed with the simplicity, safety and cost-effectiveness of NuScale’s design, and we look forward to collaborating with the company as they bring America’s first SMR to market,” said Ki Yong Na, CEO of Doosan Nuclear Power Plant Business Group. “Furthermore, we see great potential for international applications of NuScale’s carbon-free technology, and look forward to collaborating with NuScale as the company pursues additional opportunities.”

Under the terms of the MOU, which is subject to a satisfactory due diligence negotiation of a definitive agreement and regulatory approvals, the companies are aiming to close the strategic supplier agreement in July 2019.

NuScale’s technology is the world’s first and only SMR to undergo design certification review by the U.S. Nuclear Regulatory Commission (NRC). The NRC is scheduled to complete its review of NuScale’s design in September 2020.

About NuScale Power

NuScale Power is developing 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 60 MW of electricity using a safer, smaller, and scalable version of pressurized water reactor technology. NuScale's scalable design – a power plant can house up to 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, Oregon and has offices in Corvallis, Ore.; Rockville, Md.; Charlotte, N.C.; Richland, Wash.; Arlington, Va.; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, and Instagram: nuscale_power. NuScale has a new logo, brand, and website. Watch the short video.

About Doosan Heavy Industries and Construction

DHIC 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. DHIC maintains high quality standards based on the extensive experiences in manufacturing major components of nuclear power plants. DHIC has an integrated manufacturing facility in Changwon, Korea which is capable of raw material production to final assembly of nuclear components. With excellent capability, DHIC has supplied 32 Reactor Vessels and 114 Steam Generators of nuclear power plants in not only Korea but also USA, China and UAE.

DHIC is headquartered in Changwon, Korea and has a global network encompassing 15 overseas subsidiaries and 25 branches and offices in operation. Website http://www.doosanheavy.com/en/

Contact:

Diane Hughes, NuScale Vice President, Marketing & Communications
dhughes@nuscalepower.com
(C) 503-270-9329