NuScale Power Names Hopkins CEO

NuScale Power Names Hopkins CEO

Thursday, December 13, 2012 5:08 am PST
"NuScale has attracted exceptional talent and made tremendous progress in commercializing its technology. I am confident that NuScale will make a profound difference in global energy markets."

As part of its continuing commitment to NuScale Power, Fluor Corporation’s Group Executive, John L. Hopkins, will leave the company to become NuScale’s Chief Executive Officer. Paul G. Lorenzini, NuScale Power’s co-founder and current CEO, will continue as a consultant to the company.

Hopkins previously served as Group Executive for Corporate Development and New Ventures for Fluor Corporation (NYSE:FLR), a global engineering, procurement and construction company. Fluor is the majority investor in NuScale Power LLC.

NuScale Power is developing an inherently safe, small, modular reactor (SMR) technology for deployment in the U.S. and global markets. Lorenzini came out of retirement in 2007 to become a co-founder of the company, which was formed through a technology transfer agreement with Oregon State University. NuScale now employs more than 150 professionals at its offices in Corvallis and Portland, Oregon.

“The opportunity to grow NuScale to its current stature as a recognized global leader in SMR technology has been a tremendous honor,” said Lorenzini. “John Hopkins’ proven leadership and his experience in global markets make him ideally suited to take the company forward.”

In his previous assignment at Fluor, Hopkins led the company’s Corporate Sales Board, account management activities, new ventures, and government relations. “As the person responsible for identifying the opportunity to invest in NuScale for Fluor, it is an honor to now lead the company,” Hopkins said. “NuScale has attracted exceptional talent and made tremendous progress in commercializing its technology. I am confident that NuScale will make a profound difference in global energy markets.”

From 2004 to 2009, Hopkins headed Fluor’s Government Group (FGG). Since joining Fluor in 1984, Hopkins has held a variety of senior management, sales and operations roles around the world. These positions have included group executive of Fluor Global Services; president and chief executive officer of TradeMC, the capital goods sourcing venture jointly owned by Fluor and IBM; group president of Corporate Sales & Marketing, Corporate Development and Project Finance; president of Chemicals & Life Sciences; and president of Chemicals, Plastics & Fibers.

Hopkins graduated with a BBA from the University of Texas, Austin, and has completed several advanced management programs.

Lorenzini has extensive experience in both executive management and nuclear operations. Prior to co-founding NuScale, Lorenzini held several executive positions with PacifiCorp and its domestic and international subsidiaries. These positions included president of Pacific Power & Light, CEO of PacifiCorp Turkey, and CEO of Powercor Australia. Lorenzini previously worked with Rockwell International where he was named vice president and general manager of Rockwell’s Hanford operations.

An attorney as well as a nuclear engineer, Lorenzini graduated from the US Merchant Marine Academy (Kings Point), holds a PhD in nuclear engineering from Oregon State University and a JD from Loyola University in Los Angeles. He is a past chair of the OSU Foundation and has served in leadership positions on numerous community organizations.

About NuScale Power LLC

NuScale Power LLC, is developing an inherently safe, modular, scalable commercial nuclear power technology. Fluor Corporation (NYSE: FLR), a global engineering, procurement and construction company with a 60-year history in commercial nuclear power, is the majority investor in NuScale. NuScale's design offers the benefits of carbon-free nuclear power but takes away the issues presented by the cost of installing large capacity. A nuclear power plant using NuScale's technology is comprised of individual nuclear power modules; each produces 45 megawatts of electricity with its own combined containment vessel and reactor system, and its own designated turbine-generator set. A power plant can include as many as 12 NuScale integral PWR modules to produce as much as 540 megawatts. The reactors are cooled by the natural convection of water and can be shut down safely without pumps or other mechanical systems. NuScale power plants are scalable - additional modules are added as customer demand for electricity increases. NuScale's technology also is ideally suited to supply energy for district heating, desalination and other applications. For more information visit: www.nuscalepower.com.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) designs, builds and maintains many of the world's most challenging and complex projects. Founded in 1912, the company was started by John Simon Fluor Sr. with a modest investment of $100. Since those humble beginnings, the company has grown into one of the largest engineering & construction companies in the world. Fluor is celebrating its 100th anniversary during 2012. Today, through its global network of offices on six continents, the company provides comprehensive capabilities and world-class expertise in engineering, procurement, construction, commissioning, operations, maintenance, and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 200 company and had revenue of $23.4 billion in 2011. For more information, visit www.fluor100.com and www.fluor.com.

Contact:

NuScale Power LLC