International engineering and construction management company Fluor Corporation has agreed to invest over $30 million in NuScale Power LLC, a small modular reactor (SMR) technology company.
Fluor has already purchased the shares that had previously been in U.S. Securities & Exchange Commission (SEC) receivership to become NuScale’s majority shareholder.
NuScale will continue to operate as an independent company, with Fluor as the majority shareholder. However, Fluor and NuScale have entered into a separate contractual arrangement under which Fluor will have exclusive rights to provide engineering and construction services for future NuScale SMR facilities.
Fluor Group president John Hopkins said that his company’s depth of experience in the nuclear industry would provide a solid platform for NuScale to advance its design through licensing to commercialization.
“Fluor’s investment in NuScale coupled with our contractual relationship enables NuScale to move ahead in a stronger position than ever with the backing of a major player in the global nuclear energy industry," said Paul Lorenzini, chief executive officer of NuScale. "Importantly, Fluor's confidence in NuScale's technology after its extensive due diligence sends a signal that together, we intend to be the leaders in bringing small, modular reactors to market."
NuScale is developing a 45 MWe self-contained pressurized water reactor and generator set, which would be factory made and shipped for deployment in sets of up to twelve units. These could result in scalable nuclear power plants with capacities from 45 MWe to 540 MWe.
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