NuScale Power announced on 20 July that Doosan Heavy Industries and Construction (DHIC) has agreed to complete a cash investment of $60 million in NuScale to continue to support deployment of its small modular reactor (SMR). In 2019, Doosan was joined by financial investors that collectively invested $44 million in NuScale. This is the fourth investment from DHIC and its financial partners in two years. Including the latest investment DHIC and its financial investors have invested more than $100 million in NuScale.
The strategic relationship between NuScale and DHIC was established in 2019, and resulted in NuScale awarding DHIC a manufacturing consulting services contract. Under this strategic partnership, DHIC is bringing its expertise in nuclear pressure vessel manufacturing and has joined a US-led manufacturing team to build the NuScale Power Module™ (NPM). DHIC will be a source for certain forgings associated with the NPM as well as key parts of the reactor pressure vessels. DHIC is a preferred supplier for additional scopes of supply central to delivering a NuScale Plant. NuScale said this latest investment ensures that NuScale and DHIC will continue in this strategic relationship for many years to come.
“NuScale is delighted to welcome Doosan’s continuing investment in and commitment to commercialising America’s first small modular reactor,” said NuScale Power Chairman and CEO John Hopkins. “Doosan’s expertise in heavy manufacturing will be invaluable as we move forward with the construction of our first NuScale Power Plant at the Idaho National Laboratory in just a few years, and we are thankful for their ongoing support and endorsement.”
“Through this additional investment, Doosan and NuScale Power will further solidify their strategic cooperative relationship,” said Geewon Park, DHIC Chairman and CEO. “The large scope of supply secured from NuScale Power will also offer momentum and new opportunities to the domestic supply chain.”
NuScale’s SMR in August 2020 became the first SMR design to receive approval from the US Nuclear Regulatory Commission. NuScale and Fluor are currently working for Utah Associated Municipal Power Systems (UAMPS) to commercialise the plant.
NuScale has developed a modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, and other process heat applications. The NPM is capable of generating 77MW of electricity using pressurised water reactor technology. NuScale's scalable design—a power plant can house up to four, six, or 12 individual power modules reduces the financial commitments associated with gigawatt-sized nuclear facilities.
Image: NuScale and Doosan signing ceremony took place in July (photo credit: NuScale Power)