NuScale Power announced on 22 July that South Korea’s Samsung C&T Corporation has committed to make an equity investment in NuScale to support deployment of its small modular reactor (SMR).
In conjunction with the investment, Samsung C&T and NuScale’s lead engineering, construction and procurement (EPC) partner, Fluor Corporation, are developing a business collaboration agreement to expand capabilities available for future deployment of NuScale projects.
Samsung C&T previously participated in construction of the four unit Barakah Nuclear Power Plant in the United Arab Emirates. Under its agreements with NuScale and Fluor, Samsung C&T will draw upon its nuclear construction experience with the successful completion of the Barakah Plants and the Hanul (Uljin) NPP units 5 and 6 in South Korea to serve as a strategic partner to Fluor and other potential project participants.
“NuScale is excited to draw upon Samsung C&T’s proven track record as a leading nuclear engineering and construction partner,” said John Hopkins, NuScale Power Chairman and Chief Executive Officer. “The company’s expertise and investment in NuScale will be invaluable as we seek to bring this revolutionary clean energy technology to market.”
“Samsung C&T is delighted to invest in and explore global carbon-free power opportunities together with NuScale Power and Fluor Corporation, leading companies in the SMR nuclear business. SMR technology is next-generation with eco-friendly energy and this agreement is a crucial step to Samsung C&T to achieve future substantial growth,” said Se Chul Oh, Samsung C&T’s Engineering & Construction Group President and Chief Executive Officer.
The Samsung C&T investment came two days after Korea’s Doosan Heavy Industries and Construction (DHIC) agreed to complete a cash investment of $60 million in NuScale’s SMR.
In August 2020, NuScale’s SMR became the first SMR design to receive approval from the US Nuclear Regulatory Commission. NuScale and Fluor are also currently working with 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.
Photo: Signing ceremony when Samsung C&T Corporation committed to make an equity investment in NuScale