US-based NuScale Power on 30 June announced that it has finalised an investment agreement with GS Energy North America Investments (GS Energy), the US entity of the South Korean leading energy services provider. NuScale Power said the announcement continues the strong momentum of investments it has secured in recent months and is a significant step for commercialising its small modular reactor (SMR) technology.
GS Energy brings years of expertise as an energy solution provider in Korea and internationally with a diversified portfolio that includes: refining of transportation fuels and other petrochemical products; LNG procurement and supply; electric power production and district heat; and oil and gas exploration and production. GS Energy seeks to secure a diversified and cleaner energy portfolio and is continuously exploring various forms of renewable energy and new technologies, including nuclear power.
As part of a long-term strategic relationship established under the agreement, GS Energy will provide a cash investment in NuScale Power and support deployment of NuScale plants. The two parties will also look to develop regional NuScale power plant service delivery opportunities.
“NuScale is delighted to welcome GS Energy’s investment and commitment to commercialising America’s first small modular reactor,” said John Hopkins, NuScale Power Chairman and Chief Executive Officer. “GS Energy’s renowned expertise in energy project development complements our effort to demonstrate how cleaner and safer advanced nuclear technology can bring numerous economic and environmental benefits, especially as the global community transitions to reliable, clean energy.”
“GS Energy is committed to expanding its clean energy portfolio and we believe that innovative and safe SMR technologies such as NuScale’s will be key to transitioning toward a net zero economy,” said Yongsoo Huh, GS Energy CEO.
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 signed and announced memoranda of understanding with potential customers interested in considering a deployment of its SMR technology in 11 countries and continues to field private investment interest in the company’s game-changing SMR – including recent investment agreements with IHI Corporation and JGC Holdings Corporation.
NuScale has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, and other process heat applications. It features a fully factory-fabricated NuScale Power Module 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.