Funding will accelerate the commercialization of the company’s advanced nuclear technology
NuScale Power today announced that recent private capital investments from a diverse base of strategic investors total $152 million, closing out NuScale’s A-5 round of investments, and bringing the company’s total funding year to date to approximately $192 million. Investments have been secured from GS Energy, Doosan Heavy Industry and Construction, IHI Corporation, Samsung C&T Corporation, Sargent & Lundy and Sarens. This announcement follows a $40 million investment from JGC Holdings Corporation earlier this year.
NuScale is the leading developer of a small modular reactor (SMR) that delivers scalable, safe and reliable carbon-free nuclear power. Since 2007, NuScale has invested hundreds of millions in the development and commercialization of its SMR technology, which includes both private investments and cost-sharing awards from the U.S. Department of Energy (DOE).
“NuScale is incredibly excited to receive the support of such a distinguished group of partners who share our vision to transform the clean energy sector,” said John Hopkins, NuScale Power Chairman and Chief Executive Officer. “Taken together, these investments reflect the growing and substantial interest in NuScale’s technology as the world looks to us to provide affordable, carbon-free energy solutions.”
In August 2020, NuScale made history as the first and only SMR to receive design approval from the U.S. Nuclear Regulatory Commission (NRC), and in July of 2021, the Commission published the proposed rule that would certify the NuScale design – a crucial step towards the construction and deployment of this SMR technology.
This accomplishment would not have been possible without the support of the DOE, and this public-private partnership remains critical to the successful advancement of NuScale’s technology as it progresses to commercial deployment. The cost-shared funding provided by U.S. Congress has already accelerated NuScale’s advancement through the complex and rigorous NRC Design Certification process.
The Company maintains strong program momentum towards the commercialization of its SMR technology, including supply chain development, standard plant design, planning of plant delivery activities and startup and commissioning plans.
Source: Company Press Release