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Project to develop Modular Nuclear Power receives DOE funding in USA

PROGRAMME/PROJECT NEWS 

12 January 2014 – Fluor Corporation announced in December that NuScale Power, for which Fluor is the majority investor, was named a recipient of U.S. Department of Energy (DOE) funding for a project to develop, license and commercialize the company’s nuclear small modular reactor (SMR) technology.  The funding is expected to be up to $226 million over five years.

This project represents a significant investment in first-of-a-kind engineering and design certification for small modular reactors in the United States. Through a five-year cost-share agreement, the DOE will invest up to half of the total project cost with the project’s industry partners matching this investment by at least one-to-one. The specific total will be negotiated between the DOE and NuScale and will be derived from the total $452 million identified for the Department’s Small Modular Reactor Licensing Technical Support program.

Fluor and NuScale continue to be approached by numerous entities, and are evaluating potential investors, manufacturers and other supply chain partners for future potential SMR development efforts.

140112-pmwj19-nuscale-IMAGE“Fluor is extremely pleased by the DOE’s funding decision in favor of NuScale’s innovative SMR technology,” said Dave Dunning, Fluor’s group president, Global Business Development & Strategy (pictured). “The determination by a panel of independent experts that NuScale’s SMR technology offers tremendous potential to produce safe, reliable, scalable power validates the same conclusion reached by Fluor when we initially decided to invest and support NuScale’s commercialization efforts.”

Fluor made its investment in NuScale Power in October 2011 prior to the announcement of the DOE cost-sharing program.

With growing long-term energy needs in the U.S. and abroad, Fluor’s investment complements the company’s EPC new-build and project management strengths together with our clients’ demand for diverse fuel technology capabilities. Fluor has been actively involved in the engineering, procurement, construction and maintenance of nuclear power plants for more than 60 years at more than 20 nuclear power units.

NuScale Power, LLC is developing an inherently safe, modular, scalable commercial nuclear power technology. Fluor Corporation (NYSE: FLR), a global engineering, procurement and construction company with a 60-year history in commercial nuclear power, is the majority investor in NuScale. NuScale’s design offers the benefits of carbon-free nuclear power but takes away the issues presented by the cost of installing large capacity. A nuclear power plant using NuScale’s technology is comprised of individual nuclear power modules; each produces 45 megawatts of electricity with its own combined containment vessel and reactor system, and its own designated turbine-generator set. A power plant can include as many as 12 NuScale integral PWR modules to produce as much as 540 megawatts. The reactors are cooled by the natural circulation of water and can be shut down safely with no operator action, no AC or DC power, and no external water. NuScale power plants are scalable – additional modules are added as customer demand for electricity increases. NuScale’s technology also is ideally suited to supply energy for district heating, desalination and other applications. For more information visit: www.nuscalepower.com.

Fluor Corporation (NYSE: FLR) designs, builds and maintains many of the world’s most challenging and complex projects. Through its global network of offices on six continents, the company provides comprehensive capabilities and world-class expertise in engineering, procurement, construction, commissioning, operations, and maintenance and project management. Founded in 1912 and headquartered in Irving, Texas, USA, Fluor had revenues of $27.6 billion in 2012.  For more information, visit www.fluor.com

Source: Fluor Corporation and NuScale Power