This milestone signifies the beginning of
NuScale Power Module™ manufacture, a critical next step in the
deployment of NuScale’s clean energy technology
NuScale Power LLC (“NuScale”) and Doosan Enerbility Co., Ltd.
(“Doosan”) announced through a signed agreement that Doosan will
begin production of forging materials for NuScale’s Small Modular
Reactors (SMRs) as early as 2022, with expectations for full-scale
equipment manufacturing by the latter half of 2023. Specifically,
Doosan, a Korean industrials and energy company, will begin
production of forging dies for NuScale’s Upper Reactor Pressure
Vessel, marking the start of NuScale Power Module™ production.
We expect that the materials produced will support NuScale’s
first commercial deployment of its VOYGR™ power plant for Utah
Associated Municipal Power Systems’ (UAMPS') Carbon Free Power
Project (CFPP) at the Idaho National Lab (INL). In conjunction with
Doosan, U.S.-based suppliers and others, NuScale and the CFPP
expect to bring carbon-free, safe, and reliable nuclear energy to
UAMPS customers by the end of the decade.
Doosan completed a manufacturability review for the NPM in
January 2021, which successfully established the manufacturing
sequence and processes for the NPMs. Doosan is now working on NPM
component prototype development. With this new agreement, Doosan
will begin manufacturing of large forged materials used for
NuScale’s SMRs in 2022 and expects to begin full-scale
manufacturing of NPMs in the second half of 2023.
“Today’s announcement showcases NuScale’s commercial readiness
and signals to the world that NuScale is truly the frontrunner in
the race to bring SMRs to market,” said John Hopkins, NuScale
President and Chief Executive Officer. “We are proud to have such a
well-respected, expert leader like Doosan partnering with us in
this journey to shape the future of energy.”
“Doosan Enerbility has continuously solidified a strategic
cooperative relationship with NuScale Power and has made full
preparation for SMR manufacturing,” said Geewon Park, Chairman and
Chief Executive Officer of Doosan Enerbility. “The growing market
demand for SMRs will also open a door for participation of our
subcontractors,” he added.
This milestone builds upon NuScale and Doosan’s existing
relationship, which began in 2019 when Doosan made its initial
investment in NuScale. Since then, Doosan has conducted an
extensive multi-year effort, completing the design for manufacture
of the NPM and performing manufacturing trials to reduce schedule
risk and increase cost certainty.
This announcement reflects one of NuScale’s many strong
relationships with world-class suppliers and manufacturers. In
addition to Doosan, NuScale continues to develop its supply chain
readiness through coordination and execution of manufacturing
orders with its many partners. Other agreements with U.S. and
international suppliers are currently in the works to ensure
NuScale can deploy its SMR technology to domestic and international
customers.
About NuScale Power
NuScale Power is poised to meet the diverse energy needs of
customers across the world. It has developed a new modular light
water reactor nuclear power plant to supply energy for electrical
generation, district heating, desalination, hydrogen production and
other process heat applications. The groundbreaking NuScale Power
Module™ (NPM), a small, safe, pressurized water reactor, can
generate 77 MWe of electricity and can be scaled to meet customer
needs. The VOYGR™-12 power plant is capable of generating 924 MWe,
and NuScale also offers four-module VOYGR-4 (308 MWe) and
six-module VOYGR-6 (462 MWe) plants and other configurations based
on customer needs. The majority investor in NuScale is Fluor
Corporation, a global engineering, procurement, and construction
company with more than 70 years supporting nuclear projects.
NuScale is headquartered in Portland, Ore. and has offices in
Corvallis, Ore.; Rockville, Md.; Charlotte, N.C.; Richland, Wash.;
and London, UK. Follow us on Twitter: @NuScale_Power,
Facebook: NuScale Power, LLC, LinkedIn:
NuScale-Power, and Instagram: nuscale_power. Visit
NuScale Power's website.
On December 14, 2021, NuScale announced a definitive business
combination agreement with Spring Valley Acquisition Corp. (Nasdaq:
SV, SVSVW). Upon the closing of the business combination, NuScale
will become publicly traded under the new ticker symbol “SMR.”
Additional information about the transaction can be viewed here:
https://www.nuscalepower.com/about-us/investors.
About Doosan Enerbility
Doosan is a leading Engineering, Procurement and Construction
(EPC) contractor offering a wide range of services ranging from the
manufacturing of castings and forgings, power generation systems
and desalination facilities to the construction of power
plants.
Doosan maintains a high quality standard based on extensive
experience in manufacturing major components of nuclear power
plants. Doosan has an integrated manufacturing facility in
Changwon, Korea, which is capable of raw material production to
final assembly of nuclear components. Doosan has manufactured and
supplied 34 Reactor Vessels & 124 Steam Generators
globally.
No Offer or Solicitation
This release does not constitute an offer to sell or a
solicitation of an offer to buy, or the solicitation of any vote or
approval in any jurisdiction in connection with a proposed
potential business combination among Spring Valley and NuScale or
any related transactions, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction where, or to any person
to whom, such offer, solicitation or sale may be unlawful. Any
offering of securities or solicitation of votes regarding the
proposed transaction will be made only by means of a proxy
statement/prospectus that complies with applicable rules and
regulations promulgated under the Securities Act of 1933, as
amended (the “Securities Act”), and Securities Exchange Act of
1934, as amended, or pursuant to an exemption from the Securities
Act or in a transaction not subject to the registration
requirements of the Securities Act.
Forward-Looking Statements
This release may contain “forward-looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target” or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical facts. These
forward-looking statements are inherently subject to risks,
uncertainties and assumptions. Actual results may differ materially
as a result of a number of factors. Caution must be exercised in
relying on these and other forward-looking statements. Due to known
and unknown risks, NuScale’s results may differ materially from its
expectations and projections. While NuScale may elect to update
these forward-looking statements at some point in the future
NuScale specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing NuScale’s assessments of any date subsequent to the
date of this release. Accordingly, undue reliance should not be
placed upon the forward-looking statements.
Additional Information and Where to Find It
The proposed Business Combination will be submitted to
shareholders of Spring Valley for their approval. The Registration
Statement that Spring Valley has filed with the SEC includes a
proxy statement/prospectus and certain other related documents,
which has been distributed to holders of Spring Valley’s Class A
ordinary shares in connection with Spring Valley’s solicitation of
proxies for the vote by the Spring Valley shareholders with respect
to the proposed Business Combination and other matters as described
in the proxy statement/prospectus. Spring Valley mailed a
definitive proxy statement/prospectus to the Spring Valley
shareholders as of the close of business on March 25, 2022, which
is the record date established in connection with Spring Valley’s
solicitation of proxies for the vote on the proposed Business
Combination and other matters to be presented at the special
meeting of Spring Valley shareholders. Spring Valley shareholders
and other interested parties are urged to read the definitive proxy
statement/prospectus, any amendments thereto and any other
documents filed with the SEC carefully and in their entirety when
they become available because they will contain important
information about Spring Valley, NuScale and the proposed Business
Combination. Shareholders may also obtain a copy of the proxy
statement/prospectus, as well as other documents filed with the SEC
regarding the proposed Business Combination and other documents
filed with the SEC by Spring Valley, without charge, at the SEC’s
website located at www.sec.gov. A link to the Registration
Statement, as well as other information related to the transaction,
can be found on the “Investors” section of NuScale’s website at
www.nuscalepower.com/about-us/investors.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
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version on businesswire.com: https://www.businesswire.com/news/home/20220424005085/en/
Diane Hughes, Vice President, Marketing & Communications,
NuScale Power dhughes@nuscalepower.com (C) (503) 270-9329
Jongbyum Park, Senior Manager, Communications Team, Doosan
Enerbility jongbyum1.park@doosan.com
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