NuScale Engages Guggenheim Securities to Explore Financing Options


PORTLAND, Ore .-- (BUSINESS WIRE) - NuScale Power, LLC ("NuScale") announced today that it has engaged Guggenheim Securities, LLC, a leading financial advisory and capital markets firm, to evaluate financing options to commercialize the company's groundbreaking Small Modular Reactor (SMR) accelerate) technology. NuScale is majority-owned by Fluor Corporation ("Fluor") (NYSE: FLR), a global engineering, procurement, and construction (EPC) company.

"We are incredibly excited about the opportunities NuScale offers as a leader in the small modular reactor technology market. After our final design certification by the NRC, we have the only approved design for a flexible, safe, and low carbon small modular nuclear reactor with a clear path for commercial operations, "said John Hopkins, NuScale chairman and chief executive officer." Given the high level of interest from potential customers, investors and partners, and the growing global demand for clean energy alternatives, we asked Guggenheim Securities to assess the right options, to raise additional capital and accelerate the development of our carbon-free electricity solution. "

NuScale's SMR technology made history in August 2020 as the first and only design ever to be approved by the U.S. Nuclear Regulatory Commission. NuScale's innovative and unique fully passive and safe SMR design can produce 77 megawatts (MW) of carbon-free electricity using a safer, smaller and more scalable version of traditional pressurized light water reactor technology. The modules can safely shut down and self-cool indefinitely without the need for AC or DC power, operator or computer actions, or additional water. This offers what is known as an unlimited coping time - a first for light water reactor technology. The fully factory-made NuScale module provides scalable power as needed and can meet grid capacity needs by providing both base load power with a high capacity factor and flexible load follow power to support intermittent wind, solar and hydropower resources.

NuScale and Fluor, NuScale's EPC partner, have reached an agreement with Utah Associated Municipal Power Systems (UAMPS) to build the first NuScale power plant, which will commercialize the US’s first carbon-free SMR project for clean energy. UAMPS received a ten-year award of $ 1.355 billion from the U.S. Department of Energy (DOE) for the project in October 2020, subject to annual funding.

It is expected that any proceeds from this process will be used by NuScale to accelerate and expand its SMR development program, including elements currently supported by a DOE price sharing award. Fluor and its partners will continue to provide engineering services, project management and supply chain support to NuScale under a planned future agreement.

.About NuScale Power

NuScale Power has developed a new modular light water reactor nuclear power plant that provides energy for power generation, district heating, desalination and other process heat applications. This groundbreaking Small Modular Reactor (SMR) design features a fully factory-built NuScale Power Module ™ capable of generating 77 MW of electricity using a safer, smaller, and more scalable version of pressurized water reactor technology. NuScale's scalable design - power plants that can house up to four, six, or 12 individual power modules - offers the benefits of carbon-free energy and reduces the financial obligations associated with gigawatt nuclear power plants. The primary investor in NuScale is Fluor Corporation, a global engineering, procurement and construction company with a 70-year history in commercial nuclear power.

NuScale is headquartered in Portland, OR, and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, LinkedIn: NuScale-Power and Instagram: nuscale_power. Visit the NuScale Power website.

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