Doosan Heavy Industries & Construction (“DHI”) announced on December 19, 2019 that it has completed equity investment in NuScale Power for its small modular reactor (SMR) technology. The first NuScale power plant will be constructed in the United States and achieve commercial operation by 2026.
DHI has finalized a total of three (3) equity investments with Korean financial investors, including IBK Securities, from July to this month, and executed a business collaboration agreement with NuScale Power for the NuScale Power Module™ (NPM) and other equipment supply. The total amount of investment is $44 million.
NuScale Power is the U.S.-based global leader in SMR technology. NuScale has developed its cutting-edge SMR design with funding from the U.S. Department of Energy (DOE) and through the support of other strategic relationships.
On December 12, 2019 NuScale announced that the U.S. Nuclear Regulatory Commission (NRC) completed the Phase 4 review of the design certification application (DCA) for the company’s revolutionary SMR. NuScale’s SMR technology is the world’s first and only SMR to undergo design certification review by the NRC, and only Phases 5 and 6 of the NRC review remain. The NRC is expected to complete its final review of the NuScale SMR design by September 2020.
DHI Nuclear business group CEO, Mr. Kiyong Na, said, “With the successful completion of Doosan investment and NRC Phase 4 design certification, NuScale’s SMR business is gaining momentum.” And he added “Through this cooperation with NuScale Power, we are looking forward to expanding our business to the global SMR market.
DHI signed a business collaboration agreement to fabricate parts of the NPM and other equipment in July, and plans to supply equipment worth at least $1.3 billion to NuScale Power for both U.S. and global deployment of the NuScale power plant.
▲DHIC, NuScale Power, and Fluor Corporation (NuScale Power’s parent company) executives and employees pose for a photo on November 25 after the second round of equity investment signing ceremony at Fluor’s head office in Dallas. (From left in the front row of the photo: John Hopkins, CEO of NuScale Power; Kiyong Na, CEO of DHIC Nuclear BG; and Carlos Hernandez, CEO of Fluor Corporation)