Investors and Strategic Partners
Our strategic partners share our entrepreneurial, technological, and philanthropic spirit. Strategic partners offer technologies and services that will help make NuScale Power (NuScale) successful. These strategic partners show their commitment to the success of NuScale by also taking an equity stake in the company. NuScale is also collaborating with others to bring to market its game changing SMR technology. Together, we are working to change the power that changes the world.
Oregon State University (OSU) was the original strategic partner for NuScale and it maintains minority interest as a result of selling NuScale the core technology patents underlying our standard plant design. In 2007, OSU granted NuScale exclusive rights to the nuclear power plant design, as well as the continued use of the test facility, through a technology transfer agreement.
Since 2009, NuScale and ARES have collaborated to support the development of the seismic design basis for NuScale’s small modular reactor (SMR) plant and to analyze and design its Reactor Building. In April 2012, ARES Corporation took an equity position in NuScale and signed a strategic partnership agreement to assist in the design, development, and licensing of NuScale’s SMR technology. ARES formed in 1992 as a high-end technical services provider for the U.S. Government, the government’s prime contractors and fabricators within DOE, DoD, and NASA, and for commercial nuclear power utilities and nuclear equipment fabricators.
In March 2014, NuScale and Enercon Services (ENERCON) announced a new strategic partnership to support deployment of the NuScale Power Module™ (NPM) fleet worldwide and involved ENERCON taking an equity position in NuScale. Founded in 1983, ENERCON is an engineering, environmental, and technical services company serving the energy industry with a focus in nuclear power. It currently provides engineering support to approximately 90 of the 98 nuclear power plants operating in the United States. ENERCON is also a leader in supporting deployment of new nuclear power plants, including the preparation of complex licensing documents, and has utilized its licensing expertise to support the development and submittal of the NuScale Design Certification Application.
In October 2015, NuScale and Ultra Electronics (Ultra) announced a strategic partnership to support global deployment of NuScale’s groundbreaking SMR technology, with Ultra also taking an equity position in NuScale. The agreement brings Ultra’s expertise in reactor protection system design, nucleonic instrumentation, nuclear qualified sensors, and associated in-core, specialty cabling to the NuScale design team. Today, Ultra systems are installed at over 500 nuclear plants and facilities around the world. Ultra’s sensors protect over 180 of the world’s reactors. In January 2019, NuScale and Ultra unveiled a new safety display and indication system using field programmable gate array (FPGA) technology that represents the first application of FPGA technology for real time display and monitoring in the U.S. commercial nuclear industry. Building upon the development of the NuScale Module Protection System, the safety display and indication system is the next step in how NuScale is re-imagining nuclear instrumentation and control systems in partnership with Ultra’s Texas-based subsidiary team.
In July 2019, NuScale finalized a strategic agreement with Doosan Heavy Industries and Construction Co., Ltd. (DHIC), a member of the Doosan Group, to support global deployment of the NPM. The agreement includes a cash investment in NuScale—further evidence of the attractive investment opportunity that NuScale offers. DHIC will bring its expertise in nuclear pressure vessel manufacturing and will join the larger U.S.-led NPM manufacturing team. This collaboration will broaden NuScale’s U.S.-based supply chain, aiding our strong position as a global SMR leader and our capability to meet growing worldwide interest in NuScale technology. DHIC was joined in its NuScale investment by private equity, representing the first large-scale purely financial investors in NuScale.
July 2019 also yielded a finalized strategic agreement with Sargent & Lundy to support the worldwide deployment of NuScale’s pioneering technology. The agreement outlines Sargent & Lundy’s role as both an investor in NuScale and a developer of our standard plant design based on our forthcoming U.S. Nuclear Regulatory Commission (NRC) certified design. Sargent & Lundy is a global leader in power engineering with more than 60 years of experience in nuclear unit design and will bring its expertise to the larger U.S.-led team working to build the NPM.
While OSU, ARES Corporation, ENERCON, Ultra, DHIC, and Sargent & Lundy all own minority interests in NuScale, Fluor Corporation (Fluor) is currently NuScale’s majority investor and lead strategic investor.
Fluor is also NuScale’s engineering, procurement, fabrication, and construction (EPFC) lead for NuScale plant construction. Fluor will collaborate with NuScale and Sargent & Lundy on various aspects of the plant design, with Sargent & Lundy providing additional architect engineer support as agreed upon with NuScale. Fluor has a strong 60-plus-year history in the nuclear new-build market—having designed, built or provided construction support for 20 units in the United States for over 70 years. Our customers in the U.S. and across the globe will have a competitive option for their new-build nuclear facilities that offer unmatched safety, reliability, and resiliency. Our collaborative work positions both NuScale and Fluor as global leaders in the global new-build nuclear market now and in the future.
Domestic and International Collaboration
Several other companies and research institutes, domestic and international, have made long-term commitments toward the success of NuScale.
In February 2015, NuScale announced an agreement with Framatome (previously AREVA) to perform fuel design, testing, and analysis services, using Framatome’s proven HTP™ fuel technology, in a joint effort to support NuScale’s Design Certification Application. The agreement also outlines NuScale’s use of Framatome’s diverse nuclear testing capabilities, which include critical heat flux testing, and steam generator and control rod assembly drop alignment testing. In December 2015, NuScale advanced the Framatome relationship with a contract to manufacture fuel assemblies and control rod assemblies. Under this supply agreement, Framatome will supply the initial cores for NuScale’s SMR, as well as subsequent reloads.
NuScale continues to build strategic relationships both domestically and internationally and has contracted with additional engineering and manufacturing companies to support the design and deployment of its SMR technology. In September 2018, NuScale selected Virginia-based BWX Technologies, Inc. (BWXT) to start the manufacturing engineering work to manufacture NuScale’s SMR. The decision followed a rigorous 18-month selection process, with expressed interest from 83 companies based in 10 countries, to determine the best company to refine NuScale’s design for manufacturability, assembly, and transportability – the first phase in bringing NuScale’s pioneering design to life. BWXT will refine our design for enhanced manufacturability, assembly, and transportability through June 2020.
Minnesota-based PaR Systems, LLC is a leading supplier of material handling systems to both the U.S. government and the commercial nuclear power industry. In 2018, PaR Systems began the engineering work for the manufacturing of a Reactor Building Crane (RBC) for NuScale’s innovative plant design. PaR Systems will continue to perform the design, engineering, and subsequent precision movement testing for NuScale’s RBC through 2019.
In May 2019, NuScale formed a partnership with Virginia-based Enfission, LLC to explore the use of Enfission’s next generation nuclear fuel technology in NuScale’s revolutionary SMR technology. Our collaboration with Enfission underlines NuScale’s commitment to working with American companies as we expand our U.S.-based supply chain and optimize our technology ahead of commercialization in 2027 with the nation’s first SMR plant at the Idaho National Lab.
Other companies working with NuScale include such well-known names in the industry as Curtiss-Wright, Precision Custom Components, Siet, Structural Integrity Associates, Rock Creek Innovations, Siemens, and GSE Systems.
NuScale maintains a relationship with several research entities that support the design and commercialization of its state-of-the-art technology. On August 15, 2019 NuScale announced that the U.S. Department of Energy (DOE) awarded three grants to support the installation of three separate NuScale reactor plant simulators at Oregon State University (OSU), Texas A&M University-College Station, and the University of Idaho. This collaboration is one of our most exciting yet, and highlights NuScale’s commitment to inspire future generations of energy innovators through collaborative research and education. The simulator facilitates research into human factors engineering, human-system interface design, advanced diagnostics, cyber security, and plant control room automation. The Idaho National Laboratory, Oak Ridge National Laboratory (Center for Advanced Simulation of Light Water Reactors), Sandia National Laboratories, OSU, Boise State, University of Wyoming, Utah State, and the Electric Power Research Institute have currently active research engagements or recently completed engagements with NuScale.
At NuScale, we sincerely value our domestic and international investors and strategic partners and always strive to deliver them a high return on capital. The market potential for NuScale’s SMR technology, along with services to support licensing, commissioning, and ongoing operations and maintenance is considerable. Both our early and most recent collaborations demonstrate the global recognition of NuScale’s capacity to advance the nuclear industry through energy sector innovation and collaboration. Together, we can provide the smarter, cleaner, safer energy solution for all as we change the power that changes the world.