Corvallis, Ore. & Fort Worth, TX – Paragon, a Mirion Technologies company and a leading supplier of safety-related products and components for the nuclear industry, has been awarded a contract by NuScale Power Corporation (NYSE: SMR), the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, to complete final design development of Paragon's Highly Integrated Protection System (HIPS) for the NuScale Power Module™ (NPM). NuScale has the first and only SMR design to be approved by the U.S. Nuclear Regulatory Commission (NRC).
The award marks a significant milestone, as NuScale already has certain components of 12 power modules in production. We anticipate that nuclear plants that deploy NPMs will feature one common control room that supports up to 12 NuScale Power Modules, each capable of generating up to 77 megawatts of clean, carbon-free power.
Under the contract, Paragon will complete the non-recurring engineering and design deliverables for three critical instrumentation and control systems built on the HIPS platform. The Module Protection System (MPS) is a nuclear safety-related reactor protection system that safeguards each individual NPM. The Safety Data Interface System (SDIS) is an augmented quality, post-accident monitoring system that provides operators with essential plant data in the event of an incident. The Plant Protection System (PPS) is a non-safety-related system responsible for control room habitability functions such as HVAC. The contract also includes Independent Verification and Validation services for MPS development, an important step in qualifying safety-critical software for nuclear applications.
“Paragon has been a valuable technology partner in the development of the HIPS technology, advancing the digital instrumentation and control systems that are essential to safe and reliable plant operations,” said John Hopkins, President and Chief Executive Officer of NuScale Power. “This partnership helps us to achieve the goal of delivering reliable, carbon-free power to our customers while ensuring the highest level of safety.”
"This contract represents the culmination of years of collaboration between Paragon and NuScale, and we are proud that our HIPS platform is at the heart of the NPM's protection systems," said Doug VanTassell, President and CEO of Paragon. "The work we are doing on MPS, SDIS, and PPS is foundational to bringing the first SMR of its kind into operation, and there is no greater validation of our technology than being entrusted with the safety-critical systems of the most significant new reactor design in a generation."
HIPS was purpose-built to meet today's cybersecurity requirements and the complexity of next-generation reactor designs. The platform delivers analog-like reliability while incorporating modern diagnostics that reduce operations and maintenance costs, and its architecture can be configured from a single channel up to a full four-division Reactor Protection System. HIPS also employs Model-Based Design to integrate system behavior and design documentation into a single environment, streamlining development and regulatory review — including NRC Safety Evaluation Report (SER) approval of its topical report in 2017, co-developed with NuScale.
Founded in 2007, NuScale Power Corporation (NYSE: SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. The NuScale Power Module™, the Company’s groundbreaking SMR technology, is a small, safe, pressurized water reactor that can each generate 77 megawatts of electricity (MWe) or 250 megawatts thermal (gross), and can be scaled to meet customer needs through an array of flexible configurations up to 924 MWe (12 modules) of output.
As the first and only SMR to have its designs certified by the U.S. Nuclear Regulatory Commission, NuScale is well-positioned to serve diverse customers across the world by supplying nuclear energy for electrical generation, data centers, district heating, desalination, commercial-scale hydrogen production, and other process heat applications.
Paragon, a Mirion Technologies company, has delivered comprehensive solutions for nuclear industry needs, producing and testing mission-critical equipment with proven customer satisfaction for more than three decades. Through obsolescence and parts availability strategies, innovation, and efficiency, Paragon directly addresses the challenges facing today’s operating fleet and the advanced reactors of tomorrow, all while maintaining the highest standards of quality and nuclear safety culture. www.paragones.com or (817) 284-0077.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the agreement described herein, the anticipated benefits and opportunities arising from such agreement, and its potential future impacts. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Further information regarding risks, uncertainties, and other factors that could affect each company’s respective financial results and operations is included in the filings of Mirion Technologies and NuScale Power Corporation, respectively, with the United States Securities and Exchange Commission (the SEC), including each company’s respective Annual Reports on Form 10-K and most recent Quarterly Reports on Form 10-Q, as well as other periodic reports filed or to be filed with the SEC.
You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on information available to each of us as of the date hereof, and neither of us assumes any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.