NuScale Power and Doosan Heavy Industries and Construction (DHIC) have announced the signing of a memorandum of understanding (MOU) for strategic cooperation to support deployment of the NuScale Power Module (NPM) worldwide.
The relationship includes DHIC, a member of the Doosan Group, and potential Korean financial investors, which, commensurate to final due diligence, plan to make a cash equity investment in NuScale.
DHIC is expected to bring its expertise in nuclear pressure vessel manufacturing, and will join the larger U.S.-led manufacturing team to build NuScale’s groundbreaking NuScale Power ModuleTM (NPM), America’s first small modular reactor.
“NuScale welcomes this strategic relationship with DHIC – a leader in the global manufacturing industry,” said John Hopkins, Chairman and chief executive officer of NuScale Power. “Through this relationship, we are not only broadening our supply chain base, but DHIC’s potential investment will also be an endorsement of NuScale’s strong position as a global SMR leader and our capability to deliver NuScale plants worldwide. We also welcome the interest from Korean financial investors. Based upon the international interest in the NuScale design, it is anticipated that significant international capabilities will be needed to meet worldwide needs. DHIC is a highly capable partner to help NuScale meet these market demands.”
Under the terms of the MOU, DHIC, a pre-eminent, world-renowned nuclear pressure vessel manufacturer with substantial experience, is expected to build a portion of the most critical and complex NPM sub assemblies for the plant under development for Utah Associated Municipal Power Systems, which is expected to begin operation in 2026. The new international relationship with DHIC will further build NuScale’s U.S.-centered supply chain and accelerate NuScale’s ability to deliver its technology quickly to future customers around the world.
“We are impressed with the simplicity, safety and cost-effectiveness of NuScale’s design, and we look forward to collaborating with the company as they bring America’s first SMR to market,” said Ki Yong Na, CEO of Doosan Nuclear Power Plant Business Group. “Furthermore, we see great potential for international applications of NuScale’s carbon-free technology, and look forward to collaborating with NuScale as the company pursues additional opportunities.”
Under the terms of the MOU, which is subject to a satisfactory due diligence negotiation of a definitive agreement and regulatory approvals, the companies are aiming to close the strategic supplier agreement in July 2019.
NuScale’s technology is the world’s first and only SMR to undergo design certification review by the U.S. Nuclear Regulatory Commission (NRC). The NRC is scheduled to complete its review of NuScale’s design in September 2020
Source: Company Press Release.