NuScale Power, LLC Submits Part II of DOE Loan Guarantee Application

NuScale Power, LLC announced today that the company has successfully submitted Part II of its Title XVII loan guarantee application to the U.S. Department of Energy (USDOE) under the Department’s Advanced Nuclear Energy Project Solicitation.

Under this solicitation, USDOE seeks applications for loan guarantees to finance projects located in the United States that employ innovative advanced nuclear energy technologies that avoid, reduce or sequester anthropogenic emission of greenhouse gases. The USDOE Loan Guarantee Program was established under Title XVII of the Energy Policy Act of 2005, and has $12.5 billion in loan guarantee authority for Advanced Nuclear Energy Projects.

“The application is another step in our successful partnership with the Department of Energy,” said John Hopkins, Chairman and CEO of NuScale Power. “With their ongoing support, we are well along the path to bringing this innovative design to market, creating jobs and preserving American leadership in nuclear technology.”

Earlier this year, NuScale announced submission of the Design Certification Application to the U.S. Nuclear Regulatory Commission. That application, now under review, was funded in part under the USDOE Licensing and Technical Support cost-share program.

If approved, the NuScale loan guarantee will support construction of the Carbon Free Power Project, the first Small Modular Reactor (SMR) to be built in the United States. The Utah Associated Municipal Power System (UAMPS) will own the plant, with planning underway for a site at the Idaho National Laboratory, near Idaho Falls, Idaho.

“For the Carbon Free Power Project to be successful, we need to be competitive,” said Doug Hunter, CEO of UAMPS. “This loan guarantee, along with other government support, allows us to be fully competitive with natural gas without adding any greenhouse gas emissions.”

Other programs affecting advanced nuclear energy development are currently under review, including possible extension of Production Tax Credits and support for supply chain development and construction.

About NuScale Power, LLC

NuScale Power, LLC is developing a new kind of nuclear plant; a safer, smaller, scalable version of pressurized water reactor technology – a technology initially developed and tested at Oregon State University. Fluor Corporation (NYSE: FLR), a global engineering, procurement, and construction company with a 60-year history in commercial nuclear power, is the majority investor in NuScale. NuScale’s design offers the benefits of carbon-free nuclear power and reduces the financial commitments associated with giga-watt size nuclear facilities.  NuScale technology is ideally suited across diverse platforms including base load electricity, load-following support for renewables, very high-reliability micro-grids, and process heat or steam for district heating, desalination and industrial uses.

At the heart of our technology is the fully factory fabricated NuScale Power Module™, an integral reactor vessel surrounded by a high pressure steel containment, which when coupled to its factory fabricated power generation equipment can produce 50 megawatts of electricity.  A NuScale power plant can house up to 12 of these modules for a total facility output of 600 megawatts (gross). The scalability afforded by the modular design allows customers to incrementally increase facility output to match demand.  The NuScale Power Module™ is premised on well-established nuclear technology principles with a focus on integration of components, simplification or elimination of systems, and use of passive safety features resulting in highly reliable operation underpinned by an extremely strong safety case and unparalleled asset protection, making it suitable to be sited at locations closer to where electricity or process heat are needed.

NuScale is headquartered in Portland, Oregon and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK. For more information visit: www.nuscalepower.com or follow us on Twitter: @NuScale_Power.