Second Korean investment in a week for NuScale SMR
23 July 2021
Samsung C&T Corporation has committed to making an equity investment in NuScale to support deployment of its small modular reactor (SMR) and is developing a business collaboration agreement with NuScale's engineering, construction and procurement partner Fluor Corporation. The announcement comes days after Doosan Heavy Industries and Construction increased its investment to support deployment of NuScale's SMR.
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(Image: NuScale)
Under its agreements with NuScale and Fluor, Samsung C&T will draw upon its nuclear construction experience in the South Korea and the UAE to serve as a strategic partner to Fluor and other potential project participants. "The company's expertise and investment in NuScale will be invaluable as we seek to bring this revolutionary clean energy technology to market," NuScale Power Chairman and CEO John Hopkins said.
"Samsung C&T is delighted to invest in and explore global carbon-free power opportunities together with NuScale Power and Fluor Corporation, leading companies in the SMR nuclear business," Se Chul Oh, Samsung C&T’s Engineering & Construction Group president and CEO, said. "SMR technology is next-generation with eco-friendly energy and this agreement is a crucial step to Samsung C&T to achieve future substantial growth."
Fluor Group President of Energy Solutions Jim Breuer welcomed Samsung C&T's capabilities, experience and global footprint in the deployment of NuScale's SMR technology. "This investment and partnership with Samsung C&T is aligned with Fluor and NuScale's long-term strategy to create the preeminent SMR value chain and investor syndicate," he said.
The virtual signing ceremony took place two days after Doosan Heavy Industries & Construction (DHIC), also from South Korea, agreed to make an additional USD60 million investment in NuScale bringing the total investment by the company and its financial backers to more than USD100 million.
The NuScale Power Module is a pressurised water reactor with all the components for steam generation and heat exchange incorporated into a single integrated unit. In August 2020 it became the first - and, so far, only - SMR to receive design approval from the US Nuclear Regulatory Commission.
Researched and written by World Nuclear News