NuScale Power seeking capital as it plans commercialization of SMR nuclear

SMR plant cutaway courtesy NuScale.

Small modular reactor developer NuScale Power is exploring the next level of financing needed to accelerate commercialization of its next-gen nuclear technology.

Oregon-based NuScale has retained Guggenheim Securities as its advisor on attracting capital to help it commercialize deployment of its SMR offering. The U.S. Nuclear Regulatory Commission has approved the NuScale design.

“We are incredibly excited by the opportunities ahead for NuScale as the leader in the small modular reactor technology market. Following our final design certification by the NRC, we have the only approved design for a flexible, safe and zero carbon small modular nuclear energy reactor, with a clear path to commercial operation,” said John Hopkins, NuScale Chairman and Chief Executive Officer. “Given the level of interest from potential customers, investors and partners and growing global demand for clean energy alternatives, we have engaged Guggenheim Securities to evaluate the right options to raise additional capital and accelerate the development of our carbon-free power solution.”

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The company has partnered with engineering and construction firm Fluor over the past decade. Fluor and other partners give engineering service, project management and supply chain support to NuScale.

Conventional, large-scale nuclear is tremendously expensive. Southern Co.’s Vogtle 3 and 4 expansion in Georgia is costing close to $27 billion and is the only such project under construction in the U.S.

Many believe that SMR technology offers the potential for smaller costs, geographical footprint and reduced safety concerns due to the design innovations in the purposed plants. Each NuScale reactor theoretically can generate 77 MW of electricity per module, according to reports.

Fluor and NuScale have an agreement with Utah Associated Municipal Power Systems to build an SMR plant for commercial operation. In October 2020, UAMPS received a $1.355 billion, 10-year award from the DOE, subject to annual appropriations, to help fund the project.

Last month, Japanese project firm JGC Holdings Corp. announced it was investing $40 million in NuScale Power.

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