IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that NuScale Power, for which Fluor is the majority investor, was named a recipient of U.S. Department of Energy (DOE) funding that will support the development, licensing and commercialization of the company’s nuclear small modular reactor (SMR) technology.
This project represents a significant investment in first-of-a-kind engineering and design certification for small modular reactors in the United States. Through a five-year cost-share agreement, the DOE will invest up to half of the total project cost with the project’s industry partners matching this investment by at least one-to-one. The specific total will be negotiated between the DOE and NuScale and will be derived from the total $452 million identified for the Department’s Small Modular Reactor Licensing Technical Support program.
Fluor and NuScale continue to be approached by numerous entities, and are evaluating potential investors, manufacturers and other supply chain partners for future potential SMR development efforts.
“Fluor is extremely pleased by the DOE’s funding decision in favor of NuScale’s innovative SMR technology,” said Dave Dunning, Fluor’s group president, Global Business Development & Strategy. “The determination by a panel of independent experts that NuScale’s SMR technology offers tremendous potential to produce safe, reliable, scalable power validates the same conclusion reached by Fluor when we initially decided to invest and support NuScale’s commercialization efforts.”
Fluor made its investment in NuScale Power in October 2011 prior to the announcement of the DOE cost-sharing program.
With growing long-term energy needs in the U.S. and abroad, Fluor’s investment complements the company’s EPC new-build and project management strengths together with our clients’ demand for diverse fuel technology capabilities. Fluor has been actively involved in the engineering, procurement, construction and maintenance of nuclear power plants for more than 60 years at more than 20 nuclear power units.
About Fluor Corporation
For more than 100 years, Fluor Corporation (NYSE: FLR) has partnered with its clients to design, build and maintain many of the world's most challenging and complex capital projects. Through its global network of offices on six continents, more than 41,000 employees provide comprehensive capabilities and world-class expertise in the fields of engineering, procurement, construction, commissioning, fabrication, operations, maintenance and project management. Today, the company serves a global client base in the energy, chemicals, government, industrial, infrastructure, operations & maintenance, manufacturing & life sciences, mining, power and transportation sectors. Headquartered in Irving, Texas, Fluor ranks 110 on the FORTUNE 500 list and had revenue of $27.6 billion in 2012. For more information, visit www.fluor.com and follow us on Twitter at @FluorCorp.