COLUMBIA, Md.--(BUSINESS WIRE)--GSE Systems, Inc. (“GSE” or “the Company”) (Nasdaq:GVP), a leader in real-time high-fidelity simulation systems, training/consulting and technology-enabled engineering solutions to the power and process industries, today announced receipt of two contracts from important Chinese customers. The two contracts will commence during Q2 2018, and together have a total value that exceeds $4 million. The projects will continue over the next two years.
Under one of the contracts, GSE will provide simulation technology and engineering services for delivery of a full scope high-fidelity nuclear power plant simulator. GSE has participated in the development and delivery of two other simulators for this customer. GSE and its partner will develop the simulator using GSE’s high-fidelity simulation platform and JADE™ software modeling suite, THEATRe, and REMARK advanced models. The simulator will be enhanced with severe accident simulation capability supported by GSE’s PSA-HD™ modeling software. The JADE suite has been used to effectively meet the highest standard of simulation in the nuclear industry and used for simulators for all major nuclear plant designs, including: Pressurized and Boiling Water Reactors, Advanced Gas Reactors, Canadian CANDU Reactors, Russian VVER Reactors, High Temperature Gas Reactors and Small Modular Reactors.
Under the other contract, GSE will provide its PSA-HD real-time severe accident modeling technology for the customer to apply to their Chinese designed CAP 1400 nuclear plant simulator at a nuclear power plant site. GSE’s PSA-HD tool combines the Electric Power Research Institute’s (EPRI’s) modular accident analysis code (MAAP*) with GSE’s real-time High Definition Executive to enable training and analysis of beyond design basis events, a focus for the industry since the March 2011 accident at Japan’s Fukushima Daiichi plant. The technology will improve both operator and support staff coordination, procedure development and response training in the unlikely event of an accident. PSA-HD, which applies to full scope simulators, and GSE’s desktop version Design EP®, have been implemented at more than 25 nuclear power and research organizations around the world for a variety of reactor types.
Kyle Loudermilk, CEO and President of GSE said, “Our success in providing leading simulation technology and engineering services for several Chinese nuclear power plants have directly resulted in these awards. The desire to continue working with GSE reflects an appreciation for both our world-class technology and know-how. It also reflects the customer commitment to state-of-the-art training and workforce development. We are honored by the awards and the opportunity to continue our relationship long into the future.”
ABOUT GSE SYSTEMS, INC.
GSE Systems, Inc. is a leader in real-time high-fidelity simulation systems, training/consulting and technology-enabled engineering solutions to the power and process industries. Its comprehensive and modular solutions help customers achieve performance excellence in design, training and operations. GSE’s products and services are tailored to meet specific client requirements such as scope, budget and timeline. The Company has over four decades of experience, more than 1,100 installations, and hundreds of customers in over 50 countries spanning the globe. GSE Systems is headquartered in Sykesville (Baltimore), Maryland, with offices in Columbia, Maryland, Montrose, Colorado, Navarre, Florida and Beijing, China. Information about GSE Systems is available at www.gses.com.
*EPRI (www.epri.com) conducts research and development relating to the generation, delivery and use of electricity for the benefit of the public. An independent, nonprofit organization, EPRI brings together its scientists and engineers as well as experts from academia and industry to help address challenges in electricity, including reliability, efficiency, health, safety and the environment. EPRI does not endorse any 3rd party products or services. Interested vendors may contact EPRI for a license to MAAP 5.0.
FORWARD LOOKING STATEMENTS
We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as “expect,” “intend,” “believe,” “may,” “will,” “should,” “could,” “anticipates,” and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. We do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.