PORTLAND, Ore.--(BUSINESS WIRE)--NuScale Power today announced that it has finalized an investment agreement with IHI, a comprehensive heavy-industry engineering and manufacturing company headquartered in Japan. As part of a commercial relationship with NuScale, IHI will provide cash investment in NuScale Power. The IHI-NuScale relationship results in IHI becoming a strategic supplier for NuScale Plants, whereby IHI will be a preferred supplier of certain manufactured components for NuScale Plants globally.
Today’s announcement signals the second commercial relationship and investment in NuScale Power from a Japanese-based company, following the recent agreement with JGC Holdings Corporation, and is indicative of growing Japanese and global interest in NuScale’s groundbreaking small modular reactor (SMR) technology.
“IHI’s welcome investment in NuScale Power compliments our effort to demonstrate how cleaner and safer advanced nuclear technology can bring numerous economic and environmental benefits to countries around the world as we all transition to clean energy,” said NuScale Chairman and Chief Executive Officer John Hopkins. “This announcement truly emphasizes the growing Japanese and global interest in NuScale’s innovative SMR design, and this new partnership is an exciting step for our technology and its international potential.”
“Strategic partnership with an innovative SMR technology developer such as NuScale is a great opportunity for us,” said Hiroshi Ide, President and Chief Executive Officer of IHI Corporation. “IHI wants to support the move toward a carbon-neutral economy, and NuScale’s technology is safe, clean, reliable and closest to commercialization among its competitors. IHI can support rapid deployment of NuScale’s technology by leveraging IHI’s extensive engineering and manufacturing experience in the nuclear industry.”
NuScale’s SMR made history in August 2020 as the first and only design to ever receive approval from the U.S. Nuclear Regulatory Commission and maintains strong momentum towards the commercialization of its SMR technology by the end of this decade. NuScale and Fluor are currently working for Utah Associated Municipal Power Systems (UAMPS) to bring the world’s first clean energy, carbon-free SMR project to commercialization.
NuScale Power continues to lead the SMR field with growing domestic and international customer interest from those who see the NuScale power plant as a long-term solution for providing reliable, safe, affordable, and operationally flexible carbon-free energy for diverse applications. NuScale has signed and announced agreements to deploy NuScale Plants with entities in the U.S. and internationally.
About NuScale Power
NuScale Power has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, and other process heat applications. This groundbreaking small modular reactor (SMR) design features a fully factory-fabricated NuScale Power Module™ capable of generating 77 MW of electricity using a safer, smaller, and scalable version of pressurized water reactor technology. NuScale's scalable design—power plants that can house up to four, six, or 12 individual power modules—offers the benefits of carbon-free energy and reduces the financial commitments associated with gigawatt-sized nuclear facilities. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with a 70-year history in commercial nuclear power.
NuScale is headquartered in Portland, OR, and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram: nuscale_power. Visit NuScale Power’s website.
IHI Corporation is a comprehensive heavy-industry manufacturer working to create value for customers in four main areas—Resource, Energy and Environment; Social Infrastructure and Offshore Facilities; Industrial Systems and General-purpose Machinery; and Aero Engine, Space and Defense.
IHI’s history extends back to the establishment of Ishikawajima Shipyard, Japan’s first modern shipbuilding facility, in 1853. The company played a key role in Japan’s modernization, including by leveraging its shipbuilding technology in new areas, such as heavy machinery manufacturing, bridge building, plant construction and aero-engine production.
IHI is deeply committed to contributing to society through technology, combining diverse engineering capabilities to meet expanding global needs for energy, urbanization and industrialization, and transportation efficiency.