Westinghouse and Fortum Sign MOUs to Evaluate AP1000® Reactors and AP300™ Small Modular Reactors in Finland and Sweden

Deployment of Multiple Advanced Reactors Would Achieve Clean Energy Goals

HELSINKI--(BUSINESS WIRE)--Westinghouse Electric Company and Finland’s Fortum today announced the signing of Memoranda of Understanding to study the possibilities for the development and deployment of AP1000^® and AP300™ reactor projects in Finland and Sweden. The MOUs establish a framework of collaboration for detailed technical and commercial discussions and explore cooperation on the next steps to implement Westinghouse reactor technologies in both countries.

“At Fortum, our strategic priorities are to deliver reliable clean energy and drive decarbonization in industries in the Nordics. We are excited to extend our cooperation and explore the potential and prerequisites for new nuclear in Finland and Sweden with Westinghouse Electric Company,” said Petra Lundstrom, Executive Vice President, Nuclear Generation at Fortum.

“Fortum is a leader in providing safe, clean and reliable nuclear energy for the people of Finland and Sweden, as well as an important customer for our fuels and services businesses supporting Fortum’s existing operating plants,” said David Durham, President of Westinghouse Energy Systems. “We are thrilled to collaborate with Fortum to bring our proven and industry-leading, advanced passive safety nuclear technology to the Nordic region, delivering added energy security for many generations to come.”

The AP1000 reactor and AP300 small modu=lar reactor (SMR) share the same design and licensing methodologies, same passive safety system, same supply chain, same I&C, and same load follow capabilities which will facilitate and expedite their installations at sites.

The AP1000 is the only operating Generation III+ reactor with fully passive safety systems, modular construction design and has the smallest footprint per MWe on the market. In the United States at the Vogtle site, one AP1000 unit recently began producing power for the grid while a second unit prepares for initial fuel load. Four AP1000 reactors are currently setting operational performance and availability records in China with six additional reactors under construction there. Poland selected the AP1000 technology for its first-ever nuclear energy program while Ukraine is committed to developing nine units, and the technology is under consideration at multiple other sites in Central and Eastern Europe, the United Kingdom, and in the United States.

Westinghouse launched the AP300 SMR last month, a 300-MWe single-loop pressurized water reactor that is based on the proven, licensed AP1000 technology. The AP300 SMR is the only small modular reactor based on an Nth-of-a-kind operating reactor. Westinghouse is targeting design certification for the AP300 SMR by 2027 and for construction to begin by 2030. The first operating unit would be available in 2033.

Westinghouse Electric Company is shaping the future of carbon-free energy by providing safe, innovative nuclear and other clean power technologies and services globally. Westinghouse supplied the world’s first commercial pressurized water reactor in 1957 and the company’s technology is the basis for nearly one-half of the world's operating nuclear plants. Over 135 years of innovation makes Westinghouse the preferred partner for advanced technologies covering the complete nuclear energy life cycle. For more information, visit www.westinghousenuclear.com and follow us on Facebook, LinkedIn and Twitter.

Fortum is a Nordic energy company. Our purpose is to power a world where people, businesses and nature thrive together. We are one of the cleanest energy producers in Europe and our actions are guided by our ambitious environmental targets. We generate and deliver clean energy reliably and help industries to decarbonise their processes and grow. Our core operations in the Nordics comprise of efficient, CO2-free power generation as well as reliable supply of electricity and district heat to private and business customers. For our ~5000 employees, we commit to being a safe, and inspiring workplace. Fortum's share is listed on Nasdaq Helsinki. fortum.com