Curio, NuScale Power, and Framatome Sign Strategic MOU to Advance the Future Nuclear Fuel Cycle

Fuel recycling, fuel manufacturing, and advanced nuclear reactor leaders join forces to evaluate next-generation nuclear fuel cycle solutions

WASHINGTON--(BUSINESS WIRE)--Curio®, a leader in advanced nuclear recycling technologies, today announced the signing of a Memorandum of Understanding (MOU) with NuScale Power Corporation (NYSE: SMR), the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, and Framatome Inc. to evaluate an integrated nuclear fuel solution designed to strengthen America's nuclear fuel supply chain, support international nuclear energy markets, and advance the deployment of next-generation nuclear technologies.

Under the agreement, the three companies will evaluate source-to-product and source-to-fuel pathways for materials recoverable through Curio's proprietary NuCycle® technology, while identifying opportunities for future engineering coordination, fuel development, qualification, fabrication, and commercialization. The collaboration will also seek to facilitate connections across the nuclear supply chain to more seamlessly bring next-generation fuel and product streams to market.

“America's ability to lead the next era of nuclear energy will depend on more than building reactors—it will require building the fuel cycle infrastructure needed to support them,” said Ed McGinnis, CEO of Curio. “This collaboration brings together leaders in fuel recycling, fuel development, and advanced reactor deployment to evaluate innovative pathways that could strengthen domestic and international energy security, enhance fuel supply resilience, and unlock greater value from existing nuclear materials. By connecting these critical elements of the nuclear value chain, we are helping lay the foundation for a future of clean, sustainable energy.”

The collaboration reflects growing industry recognition that meeting future energy demand will require integrated fuel cycle solutions capable of supporting both domestic reactor deployment and expanding international nuclear energy markets. By evaluating opportunities across the entire value chain, the parties aim to identify pathways that could support the commercialization of advanced fuels and fuel-cycle solutions needed to power the next generation of nuclear energy systems.

“Advancing the next generation of nuclear energy demands bold innovation and strong alignment across the entire fuel cycle,” said Tony Robinson, Framatome Inc. President and CEO. “At Framatome, we are committed to working with partners who share that vision and support efforts to strengthen America’s nuclear infrastructure. This collaboration represents the kind of forward-looking, integrated approach needed to unlock new fuel technologies, and ensure the U.S. remains at the forefront of safe, reliable, carbon-free nuclear power.”

“With the most near-term deployable SMR technology, NuScale has long recognized that the nuclear industry requires a strong, reliable, sustainable frontend and backend fuel supply to meet increasing demand,” said John Hopkins, President and CEO of NuScale Power. “We are pleased to work alongside our partners Curio and Framatome to leverage our complementary capabilities, including NuScale’s position as the only SMR to have received U.S. Nuclear Regulatory Commission design approval, to help advance a more resilient and integrated nuclear fuel cycle for off-takers in the United States and internationally.”

As part of the MOU, the companies will conduct technical assessments, feasibility studies, supply chain analyses, and interface evaluations to identify potential opportunities for future development agreements and commercial partnerships.

The collaboration is expected to evaluate how recovered materials from used nuclear fuel can support future fuel and product streams, while leveraging each organization's expertise across fuel recycling, fuel development, manufacturing, qualification, and advanced reactor deployment. Together, the parties seek to identify practical pathways that can strengthen both domestic and international nuclear fuel supply chains, support long-term energy security objectives, and help meet growing global demand for reliable, carbon-free nuclear energy.

Curio's proprietary NuCycle® technology is designed to recycle used nuclear fuel and recover valuable materials that can be utilized in future nuclear energy applications. By dramatically reducing residual waste volumes by up to 97% while recovering strategic nuclear materials, NuCycle® offers a pathway toward a more sustainable, secure, and economically productive nuclear fuel cycle.

The parties anticipate that this collaboration may lead to future agreements focused on technology development, fuel qualification, supply chain development, and commercial deployment opportunities.

About Curio

Curio (https://www.curio.energy/) stands at the forefront of nuclear technology innovation, driving breakthroughs in sustainable nuclear power generation, fuel recycling, and waste management to usher in the 2nd Nuclear Era®. Committed to pioneering new solutions that reshape the future of nuclear energy, Curio is fostering partnerships and innovations that will redefine the industry for generations to come. Curio has achieved lab-scale validation across four DOE national labs, secured millions in competitive federal grants, and partnered with Utilities Service Alliance (USA) for collaboration and supplier-partner agreement options for its 18 operating U.S. member reactors. Curio was recently recognized by Fast Company Magazine, which named NuCycle as a winner of the 2026 World Changing Ideas Awards.

About Framatome

Framatome is an international leader in nuclear energy recognized for its innovative, digital and value-added solutions for the global nuclear fleet. With worldwide expertise and a proven track record for reliability and performance, the company designs, services and installs components, fuel, and instrumentation and control systems for nuclear power plants. Its more than 22,000 employees work every day to help Framatome’s customers supply ever cleaner, safer and more economical low-carbon energy. Visit us at: www.framatome.com and follow us on LinkedIn. Framatome is owned by the EDF Group (80.5%) and Mitsubishi Heavy Industries (MHI – 19.5%).

About NuScale Power

Founded in 2007, NuScale Power Corporation (NYSE: SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. The NuScale Power Module™, the company’s groundbreaking SMR technology, is a small, safe, pressurized water reactor that can each generate 77 megawatts of electricity (MWe) or 250 megawatts thermal (gross), and can be scaled to meet customer needs through an array of flexible configurations up to 924 MWe (12 modules) of output.

As the first and only SMR to have its designs certified by the U.S. Nuclear Regulatory Commission, NuScale is well-positioned to serve diverse customers across the world by supplying nuclear energy for electrical generation, data centers, district heating, desalination, commercial-scale hydrogen production, and other process heat applications.

To learn more, visit NuScale Power’s website or follow us on LinkedIn, Facebook, Instagram, X and YouTube.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the agreement described herein, the anticipated benefits and opportunities arising from such agreement, and its potential future impacts. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Further information regarding risks, uncertainties, and other factors that could affect each company’s respective financial results and operations is included in the filings of NuScale Power Corporation, respectively, with the United States Securities and Exchange Commission (the SEC), including each company’s respective Annual Reports on Form 10-K and most recent Quarterly Reports on Form 10-Q, as well as other periodic reports filed or to be filed with the SEC.

You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on information available to each of us as of the date hereof, and neither of us assumes any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.