During the President of the Republic of Korea’s visit to the United States, NuScale and its partners revealed a business development milestone
NuScale Power Corporation (NYSE: SMR) announced today it has signed an memorandum of understanding (MOU) with Doosan Enerbility Co., Ltd. (Doosan) and Export-Import Bank of Korea (KEXIM) to strengthen collaboration among the three parties and support NuScale’s small modular reactor (SMR) deployment. This announcement leverages and bolsters an existing relationship between NuScale and Doosan, and it highlights the domestic and global manufacturing opportunities to build SMRs around the world.
The agreement outlines areas of cooperation, such as marketing, technical support, and further development of a global supply chain, and Doosan and NuScale commit to strengthening their cooperation to deploy NuScale VOYGR™ plants globally. Specifically, Doosan committed to helping establish a US-based supply chain for NuScale Power Module™ production through capacity expansion and manufacturing technology advancement.
“Today’s news underscores how our SMRs fill a unique global need: providing flexible, reliable and carbon-free energy while driving economic activity in manufacturing and supply chain development. With our Korean partners and their technical expertise, we are well-positioned to meet this ambitious goal,” said John Hopkins, President and Chief Executive Officer of NuScale Power. “The momentum towards creating a domestic and global supply chain to deploy our SMR technology is accelerating.”
This announcement builds upon a longstanding collaboration between NuScale and Doosan. At the end of 2022, NuScale placed the first upper reactor pressure vessel long lead material production order with Doosan.
In March 2023, KEXIM and NuScale signed an MOU in which they agreed to financial cooperation in support of deploying NuScale VOYGR plants. KEXIM is the official export credit agency of Korea providing comprehensive export credit and guarantee programs to support Korean enterprises conducting overseas business. The organization continues to explore potential opportunities to provide credit facilities to NuScale and facilitate overseas business of Doosan in collaboration with NuScale. With KEXIM’s assistance, Doosan and NuScale will be able to deploy NuScale VOYGR plants worldwide and utilize a Korean supply chain when deploying NuScale plants in the Asian market.
About NuScale Power
NuScale Power Corporation (NYSE: SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor nuclear technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. The company’s groundbreaking VOYGR™ SMR plants are powered by the NuScale Power Module™, 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 design 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, district heating, desalination, commercial-scale hydrogen production, and other process heat applications.