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NuScale and Sargent & Lundy Announce Strategic Relationship

May 23, 2019

PORTLAND, Ore.--(BUSINESS WIRE)--May 23, 2019--

Today, NuScale Power LLC and Sargent & Lundy announced a memorandum of understanding (MOU) for a strategic relationship to support deployment of NuScale Plants worldwide.

Sargent & Lundy, a global leader in power engineering with more than 60 years of experience in nuclear unit design, will bring its expertise to the larger U.S.-led team working to build NuScale’s groundbreaking NuScale Power Module™ (NPM), America’s first small modular reactor.

“NuScale is excited about this new strategic relationship with Sargent & Lundy, a global leader in power and energy architect engineering,” said John Hopkins, Chairman and Chief Executive Officer of NuScale Power. “We are proud to have Sargent & Lundy’s expertise in our corner expanding the breadth of our design development team to bring NuScale’s pioneering design – and America’s first SMR – to market.”

Under the terms of the MOU, Sargent & Lundy will become a NuScale investor, proceed with development of the standard plant design based on the U.S. Design Certification Application, and will provide additional architect engineer support as agreed by NuScale and Sargent & Lundy. Fluor Corporation will continue to be the EPC for plant construction as planned and will work with NuScale and Sargent & Lundy on aspects of the NuScale standard plant design.

“We are inspired by the simplicity and exceptional safety inherent in NuScale’s design and expect this technology to have a major impact on the future of the electric power industry,” said Sargent & Lundy Chairman, President & Chief Executive Officer Thomas R. White. “We are proud to partner with NuScale as the company continues progress towards a clean energy future for America and around the globe.”

Under the terms of the MOU, the companies are aiming to close the strategic relationship within the next 30 days.

NuScale’s technology is the world’s first and only SMR to undergo design certification review by the U.S. Nuclear Regulatory Commission (NRC). The NRC is scheduled to complete its review of NuScale’s design in September 2020.

About NuScale Power

NuScale Power is developing 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 60 MW of electricity using a safer, smaller, and scalable version of pressurized water reactor technology. NuScale’s scalable design – a power plant can house up to 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 60-year history in commercial nuclear power.

NuScale is headquartered in Portland, Oregon and has offices in Corvallis, Ore.; Rockville, Md.; Charlotte, N.C.; Richland, Wash.; Arlington, Va.; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, and Instagram: nuscale_power.

NuScale has a new logo, brand, and  website. Watch the short  video.

About Sargent & Lundy

Sargent & Lundy is one of the oldest and most experienced full-service A/E firms in the world. Founded in 1891, the firm is a global leader in power and energy with expertise in grid modernization, renewable energy, energy storage, nuclear power, and fossil fuels. Sargent & Lundy delivers comprehensive project services—from consulting, design and implementation to construction management, commissioning and operations/maintenance—with an emphasis on quality and safety. The firm serves public and private sector clients in the power and energy, gas distribution, industrial and government sectors. Learn more about us at www.sargentlundy.com.

About Fluor Corporation

Founded in 1912, Fluor Corporation (NYSE: FLR) is a global engineering, procurement, fabrication, construction and maintenance company that transforms the world by building prosperity and empowering progress. Fluor serves its clients by designing, building and maintaining safe, well executed, capital-efficient projects around the world. With headquarters in Irving, Texas, Fluor ranks 153 on the Fortune 500 list with revenue of $19.2 billion in 2018 and has more than 53,000 employees worldwide. For more information, please visit www.fluor.com or follow Fluor on Facebook, Twitter, LinkedIn and YouTube.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190523005023/en/

CONTACT: James Mellott, Sr. Manager, Brand, Marketing & Advertising

jmellott@nuscalepower.com

(C) (971) 409-8772

KEYWORD: UNITED STATES NORTH AMERICA OREGON

INDUSTRY KEYWORD: ENERGY NUCLEAR

SOURCE: NuScale Power LLC

Copyright Business Wire 2019.

PUB: 05/23/2019 08:00 AM/DISC: 05/23/2019 08:01 AM

http://www.businesswire.com/news/home/20190523005023/en

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