GSE Systems’ Simulation Technology Selected to Support Human Factors Research and Operational Excellence
June 28 2016 - 4:30PM
Business Wire
GSE Systems, Inc. (“GSE” or “the Company”) (NYSE
MKT:GVP), the world leader in real-time high-fidelity
simulation systems and training solutions to the power and process
industries, today announced that it has been awarded multiple
contracts for the GSE GPWR™ Generic Pressurized Water Reactor
simulation technology.
The Institute for Energy Technology (IFE), an international
energy and nuclear technology research foundation, has licensed the
GSE GPWR simulation technology to support human factors research at
the OECD Halden Reactor Project. Specifically, IFE will use GSE’s
full-scope high-fidelity simulation technology, training materials
and full procedure set at HAMMLAB, an international center for
research into human performance supporting utilities and regulatory
bodies from twenty countries worldwide. In addition to providing
simulation software technology, GSE will collaborate with
IFE/Halden to develop next generation human-machine interface
applications to improve nuclear plant operations and training.
In addition to IFE, North Carolina State University and a
government-led research laboratory also recently have licensed the
GSE GPWR simulation software together with GSE’s VPANEL® glass-top
simulator to display the simulation software. North Carolina State
University’s nuclear engineering department will utilize the
solution to educate and train students on a simulated operational
nuclear power plant. “The application of GSE’s GPWR simulation
technology in the university setting will help students gain a real
world operational understanding of nuclear power principles and
provides a research platform to meet the growing demands for
improved nuclear plant performance. The application of a
high-fidelity simulation for experimentation and method development
in the university setting aligns with North Carolina State
University’s goals to provide students and partners with real world
application insights and the simulator allows us to do that with
speed,” said Dr. Kostadin Ivanov, Department Head for Nuclear
Engineering at North Carolina State University.
“We are excited to be recognized by these leading research
facilities as the simulation technology of choice to support the
advancement of nuclear power design and operation,” said Kyle
Loudermilk, Chief Executive Officer and President of GSE. “These
recent license sales demonstrate the value that GSE brings to
market through packaging our technology and know-how, creating
differentiated solutions that deliver compelling value to the
nuclear power industry ecosystem. The application of GSE simulation
solutions has been a cornerstone of power industry operational
excellence for decades, and these customers will be joining a
growing network of engineers in industry, government and
independent nuclear research facilities across the globe. We look
forward to supporting this network and continuing to deliver
innovation to the market that drives operational excellence in the
power industry.”
GSE Systems, the original simulator engineering company
supporting the nuclear power industry, developed the GPWR
high-fidelity simulator to accelerate the advancement of research
to support simplified techniques that drive performance and
efficiency for nuclear plant operators. Developed using GSE’s
proprietary simulator engineering software tools, the GPWR
simulator brings 40 years of first principle physics coding and
fidelity together to bring the reactor to life for real-time
research and training.
For more information on the GPWR visit
http://www.gses.com/training-applications#NUCLEAR-GPWR.
ABOUT GSE SYSTEMS,
INC.
GSE Systems, Inc. is a world leader in real-time high-fidelity
simulation, providing a wide range of simulation, training and
engineering solutions to the power and process industries. Its
comprehensive and modular solutions help customers achieve
performance excellence in design, training and operations. GSE’s
products and services are tailored to meet specific client
requirements such as scope, budget and timeline. The Company has
over four decades of experience, more than 1,100 installations, and
hundreds of customers in over 50 countries spanning the globe. GSE
Systems is headquartered in Sykesville (Baltimore), Maryland, with
offices in St. Marys, Georgia; Chennai, India; Nyk�ping, Sweden;
Stockton-on-Tees, UK; and Beijing, China. Information about GSE
Systems is available at www.gses.com.
FORWARD LOOKING
STATEMENTS
We make statements in this press release that are considered
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934. These statements reflect our
current expectations concerning future events and results. We use
words such as “expect,” “intend,” “believe,” “may,” “will,”
“should,” “could,” “anticipates,” and similar expressions to
identify forward-looking statements, but their absence does not
mean a statement is not forward-looking. These statements are not
guarantees of our future performance and are subject to risks,
uncertainties, and other important factors that could cause our
actual performance or achievements to be materially different from
those we project. For a full discussion of these risks,
uncertainties, and factors, we encourage you to read our documents
on file with the Securities and Exchange Commission, including
those set forth in our periodic reports under the forward-looking
statements and risk factors sections. We do not intend to update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20160628006616/en/
GSE Systems, Inc.Chris Sorrells, 410-970-7802Interim
Chief Operating OfficerorThe Equity Group Inc.Devin
Sullivan, 212-836-9608Senior Vice
Presidentdsullivan@equityny.comorKalle Ahl, CFA, 212-836-9614Senior
Associatekahl@equityny.com
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