This agreement with South Korean-based
investors demonstrates the group’s continued commitment to the
near-term deployment of NuScale’s small modular reactor (SMR)
technology
NuScale Power LLC announced today it has signed a Memorandum of
Understanding (MOU) with its partners, Samsung C&T Corporation
(“Samsung”), Doosan Enerbility Co., Ltd. (“Doosan”), and GS Energy
Corporation (“GS Energy”) to explore the deployment of NuScale’s
VOYGR™ power plants. This announcement is a critical next step in
bringing NuScale’s clean energy solution to Asia.
This MOU builds upon a series of investments made by the three
companies (Doosan, GS Energy, and Samsung) starting in 2019, and
then again in June and July of 2021. As part of the MOU, the
industry leaders will explore jointly studying, planning, and
developing deployment of VOYGR power plants in specific locations
where mutually agreed.
“Today marks a significant milestone as we work to provide
future customers with zero-carbon, reliable, and affordable energy
from NuScale’s SMRs,” said John Hopkins, NuScale President and
Chief Executive Officer. “With the help of our valued investors,
NuScale will launch the global community into a clean energy future
within the next decade.”
Along with financial support, Doosan, Samsung and GS Energy will
lend their respective expertise to NuScale Power in areas such as
component manufacturing, prior nuclear construction experience, and
power plant operation. Doosan is a world-renowned nuclear pressure
vessel manufacturer, Samsung is a trusted nuclear power plant
contractor, and GS Energy brings more than 20 years of expertise as
a power plant operator.
“I believe that the world today is in dire need of SMR
deployment to respond to the global climate crisis and to reach
net-zero,” said Yongsoo Huh, GS Energy President and Chief
Executive Officer. “NuScale is the leader of SMR with unparalleled
level of maturity in technology and design, and the Korean partners
also bring their own excellence in the fields of manufacturing,
construction, and operations of power plants.”
“This MOU will serve as a cornerstone of expanding SMR business
in cooperation between NuScale and Korean strategic investors, and
I expect the cooperation between Korea and the United States in the
nuclear business will be strengthened through this MOU,” said
Kiyong Na, Chief Executive Officer of Doosan Enerbility Nuclear
Business Group. “I believe that such cooperation in nuclear
business will promote the global SMR industry and contribute to
supplying clean energy stably.”
“With this MOU, it is expected that there will be great progress
in SMR business development through stronger cooperation between
NuScale and Korean strategic investors”, said Byungsoo Lee, Vice
President of Samsung C&T. “I think SMRs will play an important
role to respond to the demand of carbon-free and climate
change.”
About NuScale Power
NuScale Power is poised to meet the diverse energy needs of
customers across the world. It has developed a new modular light
water reactor nuclear power plant to supply energy for electrical
generation, district heating, desalination, hydrogen production and
other process heat applications. The groundbreaking NuScale Power
Module™ (NPM), a small, safe, pressurized water reactor, can
generate 77 MWe of electricity and can be scaled to meet customer
needs. The VOYGR™-12 power plant is capable of generating 924 MWe,
and NuScale also offers the four-module VOYGR-4 (308 MWe) and
six-module VOYGR-6 (462 MWe) plants and other configurations based
on customer needs. The majority investor in NuScale is Fluor
Corporation, a global engineering, procurement, and construction
company with more than 70 years supporting nuclear projects.
NuScale is headquartered in Portland, Ore. and has offices in
Corvallis, Ore.; Rockville, Md.; Charlotte, N.C.; Richland, Wash.;
and London, UK. Follow us on Twitter: @NuScale_Power, Facebook:
NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram:
nuscale_power. Visit NuScale Power's website.
On December 14, 2021, NuScale announced a definitive business
combination agreement with Spring Valley Acquisition Corp. (Nasdaq:
SV, SVSVW). Upon the closing of the business combination, NuScale
will become publicly traded under the new ticker symbol “SMR.”
Additional information about the transaction can be viewed here:
https://www.nuscalepower.com/about-us/investors.
About GS Energy
GS Energy Corporation is a diversified energy solution company
with businesses in electric power, district heating, LNG, refining
and upstream resources. GS Energy currently has a largest private
power generation company in Korea with a total power generation
capacity of 5.7GW.
To meet the climate challenge, GS Energy is increasingly
shifting its focus to a decarbonized energy mix by building out
capabilities in various forms of new technologies, including: small
modular reactors, hydrogen production, electric vehicle
charging.
GS Energy is headquartered in Seoul, Republic of Korea and has
offices in San Mateo, CA, Abu Dhabi, UAE and Singapore. Visit GS
Energy’s website.
About Doosan Enerbility Co., Ltd. (“Doosan”)
Doosan is a leading Engineering, Procurement and Construction
(EPC) contractor offering a wide range of services ranging from the
manufacturing of castings and forgings, power generation systems
and desalination facilities to the construction of power
plants.
Doosan maintains high quality standards based on the extensive
experiences in manufacturing major components of nuclear power
plants. Doosan has an integrated manufacturing facility in
Changwon, Korea which is capable of raw material production to
final assembly of nuclear components. Doosan has manufactured and
supplied 34 Reactor Vessels & 124 Steam Generators
globally.
About Samsung C&T’s Engineering & Construction
Group
Samsung C&T’s Engineering & Construction Group has more
than 40 years of engineering and construction experience operating
throughout the world. The group focuses on the following key areas:
commercial and residential buildings, civil infrastructure and
plant construction. Its landmark projects include Burj Khalifa -
the world’s tallest building, the ongoing Riyadh Metro Project in
Saudi Arabia, and the UAE’s 5,600MW Barakah Nuclear Power Plant
Project.
No Offer or Solicitation
This release does not constitute an offer to sell or a
solicitation of an offer to buy, or the solicitation of any vote or
approval in any jurisdiction in connection with a proposed
potential business combination among Spring Valley and NuScale or
any related transactions, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction where, or to any person
to whom, such offer, solicitation or sale may be unlawful. Any
offering of securities or solicitation of votes regarding the
proposed transaction will be made only by means of a proxy
statement/prospectus that complies with applicable rules and
regulations promulgated under the Securities Act of 1933, as
amended (the “Securities Act”), and Securities Exchange Act of
1934, as amended, or pursuant to an exemption from the Securities
Act or in a transaction not subject to the registration
requirements of the Securities Act.
Forward Looking Statements
This release may contain “forward-looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target” or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical facts. These
forward-looking statements are inherently subject to risks,
uncertainties and assumptions. Actual results may differ materially
as a result of a number of factors. Caution must be exercised in
relying on these and other forward-looking statements. Due to known
and unknown risks, NuScale’s results may differ materially from its
expectations and projections. While NuScale may elect to update
these forward-looking statements at some point in the future
NuScale specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing NuScale’s assessments of any date subsequent to the
date of this release. Accordingly, undue reliance should not be
placed upon the forward-looking statements.
Additional Information and Where to Find It
The proposed Business Combination will be submitted to
shareholders of Spring Valley for their approval. The Registration
Statement that Spring Valley has filed with the SEC includes a
proxy statement/prospectus and certain other related documents,
which has been distributed to holders of Spring Valley’s Class A
ordinary shares in connection with Spring Valley’s solicitation of
proxies for the vote by the Spring Valley shareholders with respect
to the proposed Business Combination and other matters as described
in the proxy statement/prospectus. Spring Valley mailed a
definitive proxy statement/prospectus to the Spring Valley
shareholders as of the close of business on March 25, 2022, which
is the record date established in connection with Spring Valley’s
solicitation of proxies for the vote on the proposed Business
Combination and other matters to be presented at the special
meeting of Spring Valley shareholders. Spring Valley shareholders
and other interested parties are urged to read the definitive proxy
statement/prospectus, any amendments thereto and any other
documents filed with the SEC carefully and in their entirety when
they become available because they will contain important
information about Spring Valley, NuScale and the proposed Business
Combination. Shareholders may also obtain a copy of the proxy
statement/prospectus, as well as other documents filed with the SEC
regarding the proposed Business Combination and other documents
filed with the SEC by Spring Valley, without charge, at the SEC’s
website located at www.sec.gov. A link to the Registration
Statement, as well as other information related to the transaction,
can be found on the “Investors” section of NuScale’s website at
www.nuscalepower.com/about-us/investors.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
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version on businesswire.com: https://www.businesswire.com/news/home/20220426005317/en/
Diane Hughes, Vice President, Marketing & Communications,
NuScale Power dhughes@nuscalepower.com (C) (503) 270-9329
Hwangchan Yoo, Team Leader, SMR Business Team, GS Energy
hyoo@gsenergy.co.kr (C) +82-10-2466-5005
Jiho Jang, General Manager, Nuclear Sales & Marketing Team
2, Doosan Enerbility jiho.jang@doosan.com (C) +82-10-4842-5833
Suk Namgoung, General Manager, Nuclear Business Team, Samsung
C&T suk.namgoung@samsung.com (C) +82-10-8996-2103
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