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Doosan Heavy Industries & Construction strengthens cooperation with NuScale Power in SMR business by additional investment

2021. 07. 20

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- Additional equity investment with domestic investors… Expansion of cooperation to hydrogen production and desalination using SMR
- Doosan’s investment results in a substantial increase in NuScale’s obligation to source major SMR components from Doosan
Doosan Heavy Industries & Construction laid the foundation for expanding the SMR business by securing additional scope of supply for SMR.

Doosan announced on July 20 that NuScale Power Chairman John Hopkins and Doosan Heavy Industries & Construction Chairman Geewon Park signed an agreement for additional equity investment. Doosan invested an additional $60 million with domestic investors this time, following a $44 million equity investment in NuScale Power in 2019, for a total investment of $104 million.

With this investment, the previously secured Doosan’s scope of supply for NuScale SMR is increased to several billion dollars (US), and the two companies agreed to expand cooperation to the field of hydrogen production and desalination using SMR.

The first project in which Doosan and NuScale Power will cooperate is expected to be the project that Utah Associated Municipal Power Systems (UAMPS) is pursuing in Idaho. For this project, the US Department of Energy (DOE) announced a $1.4b cost-share award in last October, and UAMPS also signed an EPC development agreement with Fluor, the majority owner of NuScale Power, at the end of last year. UAMPS is scheduled to submit the COLA in 2023, and is pursuing the goal of obtaining the license by 2025 and starting commercial operation of the first module in 2029.

“Through this additional investment, Doosan and NuScale Power will further solidify their strategic cooperative relationship.” said Geewon Park, Chairman and Chief Executive Officer of Doosan Heavy Industries & Construction. “The large scope of supply secured from NuScale Power will also offer momentum and new opportunities to the domestic supply chain.”

“NuScale is delighted to welcome Doosan’s continuing investment in and commitment to commercializing America’s first small modular reactor,” said John Hopkins, NuScale Power Chairman and Chief Executive Officer. “Doosan’s expertise in heavy manufacturing will be invaluable as we move forward with the construction of our first NuScale Power Plant at the Idaho National Laboratory in just a few years, and we are thankful for their ongoing support and endorsement of our groundbreaking technology.”

NuScale SMR has a maximum of twelve (12) 77MWe NuScale Power Module per unit, which can produce a total of 924MWe of electricity. After successfully building its first SMR unit in US, NuScale Power plans to dominate the global SMR market in locations in North America, Europe and Asia.

Doosan received an order for a manufacturability review service from NuScale Power in 2019 and completed it in January of this year. Doosan is currently performing manufacturing trial tests. Doosan plans to start the forging fabrication for UAMPS reactor modules next year. Doosan is accelerating the development of the state-of-the-art SMR manufacturing technology to be fully prepared for the upcoming SMR era, and plans to expand its business to meet global SMR demand in the future.
NuScale Power’s Chairman John Hopkins and Doosan Heavy’s Chairman Geewon Park pose for a photo at the “Equity Investment & Business Collaboration Agreement” signing ceremony held on July 20th at the Bundang Doosan Tower.