Fluor Announces $20 Million IHI Corporation Investment in NuScale Power

Rhea-AI Summary

Fluor Corporation (NYSE: FLR) announced a $20 million investment from IHI Corporation of Japan into NuScale Power LLC, a leader in small modular nuclear reactor (SMR) technology, where Fluor holds a majority stake. This investment may be followed by an additional $20 million. IHI will also collaborate as a global manufacturing partner, enhancing its role in design and heavy manufacturing for NuScale projects. This investment aligns with Fluor's strategy to attract strategic partnerships, reinforcing global support for NuScale's carbon-free energy initiatives.

Positive

• IHI Corporation's $20 million investment strengthens financial positioning for NuScale Power.
• IHI becomes a global manufacturing partner, enhancing capabilities for SMR projects.
• Investment aligns with Fluor's strategy to attract strategic investors.

Negative

• None.

Fluor Corporation (NYSE: FLR) announced today that IHI Corporation (IHI) of Japan is investing $20 million into NuScale Power LLC, a leading small modular nuclear reactor (SMR) technology company in which Fluor is the majority investor. IHI’s immediate investment of $20 million may be followed by another $20 million later. In addition to IHI’s ownership interest, IHI will become a global manufacturing partner and have the opportunity to provide design services and heavy manufacturing of the steel plate reinforced concrete wall structures for NuScale SMR projects in which Fluor has the lead role.

This artist's rendering shows a prospective NuScale Power small modular nuclear reactor site. (Photo: Business Wire)

“IHI’s decision to invest in NuScale’s leading-edge SMR technology is another concrete example of the growing interest in this industry-leading, carbon-free energy solution,” said David Constable, chief executive officer, Fluor Corporation. “This significant investment by IHI also aligns with Fluor’s strategy to bring aboard new strategic investors to NuScale.”

The investment from IHI comes on the heels of a previously announced investment in NuScale and new strategic partnership by JGC Holdings Corporation with Fluor, further demonstrating the global support of NuScale. Fluor and NuScale are currently working for Utah Associated Municipal Power Systems (UAMPS) to bring the world’s first carbon-free SMR project to commercialization.

Fluor has been serving the nuclear industry for more than 70 years including the design and construction support for more than 25 nuclear plants, plus nearly 100 million hours of nuclear operations and maintenance work.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) is building a better future by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 44,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $14.2 billion in 2020 and is ranked 181 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has been providing engineering, procurement and construction services for more than 100 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210526006024/en/

FAQ

What recent investment did IHI Corporation make in Fluor's NuScale Power?

IHI Corporation invested $20 million in NuScale Power, with a possibility of an additional $20 million.

What is the significance of IHI's investment in NuScale Power?

IHI's investment enhances NuScale's financial resources and establishes a partnership for manufacturing and design services.

How does IHI's investment affect Fluor Corporation's strategy?

The investment supports Fluor's strategy to bring in strategic investors for NuScale, boosting its market position.

What role will IHI Corporation play in NuScale Power projects?

IHI will serve as a global manufacturing partner, providing design services and manufacturing for SMR projects.

How does this investment align with market trends for nuclear energy?

It reflects the growing interest in carbon-free energy solutions, particularly in small modular nuclear reactors.