Fluor Awarded Reimbursable Services Contract for North America’s First Small Modular Nuclear Reactor Project by Utah Associated Municipal Power Systems (UAMPS)

Rhea-AI Summary

Fluor Corporation (NYSE: FLR) has secured a cost-reimbursable development agreement from Utah Associated Municipal Power Systems (UAMPS) for its Carbon-Free Power Project. This agreement will see Fluor provide estimating, design, and engineering services, with the initial value to be booked in Q1 2021. The project aims to deliver clean, reliable energy using NuScale Power’s small modular reactor technology. Additionally, UAMPS has received a $1.355 billion cost-share award from the U.S. Department of Energy to support this groundbreaking nuclear initiative.

Positive

• Secured a development agreement with UAMPS for the Carbon-Free Power Project.
• Project supports the deployment of small modular nuclear reactors, enhancing clean energy production.
• UAMPS received $1.355 billion in funding from the DOE to support project development.

Negative

• None.

Fluor Corporation (NYSE: FLR) announced today that Utah Associated Municipal Power Systems (UAMPS) awarded the company a cost-reimbursable development agreement to provide estimating, development, design and engineering services for its Carbon-Free Power Project. Fluor will book the initial undisclosed value in the first quarter of 2021 and as it accrues.

A futuristic rendering of the NuScale Power plant (Photo: Business Wire)

“Fluor’s development agreement with UAMPS for its Carbon-Free Power Project is a monumental milestone toward providing clean load following, base load energy for UAMPS members using NuScale Power’s unique small modular reactor design,” said Alan Boeckmann, executive chairman of Fluor. “Fluor has been a preeminent player in the nuclear industry for 70 years and is well positioned to assist UAMPS and the DOE to accomplish their objectives to provide carbon-free energy for its customers and to deploy a commercially viable small modular reactor with safety, security and performance characteristics that exceed the operational capabilities of current certified designs.”

The U.S. Department of Energy (DOE) recently provided UAMPS a multi-year cost-share award for up to $1.355 billion in funding, subject to future year appropriations, to aid in the development of the first small modular nuclear reactor project in the U.S. The DOE funding is intended to mitigate licensing and financial risk and to accelerate commercial deployment schedules in order to meet critical U.S. energy, environment and economic goals.

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FAQ

What is the recent agreement Fluor Corporation signed with UAMPS?

Fluor Corporation signed a cost-reimbursable development agreement with UAMPS to provide estimating, design, and engineering services for the Carbon-Free Power Project.

How much funding did UAMPS receive from the DOE for the Carbon-Free Power Project?

UAMPS received a multi-year cost-share award of up to $1.355 billion from the U.S. Department of Energy to support the project.

What technology will the Carbon-Free Power Project utilize?

The project will utilize NuScale Power’s small modular reactor technology for clean and reliable energy.

When will Fluor book the value of the UAMPS agreement?

Fluor will book the initial undisclosed value of the UAMPS agreement in the first quarter of 2021.

What is the significance of the partnership between Fluor and UAMPS?

The partnership is significant as it marks a milestone in developing clean energy solutions using advanced nuclear technology.