GSE Solutions Awarded $3M Order for Engineering and Workforce Solutions to Support Leading Utility Nuclear Plant Operator

Rhea-AI Summary

GSE Solutions (GVP) announced a significant contract award valued at $3M for regulatory training and engineering services for nuclear operators in the U.S. This agreement spans 6 to 18 months and involves two nuclear power plants owned by a major utility company. GSE’s services aim to enhance compliance with nuclear regulations, improve workforce training, and update instructional materials. CEO Kyle Loudermilk emphasized the importance of this contract in supporting clean energy goals and the company's commitment to boosting operational efficiency in the nuclear sector.

Positive

• Awarded $3M contract for regulatory training and engineering services.
• Duration of contracts ranges from 6 to 18 months, indicating stable revenue stream.
• Services will enhance compliance with Nuclear Regulatory Commission requirements.
• Contract supports workforce training, indicating a focus on skill development.

Negative

• None.

COLUMBIA, Md., Nov. 9, 2022 /PRNewswire/ -- GSE Solutions ("GSE Systems, Inc." or "GSE" or the "Company") (Nasdaq: GVP), a leader in advanced engineering and workforce solutions that support the future of clean-energy production and decarbonization initiatives of the power industry, today announced combined-capability contracts valued at $3M for regulatory training and program engineering services for a nuclear operator in the southern United States.

GSE will provide services over a 6 to 18 month period for two nuclear power plants in the US owned by one of the world's largest utility companies. The Company's expertise will help the plants quickly meet changing regulatory requirements without interfering with daily operations. The contracts include services to:

• Implement integrated systems training and initial licensed and non-license operator training programs and prepare employees for Nuclear Regulatory Commission (NRC) initial examinations.
• Revise instructional materials to reflect changes in plant design, current plant practices, regulations, and operating philosophies, and to develop operator training and testing.
• Provide ASME Inservice Testing, updates, and procedure writing to satisfy federal regulations and keep pace with evolving industry guidance.

GSE brings over five decades of proven nuclear industry experience to these customers. Our comprehensive workforce services are tailored to each plant's needs, from knowledge transfer to filling skill gaps. These services help our customers to boost efficiency and allow them to focus on clean power initiatives and maintaining safe and reliable power generation.

"We are pleased to win these contracts with one of the leading nuclear plant operators in the world. This contract highlights the sales efforts we've been focused on, pitching and offering customers both engineering services and workforce solutions, as well as the steady increase in activity from our customers. These contract awards also reflect the need for nuclear power to rapidly upskill their workforce and drive greater efficiency across operations as they work towards clean energy goals," said Kyle Loudermilk, President and Chief Executive Officer of GSE Solutions. "Our deep bench of workforce professionals and unique expertise in high-end engineering services allows us the opportunity to effectively cross sell into industry, and these wins demonstrate those efforts.  GSE has been helping customers for years and is known for our reliability and significant positive impact on helping client operations focus on clean-energy production and decarbonization initiatives."

ABOUT GSE SOLUTIONS
We are the future of operational excellence in the power industry. GSE Solutions leverages top talent and technology to provide advanced engineering and flexible workforce solutions that support the future of clean energy. Our specialized solution teams include design and analysis, systems and simulation, programs and performance, technical staffing, and training help the power industry reduce risk, extend plant operational lifetime, and optimize performance. GSE is a proven, with over five decades of experience, more than 1,100 installations, and customers in over 50 countries spanning the globe. www.gses.com

Media Contact
Sunny DeMattio, GSE Solutions
sunny.dematttio@gses.com
P: +1 410.970.7931

Investor Relations Contact
Adam Lowensteiner, Lytham Partners
gvp@lythampartners.com
P: + 1 646.829.9702

 

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SOURCE GSE Systems, Inc.

FAQ

What is the value of GSE Solutions' recent contract?

GSE Solutions' recent contract is valued at $3M.

How long will the contracts awarded to GSE Solutions last?

The contracts will last between 6 to 18 months.

Who is the client for GSE Solutions' new contract?

The client is a leading nuclear operator in the southern United States.

What type of services is GSE Solutions providing under the new contract?

GSE Solutions is providing regulatory training and engineering services.

What does the recent contract mean for GSE Solutions' operations?

The contract will enhance compliance, improve workforce training, and support clean energy initiatives.