GSE Solutions Wins Contract for Advanced Simulator Technology Upgrades and Engineering Services Valued at $1.6 Million

Rhea-AI Summary

GSE Solutions (GVP) has secured a CAD $2.0 million contract (USD $1.6 million) to upgrade simulator technology at two Canadian nuclear plants, marking its largest project in nearly two years. The project involves upgrading existing simulator units with advanced software including SimExec® and JTopmeret® along with developing new models for various plant systems. This enhancement aims to improve simulation fidelity, enabling better plant operation understanding and creating training scenarios. Completion is expected within 24 months, illustrating GSE's commitment to supporting clean energy initiatives.

Positive

• Secured CAD $2.0 million contract (USD $1.6 million) for simulator upgrades.
• Project marks GSE's largest simulation contract in nearly two years.
• Upgrades will improve simulation fidelity and training capabilities.
• Completion of the project anticipated within 24 months.

Negative

• None.

COLUMBIA, Md., Sept. 27, 2021 /PRNewswire/ -- GSE Systems, Inc. ("GSE Solutions" or "GSE" or the "Company") (Nasdaq: GVP) a leader in advanced engineering and workforce solutions that support the future of clean energy production and overall decarbonization initiatives of the power industry, has been awarded a contract to upgrade the simulators at two Canadian nuclear power plants.

The project includes two major tasks. The first task is to upgrade several simulator units that already use GSE simulation technology. GSE will upgrade the system to use its latest version of simulation software including the SimExec® platform and JTopmeret® for unit operation simulation, in addition to the advanced RELAP5-HD® and REMARK^TM models for thermohydraulic and neutronic modeling, respectively. By upgrading the software, the customer will achieve the latest in simulation fidelity while ensuring that the systems accurately reflect the current state of the plant.

The second major task will be to use the new models as the basis for upgrading four other simulator platforms for other reactor units at the site. In addition, new balance of plant models including steam systems, turbine operations, and electrical networks will be developed by GSE engineers working integrally with the customer's engineers to incorporate plant specific design information. 

"By upgrading their simulation environment and utilizing our latest software, the customer will have state-of-art plant simulators. The customer will leverage these simulators to understand plant operations and optimization most effectively, as well as to create sophisticated training scenarios around real events and operating conditions", said Kyle Loudermilk, President and Chief Executive Officer of GSE Solutions. "It is particularly gratifying to achieve this win, our largest simulation project in nearly two years, and to concurrently support them with other leading GSE engineering and optimization services. This is a great example of our customer leveraging and utilizing the broader GSE portfolio of expertise to achieve significant value."

The project is estimated to take 24 months to complete with a total value of roughly CAD $2.0 Million, or $1.6 Million in USD.

ABOUT GSE SOLUTIONS
We are visionaries, and the solutions we create now will be at the forefront of the power industry. GSE Solutions leverages five decades of proven industry experience to provide unique and essential engineering and workforce solutions, services and products focused on performance optimization, regulatory compliance, simulation, training, and staffing for customers worldwide. As one of the largest independent companies serving the clean energy sector of nuclear power and adjacent industries, our solutions support the future of clean energy production and overall decarbonization initiatives of the power industry. www.gses.com

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SOURCE GSE Systems, Inc.

FAQ

What contract did GSE Solutions win on September 27, 2021?

GSE Solutions won a CAD $2.0 million contract to upgrade simulator technology at two Canadian nuclear power plants.

How much is GSE Solutions' contract worth in USD?

The contract is valued at approximately USD $1.6 million.

What technologies will GSE upgrade for the Canadian nuclear plants?

GSE will upgrade existing simulators with advanced software including SimExec® and JTopmeret®.

When is the GSE Solutions project expected to be completed?

The project is estimated to take 24 months to complete.

How significant is the recent contract for GSE Solutions?

This contract is GSE's largest simulation project in nearly two years, highlighting its growth.