GSE Solutions Wins Contract to Implement Digital Twin Simulator for Nuclear Plant in Korea

Rhea-AI Summary

GSE Systems, Inc. (GVP) has secured a $700k contract to implement a digital twin design simulation system for a nuclear plant in South Korea. This initiative, starting in late 2022 and expected to conclude by January 2025, involves collaboration with a local partner. The project aims to enhance plant performance predictions through live data integration, supporting South Korea's commitment to nuclear energy, which currently supplies 30% of its electricity.

Positive

• Secured a new contract worth $700k for a digital twin simulator in South Korea.
• Project supports South Korea's growing nuclear energy sector, which currently provides 30% of the country's electricity.
• Strengthens GSE's market position in South Korea through established partnerships since 2018.

Negative

• None.

COLUMBIA, Md., Oct. 4, 2022 /PRNewswire/ -- GSE Systems, Inc. ("GSE Solutions" or "GSE")(Nasdaq: GVP), a leader in advanced engineering services and workforce solutions that support the future of clean-energy production and decarbonization initiatives of the power industry, today announced a new contract to implement a digital twin design simulation system for a long-time customer in South Korea.

The contract will support the creation of a true digital twin simulation solution, where live plant data will be integrated into the simulator so that the client can perform timely "what-if" analyses and accurately predict future performance conditions of the plant. The project will be implemented for the customer in cooperation with a Korea-based partner, that GSE has worked with since 2018. GSE will deliver the simulation technology and model development starting in late 2022. Additional GSE support for historian integration will start in July 2023 and run through project completion, estimated for January 2025.

This $700k contract reflects South Korea's continuing commitment to nuclear energy development. Nuclear power currently accounts for 30 percent of the country's electricity, a number that is growing as additional nuclear energy resources are added and optimized.

South Korea has been an important market for GSE, and this new contract highlights GSE's prominence in the region with unique services and technology, including simulation systems.  

The project has two major components:

• Build a nuclear plant model using GSE's JADE® suite, RELAP®, REMARK® and SimExec®
• Develop the interface of the simulation load with data from plant historian systems such as the PI database, to update the simulator to current plant conditions for analysis and future what-if scenarios

The goal is to create a product that can then be licensed for future digital twins within South Korea and as part of the country's export of nuclear plants worldwide.

"We are appreciative for the continuation of work with this client. South Korea is an important market for GSE. As one of the world's most fossil fuel-reliant economies, we support their re-commitment to nuclear energy," said Kyle Loudermilk, GSE's President and CEO. "This project demonstrates GSE's ability to deliver our solutions globally, on any reactor type, building successful, long-term relationships."

ABOUT GSE SOLUTIONS
We are the future of operational excellence in the power industry, with specialization for the nuclear power industry, as well as gas-fired and LNG applications. GSE Solutions leverages top talent and technology to provide advanced engineering services 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.demattio@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 new contract announced by GSE Systems (GVP) in October 2022?

GSE Systems announced a $700k contract to implement a digital twin design simulation system for a nuclear plant in South Korea.

How long will the digital twin simulation project last for GSE Systems (GVP)?

The project is set to start in late 2022 and is expected to be completed by January 2025.

What percentage of South Korea's electricity comes from nuclear power?

Nuclear power currently accounts for 30% of South Korea's electricity.

Who is GSE Systems collaborating with for the implementation of the digital twin simulator?

GSE Systems is collaborating with a Korea-based partner, with whom they have worked since 2018.