GSE Wins Additional Contracts for Thermal Performance Optimization and Regulatory Programs

Rhea-AI Summary

GSE Systems (GVP) has reinforced its commitment to the clean-energy landscape by signing follow-on agreements with nuclear utility clients, valued at approximately $1.0 million. These contracts focus on providing advanced plant optimization tools that enhance operational efficiency and expand power output. GSE TrueNorth, a division of GSE, will offer expertise in maintaining regulatory compliance and optimizing plant performance. The services include web-based monitoring systems and innovative software solutions, signifying GSE's ongoing role in advancing decarbonization initiatives within the nuclear power sector.

Positive

• New contracts valued at approximately $1.0 million enhance GSE's revenue potential.
• Contract extension includes advanced plant optimization tools aimed at increasing efficiency and power output.
• GSE TrueNorth will provide ongoing technical support and expertise, reinforcing customer relationships.

Negative

• None.

 New contracts reaffirm GSE's commitment to support decarbonization in the nuclear power industry

COLUMBIA, Md., March 23, 2022 /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 decarbonization initiatives of the power industry, recently signed several follow-on agreements with nuclear utility clients, reinforcing GSE's role as a valuable partner for those navigating the zero carbon energy landscape. 

GSE's recent awards with a long-term customer, valued at approximately $1.0 million, includes a contract extension to provide additional plant optimization tools and services. These GSE tools and services will help the customer improve the efficiency of plant operations while increasing the amount of power accounted for from their plant operations.

GSE TrueNorth, a division of GSE Solutions, will provide optimization contract services, delivering industry-leading engineering program experience, evolving guidance, and innovative software tools to maintain regulatory compliance. Together, the Company's services help to optimize a plant's ability to produce electricity reliably and efficiently.

The GSE solutions involved in this recent award include:

• TSM Enterprise™, a web-based plant thermal system monitoring (TSM) platform that combines services for three areas critical to overall plant health and performance:
• Monitoring plant parameters for thermal performance through tools such as Digital Validation and Reconciliation (DVR) and cycle isolation
• Real-time monitoring of Engineering Programs such as Inservice Testing
• Integration of GSE's dynamic simulation library addressing the real-time analysis of selected plant components and subsystems.
• Power Recovery Analysis using DVR to model the thermal cycle and lower cycle uncertainties.
• Inservice Testing Update emphasizing ASME OM requirements and evolving industry guidance
• Underground Piping and Tank Integrity (UPTI) Programs.
• Appendix J Programmatic Testing.

The utility will also have access to GSE's broad expertise for ongoing technical support. In the spirit of sustainability, GSE maintains a deep bench of expertise that includes both bright, promising engineers and staff members with 40 or more years of industry experience to help guide and mentor others.

"GSE is proud to continue supporting our long-time customers, such as this customer in the Pacific Northwest," said Kyle Loudermilk, President and CEO, GSE Solutions. "Our thermal performance and code programs teams and solutions are like no other, extremely focused on maximizing commercial advantage by optimizing customers' existing generation assets. The solutions result in boosting plant efficiency, support for clean power initiatives, and maintain safe and reliable power generation through regulatory program updates and support."

ABOUT GSE SOLUTIONS

We are the future of operational excellence in the power industry. As a collective group, GSE Solutions leverages top skills, expertise, and technology to provide highly specialized solutions that allow customers to achieve the performance they imagine. Our experts deliver and support end-to-end training, engineering, compliance, simulation, and workforce solutions that help the power industry reduce risk and optimize plant operations. GSE is proven, with over four decades of experience, more than 1,100 installations, and hundreds of customers in over 50 countries spanning the globe. www.gses.com

ABOUT GSE TRUENORTH

Our technical and engineering services group meet a broad spectrum of needs within the power generation sector, from engineering program services specific to the nuclear power industry to thermal plant performance across nuclear, fossil, and renewable generation technologies. In addition to niche expertise and specialized engineers, we offer experienced IT staff support for our line of specialized software products.

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SOURCE GSE Systems, Inc.

FAQ

What recent contracts did GSE Systems sign?

GSE Systems signed follow-on agreements with nuclear utility clients, valued at approximately $1.0 million, focused on plant optimization.

How will the new contracts affect GSE Systems' operations?

These contracts are expected to enhance operational efficiency and expand power output for nuclear utility clients.

What services will GSE TrueNorth provide under the new contracts?

GSE TrueNorth will provide optimization contract services, including monitoring solutions and technical support.

What is the significance of these contracts for GSE Systems' future?

The contracts reinforce GSE's role in the clean-energy landscape and indicate a commitment to supporting decarbonization in the nuclear sector.

When were the contracts signed by GSE Systems?

The contracts were announced on March 23, 2022.