NuScale Power and Paragon Sign License Agreement to Make NuScale Reactor Protection System Design Available for Industry Use

Rhea-AI Summary

NuScale Power and Paragon Energy Solutions have signed a licensing agreement for the Highly Integrated Protection System (HIPS) platform, enhancing the safety capabilities of small modular reactors (SMRs). This agreement allows other SMR developers to utilize the NRC-approved HIPS technology, promoting cost-effective and cyber-resistant reactor protection solutions. By partnering with Paragon, NuScale aims to contribute to global decarbonization goals and strengthen the U.S. nuclear supply chain, aligning with the U.S. Department of Energy's strategy to enhance domestic manufacturing and job retention.

Positive

• License agreement for HIPS platform enables broader use in the nuclear industry.
• Aligns with global decarbonization goals through cost-effective reactor protection technology.
• Strengthens U.S. nuclear supply chain and supports the Department of Energy's strategy.

Negative

• None.

This license agreement will permit other small modular reactor (SMR) developers and broader industries to use NuScale’s sophisticated safety platform

PORTLAND, Ore.--(BUSINESS WIRE)-- NuScale Power (“NuScale”) and Paragon Energy Solutions (“Paragon”) signed a license agreement that will enable potential widespread use of the innovative and advanced Highly Integrated Protection System (HIPS) platform. The HIPS platform is a reactor protection system architecture jointly developed by NuScale and Rock Creek Innovations (RCI), a hardware supplier of commercial nuclear protections systems, who was acquired by Paragon in December 2021.

RCI has partnered with NuScale since 2010, a relationship that speaks to NuScale’s commitment to maintaining a U.S.-centered manufacturing and supply chain. This relationship will continue to thrive under Paragon’s leadership; Paragon has over 30 years of experience in providing the nuclear sector with well-established technology solutions, such as instrumentation and control (I&C) systems, sophisticated software testing, and numerous repair programs.

In 2017, the U.S. Nuclear Regulatory Commission (NRC) evaluated the HIPS platform developed for NuScale’s SMR, concluding that it is an effective platform for safety-related instrumentation and control systems in nuclear applications. The signing of this license agreement enables the broader nuclear industry to implement the NRC-approved HIPS platform. This agreement will propel the industry forward in meeting global decarbonization goals in the near-term by enabling an efficient, cost-effective and cyber-resistant reactor protection solution for other reactor designs through the use of the HIPS platform.

“The nuclear community shares a common goal of delivering carbon-free and reliable power to our respective customers and ensuring the highest level of safety,” said John Hopkins, NuScale President and Chief Executive Officer. “NuScale and Paragon are thrilled to offer our sophisticated HIPS technology to help our industry advance into a clean energy future.”

“The HIPS technology is a game-changer for nuclear power plant operators who are looking for safety-related systems that work for multiple decades without major upgrades,” said Doug VanTassell, President and CEO of Paragon Energy Services.

The agreement supports the U.S. Department of Energy’s (DOE) report released earlier this year, “America’s Strategy to Secure the Supply Chain for a Robust Clean Energy Transition,” designed to retain and develop U.S. jobs through the exploration of mutually beneficial domestic business relationships. This includes, but is not limited to, U.S. and State Government grants and funding opportunities in addition to developing U.S. manufacturing opportunities. Similarly, NuScale’s collaboration with the U.S. Reactor Forging Consortium (RFC) in April complements the goals of the DOE by establishing domestic partnerships with the shared goal of building out a robust U.S. supply chain.

About NuScale Power

NuScale Power Corporation (NYSE: SMR) is poised to meet the diverse energy needs of customers across the world. It has developed small modular reactor (SMR) nuclear technology to supply energy for electrical generation, district heating, desalination, commercial-scale hydrogen production and other process heat applications. The groundbreaking NuScale Power Module™ (NPM), a small, safe pressurized water reactor, can generate 77 megawatts of electricity (MWe) and can be scaled to meet customer needs. NuScale’s 12-module VOYGR™-12 power plant is capable of generating 924 MWe, and NuScale also offers four-module VOYGR-4 (308 MWe) and six-module VOYGR-6 (462 MWe) power plants, as well as other configurations based on customer needs.

Founded in 2007, NuScale is headquartered in Portland, Ore., and has offices in Corvallis, Ore.; Rockville, Md.; Charlotte, N.C.; Richland, Wash.; and London, UK. To learn more, visit NuScale Power's website or follow us on Twitter, Facebook, LinkedIn and Instagram.

About Paragon Energy Solutions

For more than 30 years, Paragon has provided an unmatched level of commitment to tackling the nuclear industry’s most difficult challenges. Dedicated to quality, safety, reliability, and carbon-free energy, the company delivers premium products to nuclear energy facilities with proven reductions in direct costs, parts inventory, improved process efficiency, and obsolescence solutions. www.paragones.com or (865) 966-5330. Follow Paragon on LinkedIn or Twitter.

Forward-Looking Statements

This release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. These forward-looking statements are inherently subject to risks, uncertainties and assumptions. Actual results may differ materially as a result of a number of factors. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, NuScale’s results may differ materially from its expectations and projections. NuScale specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing NuScale’s assessments as of any date subsequent to the date of this release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220712005304/en/

Media Contacts

Diane Hughes, Vice President, Marketing & Communications, NuScale Power

dhughes@nuscalepower.com

(C) (503) 270-9329

Laurel Cavalluzzo

lcavalluzzo@thinkempirical.com

(703) 629-5693

Source: NuScale Power

FAQ

What is the significance of the licensing agreement between NuScale and Paragon for SMR technology?

The agreement allows for the wider implementation of NuScale's Highly Integrated Protection System (HIPS), enhancing safety across the nuclear industry.

How does NuScale's HIPS platform contribute to environmental goals?

The HIPS platform promotes efficient, cost-effective nuclear reactor solutions, aiding in the global pursuit of decarbonization.

When was the HIPS platform approved by the U.S. Nuclear Regulatory Commission?

The HIPS platform was evaluated and approved by the NRC in 2017.

What is the main objective of NuScale Power's partnership with Paragon?

The partnership aims to advance safety technology within the nuclear sector and bolster the U.S. supply chain for clean energy.

What does the HIPS technology provide for nuclear power plant operators?

HIPS technology offers long-term safety solutions for nuclear operators, capable of functioning for decades without major upgrades.