NuScale Power Announces Two New Board Members, Further Strengthening Company Leadership

Rhea-AI Summary

NuScale Power Corporation (NYSE: SMR) has expanded its Board of Directors from eight to ten members with the addition of Dr. Bum-Jin Chung and Mr. Shinji Fujino. Both new members bring extensive nuclear expertise and experience in governance. Dr. Chung, a nuclear engineering professor, has a background in thermal hydraulics and safety, while Mr. Fujino has previously managed equity finance at Japan Bank for International Cooperation. The management highlights that these appointments enhance the company's leadership strength and commitment to advancing nuclear energy on a global scale.

Positive

• Expansion of the Board of Directors from eight to ten members.
• Dr. Chung and Mr. Fujino bring extensive nuclear expertise.
• New board members enhance company leadership and governance.

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• None.

PORTLAND, Ore.--(BUSINESS WIRE)-- NuScale Power Corporation (NYSE: SMR), the industry-leading provider of proprietary and innovative advanced small modular reactor nuclear technology, today announced the appointment of two new board members, Dr. Bum-Jin Chung and Mr. Shinji Fujino, who each bring deep nuclear expertise and outstanding experience in national and international governing bodies. This expands NuScale’s Board of Directors from eight to 10 members and continues to grow the organization’s strong leadership.

Dr. Bum-Jin Chung (Photo: Business Wire)

“NuScale’s progress is made possible by our incredible team that drives our work and ensures we can change the power that changes the world,” said John Hopkins, President and Chief Executive Officer of NuScale Power. “We are thrilled to welcome Dr. Chung and Mr. Fujino, and their immeasurable experience, technical expertise, and years of dedication to promote nuclear energy on the international stage.”

Dr. Chung is a professor in the Nuclear Engineering Department at Kyung Hee University in South Korea. He is an expert in nuclear thermal hydraulics and safety and began his career at South Korea’s Ministry of Science and Technology. While at Kyung Hee University, Dr. Chung has served on various government and industry committees on nuclear safety, research and development, and national energy and electricity planning. He has also been called upon as an international expert, consulting with the International Atomic Energy Agency and the Organisation for Economic Co-operation and Development.

Mr. Fujino currently works as a Senior Advisor at Unison Capital. From 2016 to 2021, he worked as the Managing Executive Officer and Global Head of Equity Finance Group at Japan Bank for International Cooperation, a Japanese governmental agency that financially supports Japanese industries’ activities abroad. Previously he served at the Ministry of Economy, Trade and Industry, Government of Japan, where he was in charge of a wide range of policy areas, particularly energy policy and international affairs. He also worked in the International Energy Agency, as Head of Country Study Division to review energy policies of its member countries.

NuScale proudly welcomes Dr. Chung and Mr. Fujino to the board, further enhancing its steadfast leadership, service, and industry experience.

About NuScale Power

NuScale Power (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.; Richland, Wash.; and London, UK. To learn more, visit NuScale Power's website or follow us on Twitter, Facebook, LinkedIn and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221207005731/en/

Investor Inquiries

Gary Dvorchak, The Blueshirt Group for NuScale Power

ir@nuscalepower.com



Media Contact

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

dhughes@nuscalepower.com

Source: NuScale Power

FAQ

What changes were made to NuScale Power's Board of Directors?

NuScale Power expanded its Board from eight to ten members with the addition of Dr. Bum-Jin Chung and Mr. Shinji Fujino.

What expertise do the new board members of NuScale Power have?

Dr. Bum-Jin Chung is an expert in nuclear thermal hydraulics and safety, while Mr. Shinji Fujino has extensive experience in energy policy and finance.

When was the new board composition announced for NuScale Power?

The new board composition was announced on December 7, 2022.

How will the new board members impact NuScale Power?

The new board members are expected to enhance the company's leadership and governance, particularly in advancing nuclear energy initiatives.