NuScale Power Joins the Romanian Atomic Forum, Supporting Romania’s Goal of Becoming a Leader in Advanced Nuclear Energy

Rhea-AI Summary

NuScale Power has joined the Romanian Atomic Forum (ROMATOM) as a supporting member to promote nuclear energy goals in Romania and advance clean nuclear energy with small modular reactor (SMR) technology. This move strengthens the relationship between the United States and Romania in the nuclear industry.

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• NuScale's decision to join ROMATOM reflects its dedication to promoting clean nuclear energy initiatives in Romania and the broader European region. Romania has more than 26 years of safe nuclear power plant operations experience and over 50 years of nuclear industry supply chain experience. This collaboration could increase Romania's nuclear capacity and support its goal of becoming a leader in zero-carbon advanced nuclear energy.

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NuScale’s decision to join ROMATOM reflects its dedication to promoting and implementing clean, nuclear energy initiatives in Romania

PORTLAND, Ore.--(BUSINESS WIRE)-- NuScale Power (NuScale) announced today that it joined the Romanian Atomic Forum (ROMATOM) as a supporting member to champion the association’s nuclear energy goals and further the next generation of advanced nuclear technology experts, technologists, and operators in Romania. This move embodies NuScale’s commitment toward the development of clean nuclear energy with small modular reactor (SMR) technology in Romania and the broader European region.

Established in 2001, ROMATOM supports the safe and peaceful use of nuclear power and promotes the development of a Romanian national nuclear program, launched in the early 1970s. Romania, the first country in Europe to deploy a NuScale VOYGR^TM SMR power plant, has more than 26 years of safe nuclear power plant operations experience. Romania also has over 50 years of nuclear industry supply chain experience, with most companies being ROMATOM members, as well as a highly respected and rigorous Nuclear Industry Regulator (CNCAN), and a robust engineering education system.

“NuScale is honored to join ROMATOM and continue the strong relationship between the United States and Romania in the nuclear industry,” said John Hopkins, NuScale President and Chief Executive Officer. “At NuScale, we are committed to advancing the secure deployment of SMRs globally. We look forward to working with ROMATOM’s community of industry leaders to increase Romania’s nuclear capacity and to support the country’s goal of becoming a leader in zero-carbon advanced nuclear energy across the region.”

"Joining of NuScale to ROMATOM is an important moment in our life and activity, contributing to a better knowledge of our capabilities by the American partner, ensuring the Romanian nuclear community a well-deserved place in the realization of the first NuScale VOYGR small modular reactor project in Romania,” said Dr. Teodor Chirica, President Emeritus ROMATOM. “The project from Doicesti, Dambovita County, will pave the way for more flexibility and safety in the Romanian Power Grid, but also an alternative in the development of the national nuclear program.”

This announcement builds upon the existing nuclear power collaboration between NuScale Power and Romania’s state nuclear power corporation, S.N. Nuclearelectrica S.A. (SNN) and RoPower Nuclear S.A. (RoPower), a project development company established and jointly owned by SNN and Nova Power & Gas, S.R.L., a Romanian energy company. In 2021, NuScale and SNN signed a teaming agreement to deploy the first NuScale six-module VOYGR-6, 462 MWe power plant in Romania by the end of this decade and earlier this year, NuScale and RoPower commenced Front-End Engineering and Design work for a potential SMR deployment in Doicesti. Late last week at the G7 Summit in Hiroshima, Japan, the Biden Administration announced a global public-private commitment of up to $275 million to advance the deployment of a NuScale’s VOYGR SMR power plant in Romania. Following NuScale’s first planned VOYGR plant deployment in the U.S., Romania has the potential to accommodate the first deployment of SMRs in Europe and to become a catalyst for SMRs in the region, as well as a base for supporting operations of this new technology in other countries.

About NuScale Power

NuScale Power Corporation (NYSE: SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor nuclear technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. The company’s groundbreaking VOYGR™ SMR plants are powered by the NuScale Power Module™, a small, safe, pressurized water reactor that can each generate 77 megawatts of electricity (MWe) or 250 megawatts thermal (gross), and can be scaled to meet customer needs through an array of flexible configurations up to 924 MWe (12 modules) of output.

As the first and only SMR to have its design certified by the U.S. Nuclear Regulatory Commission, NuScale is well-positioned to serve diverse customers across the world by supplying nuclear energy for electrical generation, district heating, desalination, commercial-scale hydrogen production, and other process heat applications.

Founded in 2007, NuScale is headquartered in Portland, Ore. To learn more, visit NuScale Power's website or follow us on Twitter, Facebook, LinkedIn and Instagram.

About ROMATOM

The Romanian Atomic Forum - ROMATOM is a Romanian legal entity under private law, an independent representative union at the national level, without patrimonial or profit-making purpose, non-governmental, non-profit, apolitical, made up of associated members or supporters. Its members are Romanian and/or foreign legal entities whose object of activity is the production of electrical and thermal energy through nuclear processes or are suppliers of goods and service providers in the Romanian nuclear industry, as well as other legal entities that carry out activities in the field of power. ROMATOM supports the safe and peaceful use of nuclear power, promotes the development of a Romanian national nuclear program, and represents members’ interests in their partnership with the European Atomic Forum.

Founded in 2001, ROMATOM is headquartered in Bucharest, Sector 2, B-dul. Lacul Tei, nr. 1-3, etajul VIII, camera 813, cod postal 020371.

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/20230524005103/en/

Media Contact

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

dhughes@nuscalepower.com

(503) 270-9329

Investor Contact

Scott Kozak, Director, Investor Relations, NuScale Power

skozak@nuscalepower.com

(541) 452-7583

Source: NuScale Power

FAQ

What is NuScale's role in ROMATOM?

NuScale has joined ROMATOM as a supporting member to champion the association's nuclear energy goals in Romania.

What is the significance of Romania's nuclear power industry?

Romania is the first country in Europe to deploy a NuScale VOYGR SMR power plant. It has over 26 years of safe nuclear power plant operations experience and more than 50 years of nuclear industry supply chain experience.

What are the potential benefits of this collaboration?

This collaboration could increase Romania's nuclear capacity and support its goal of becoming a leader in zero-carbon advanced nuclear energy. It could also pave the way for more flexibility and safety in the Romanian Power Grid.

What is the Biden Administration's commitment to NuScale's SMR power plant in Romania?

At the G7 Summit, the Biden Administration announced a global public-private commitment of up to $275 million to advance the deployment of NuScale's VOYGR SMR power plant in Romania.