NuScale Power Signs Business Collaboration Agreement with National Technical Systems (NTS) to Establish Equipment Qualification Test Chamber

Rhea-AI Summary

NuScale Power Corporation (NYSE: SMR) has entered into a Business Collaboration Agreement with National Technical Systems (NTS) to develop an Equipment Qualification Test Chamber. This facility will simulate environmental conditions necessary for ensuring the functionality of components used in NuScale's small modular reactor technology. The agreement aims to enable timely delivery of NuScale Power Modules™ to customers by 2027, marking significant progress towards global deployment of this advanced nuclear technology.

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• Agreement with NTS to develop an Equipment Qualification Test Chamber enhances operational capabilities.
• Collaboration supports timely delivery of NuScale Power Modules™ by 2027.

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• None.

The facility will be used to qualify components of NuScale’s groundbreaking small modular reactor technology

PORTLAND, Ore.--(BUSINESS WIRE)-- NuScale Power Corporation (NuScale) and National Technical Systems (NTS) signed a Business Collaboration Agreement (BCA) to begin development of an Equipment Qualification (EQ) Test Chamber. This technology, built by NTS, will allow NuScale to mimic the range of environmental conditions under which NuScale equipment is required to function in order to meet U.S. Nuclear Regulatory Commission and plant-specific requirements.

NTS is a leading test, inspection, and certification company with more than four decades of experience working in the nuclear sector, including in the areas of safety relief valve testing, repair services, and fuels and fluid testing. Operating for 61 years, NTS was instrumental in supporting the success of historical projects such as Apollo 11, the National Aeronautics and Space Administration’s Artemis program, and the ITER fusion reactor in France.

As part of the agreement, NTS will design, fabricate, and commission the EQ Chamber at its facility in Huntsville, AL, that will ultimately support critical testing for equipment used in NuScale’s small modular reactor (SMR) under a schedule to enable the timely delivery of NuScale Power Modules™ to customers by 2027.

“This collaboration agreement marks yet another milestone in our company’s progress towards global deployment of our leading SMR technology,” said Scott Bailey, Vice President, Supply Chain. “With NTS’s expertise in nuclear-related testing and engineering along with NuScale’s innovative design, the two companies will demonstrate compliance with all industry requirements during equipment qualification.”

“NTS is honored that NuScale chose NTS in partnership to shape the future of the nuclear energy industry. We look forward to strengthening the industry alongside NuScale as we push the bounds of technology together,” said Brad Ferguson, NTS’s Director of Strategic Development, Nuclear Division.

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.; 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 National Technical Systems

National Technical Systems, Inc. (NTS) is the leading provider of qualification testing, inspection, and certification services in North America, serving a broad range of industries, including the civil aviation, space, defense, nuclear, telecommunications, industrial, electronics, medical, and automotive end markets. Since 1961, NTS has built the broadest geographic presence in the United States, offering more than 70 distinct environmental simulation and materials testing categories, including climatic, structural, dynamics, fluid flow, EMI/EMC, lightning, product safety, acoustics, failure analysis, chemical, and other industry-specific tests.

With 28 technologically advanced testing laboratories, this geographically diverse footprint puts NTS facilities in close proximity to its more than 8,000 clients, allowing NTS to serve the nation’s most innovative companies with industry-leading accessibility and responsiveness. NTS is accredited by numerous national and international organizations and operates its inspection division under the Unitek brand, providing a wide range of supply chain management services. NTS’ certification division, which operates under the NQA brand, is one of the largest and most respected global ISO registrars, with active certifications in more than 75 countries. For additional information about NTS, visit our website at www.nts.com or call 800-270-2516.

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. While NuScale may elect to update these forward-looking statements at some point in the future NuScale specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing NuScale’s assessments 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/20220728005273/en/

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

dhughes@nuscalepower.com

(C) (503) 270-9329

Jade Bunke, Vice President of Marketing, National Technical Systems

Jade.Bunke@ntslabs.com

Source: NuScale Power

FAQ

What is the purpose of NuScale's agreement with NTS?

The agreement aims to develop an Equipment Qualification Test Chamber to ensure functionality of NuScale's reactor components.

When does NuScale expect to deliver its Power Modules?

NuScale expects to deliver its Power Modules by 2027.

What technology is being developed under this collaboration?

The collaboration focuses on NuScale's small modular reactor technology.

What is the stock symbol for NuScale Power?

The stock symbol for NuScale Power is SMR.