NuScale Power to Collaborate with Oak Ridge National Laboratory for a Techno-Economic Assessment

Rhea-AI Summary

NuScale Power Corporation (NYSE: SMR) partners with Oak Ridge National Laboratory to conduct a techno-economic assessment (TEA) on implementing a cost-effective steam heat augmentation design using NuScale's small modular reactor (SMR) technology for a U.S. chemical facility. The collaboration aims to assess the viability of NuScale's SMR technology with steam heat augmentation for use in a chemical system, including examination of steam reliability, operational costs, and system stability. The study is expected to be completed within one year and is funded by the U.S. Department of Energy's GAIN initiative. This partnership is a significant step in the effort to decarbonize commercial chemical plants, presenting a reliable clean energy option for meeting clean energy goals.

Positive

• The partnership with Oak Ridge National Laboratory demonstrates NuScale's commitment to developing new technologies for industry-wide decarbonization.
• The collaboration with ORNL and the support from the U.S. Department of Energy's GAIN initiative provide a strong foundation for evaluating the decarbonization pathway for commercial chemical plants.
• NuScale's NRC approval for its SMR design and EPZ sizing methodology enhances the credibility and potential for commercialization of the technology.

Negative

• None.

The collaboration will assess a novel decarbonization path for a major U.S. chemical company by pairing NuScale’s SMR technology with a heat augmentation system

PORTLAND, Ore.--(BUSINESS WIRE)-- NuScale Power Corporation (NYSE: SMR) announced today its partnership with Oak Ridge National Laboratory (ORNL) to perform a techno-economic assessment (TEA), studying a NuScale small modular reactor’s (SMR) ability to implement a cost-effective steam heat augmentation design. The study will be based on process data from a U.S. chemical facility to help the plant meet its electric power and process steam requirements with NuScale’s carbon-free, nuclear technology. This work will be a highly collaborative effort with engineers from ORNL and NuScale forming a composite engineering team. The proposed deliverables of the techno-economic assessment are anticipated to be completed within one year.

The strategic partnership between NuScale and ORNL is a significant step in the effort to decarbonize commercial chemical plants. Harnessing the heat output of NuScale SMRs for steam production would present a reliable clean energy option for commercial chemical plants looking to meet clean energy goals.

“With the support of the U.S. Department of Energy (DOE) under the Gateway for Accelerated Innovation in Nuclear (GAIN) initiative, we are thrilled to collaborate with Oak Ridge National Lab to assess this exciting new decarbonization pathway that serves as a model for chemical plants. It is a crucial step in the transition to a sustainable future that serves all energy-intensive sectors,” said John Hopkins, NuScale President and Chief Executive Officer. “As the first and only U.S. Nuclear Regulatory Commission (NRC) certified SMR design, NuScale leads in the development of new technologies to achieve industry-wide decarbonization.”

“Nuclear technologies will play an essential role in the carbon-free integrated energy systems of the future,” said Mickey Wade, Associate Lab Director for Fusion and Fission Energy and Science at Oak Ridge National Laboratory. “The reliability of heat production from advanced fission technologies will drive deep decarbonization across industrial sectors, including chemical production facilities. ORNL’s expertise in techno-economic analysis regarding system reliability, operational cost, and system stability analyses provides an enabling foundation for our partners to evaluate this decarbonization pathway.”

The techno-economic assessment will evaluate the viability of NuScale’s SMR technology with steam heat augmentation for use in a chemical system, including examination of steam reliability, operational costs, and system stability.

SMR siting suitability will also be studied, with NuScale receiving NRC approval for an Emergency Planning Zone (EPZ) sizing methodology capable of a site boundary EPZ. NuScale is the only SMR vendor to receive NRC approval for its EPZ sizing methodology.

The TEA is receiving funding through an award granted by the DOE’s GAIN initiative, housed within the Office of Nuclear Energy. GAIN provides technical, regulatory, and financial support needed to advance nuclear technology towards commercialization. This is the fourth round of GAIN Vouchers awarded in fiscal year 2023.

About NuScale Power

NuScale Power Corporation (NYSE: SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) 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 SMR technology is 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 LinkedIn, Facebook, Instagram, X and YouTube.

About Oak Ridge National Lab

UT-Battelle manages ORNL for the Department of Energy’s Office of Science, the single largest supporter of basic research in the physical sciences in the United States. The Office of Science is working to address some of the most pressing challenges of our time. For more information, please visit https://www.energy.gov/science/office-science.

Forward Looking Statements

This release may contain forward-looking statements (including without limitation statements to the effect that the Company or its management "will," "believes," "expects," “anticipates,” "plans" or other similar expressions). These forward-looking statements include statements relating to strategic and operational plans, capital deployment, future growth, new awards, backlog, earnings and the outlook for the company’s business.

Actual results may differ materially as a result of a number of factors, including, among other things, the severity and duration of the COVID-19 pandemic and actions by governments, businesses and individuals in response to the pandemic, including the duration and severity of economic disruptions; the Company's failure to receive new contract awards; cost overruns, project delays or other problems arising from project execution activities, including the failure to meet cost and schedule estimates; intense competition in the industries in which we operate; failure of our partners to perform their obligations; cyber-security breaches; foreign economic and political uncertainties; client cancellations of, or scope adjustments to, existing contracts; failure to maintain safe worksites and international security risks; risks or uncertainties associated with events outside of our control, including weather conditions, pandemics, public health crises, political crises or other catastrophic events; the use of estimates and assumptions in preparing our financial statements; client delays or defaults in making payments; the failure of our suppliers, subcontractors and other third parties to adequately perform services under our contracts; uncertainties, restrictions and regulations impacting our government contracts; the inability to hire and retain qualified personnel; the potential impact of certain tax matters; possible information technology interruptions; the Company's ability to secure appropriate insurance; liabilities associated with the performance of nuclear services; foreign currency risks; the loss of one or a few clients that account for a significant portion of the Company's revenues; damage to our reputation; failure to adequately protect intellectual property rights; asset impairments; climate change and related environmental issues; increasing scrutiny with respect to sustainability practices; the availability of credit and restrictions imposed by credit facilities for our clients, suppliers, subcontractors or other partners; failure to obtain favorable results in existing or future litigation and regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure by us or our employees, agents or partners to comply with laws; new or changing legal requirements, including those relating to environmental, health and safety matters; failure to successfully implement our strategic and operational initiatives; risks related to provisions of our convertible preferred stock; and restrictions on possible transactions imposed by our charter documents and Delaware law. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, the Company’s results may differ materially from its expectations and projections.

Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the general economic conditions and other risks, uncertainties and factors (a) set forth in the section entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the Company’s prospectus dated and filed with the U.S. Securities and Exchange Commission (“SEC”) on July 1, 2022, which is part of the registration statement on Form S-1 declared effective by the SEC on June 30, 2022, in the section entitled “Risk Factors,” (b) set forth in the section entitled “Risk Factors” and “Special Note Regarding Forward-Looking Statements” in the Company’s annual report filed on Form 10-K filed with the SEC on March 15, 2023, and under similar headings in prior filings with the SEC, and (c) associated with companies like the Company that operate in the energy industry. The referenced SEC filings are available either publicly or upon request from NuScale's Investor Relations Department at ir@nuscalepower.com. The Company disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events.

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Media Contacts

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

dhughes@nuscalepower.com

(503) 270-9329

Laura Scheele, Communications Coordinator, Fusion and Fission Energy and Science Directorate, Oak Ridge National Laboratory

scheelela@ornl.gov

(219) 381-8672

Investor Contact

Scott Kozak, Director, Investor Relations, NuScale Power

skozak@nuscalepower.com

(541) 452-7583

Source: NuScale Power

FAQ

What is the partnership between NuScale and Oak Ridge National Laboratory about?

The partnership aims to conduct a techno-economic assessment (TEA) on implementing a cost-effective steam heat augmentation design using NuScale's small modular reactor (SMR) technology for a U.S. chemical facility.

What is the goal of the collaboration?

The collaboration aims to assess the viability of NuScale's SMR technology with steam heat augmentation for use in a chemical system, including examination of steam reliability, operational costs, and system stability.

How is the study funded?

The study is funded by the U.S. Department of Energy's GAIN initiative, providing technical, regulatory, and financial support needed to advance nuclear technology towards commercialization.

What is the expected timeline for the study?

The study is expected to be completed within one year.

What does the partnership represent in the effort to decarbonize commercial chemical plants?

The partnership represents a significant step in the effort to decarbonize commercial chemical plants, presenting a reliable clean energy option for meeting clean energy goals.