U.S. Nuclear Regulatory Commission Accepts NuScale Power’s Standard Design Approval Application

Updated design will support a wider range of customers seeking clean energy through small modular nuclear reactors

PORTLAND, Ore.--(BUSINESS WIRE)-- NuScale Power Corporation (NYSE: SMR) today announced the U.S. Nuclear Regulatory Commission (NRC) accepted its Standard Design Approval (SDA) Application for formal review. After beginning the technical review of NuScale’s application in March 2023, the NRC has docketed the application for NuScale’s VOYGR™-6 plant design featuring an uprated 77 MWe small modular nuclear reactor (SMR), which will support capacity requirements for a wider range of customers. The NRC provided a 24-month review schedule for approval, which will align with the timing needs of NuScale’s U.S. customers.

Left to right: Getachew Tesfaye, U.S. Nuclear Regulatory Commission; Senior Project Manager; Robert Gamble, NuScale Power Vice President of Engineering; Brian Smith, U.S. Nuclear Regulatory Commission Director of the Division of New and Renewed Licenses; Carrie Fosaaen, NuScale Power Vice President of Regulatory Affairs; Karin Feldman, NuScale Power Vice President of Program Management Office; Robert Taylor, U.S. Nuclear Regulatory Commission Deputy Office Director for New Reactors; and Mark Shaver, NuScale Power Director of Regulatory Affairs marked the U.S. Nuclear Regulatory Commission’s acceptance of NuScale’s Standard Design Approval Application for formal review. (Photo: Business Wire)

“We are pleased that the NRC has accepted our SDA application, which not only accomplishes one of our key milestones for 2023, but also brings us a step closer to providing clean, carbon-free energy to even more customers around the world,” said John Hopkins, NuScale President and Chief Executive Officer. “Our team has worked closely with the NRC for many years – we’re familiar with their process and are eager to work alongside them to achieve the successful approval of our uprated design. The NRC’s rigorous standards are recognized and respected across the globe, and approval validates the acceptability of the safety of NuScale’s carbon-free design.”

NuScale received NRC approval for its 50 MWe design in 2020 and design certification in 2023, making it the first and only SMR to achieve either milestone. The uprated design currently under review includes the same fundamental and unparalleled safety case the NRC approved in 2020 thus setting the stage for an efficient and effective review of NuScale’s SDA application.

“This Standard Design Approval will allow our customers to benefit from an increased power output from the small modular reactor design that the NRC previously reviewed and approved,” said Carrie Fosaaen, NuScale’s Vice President of Regulatory Affairs. “We will continue to work with the NRC on an expeditious, but thorough review of the SDA application.”

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.

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.

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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