Founded in 2007, NuScale Power is an industry-leading provider of proprietary and innovative advanced nuclear small modular reactor (SMR) technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free nuclear power.

The company is at an early stage of maturity, with an approved but unproven design for its NuScale Power Module (NPM) – a modular nuclear reactor that is capable of generating 77 megawatts electric (MWe) of electricity and can serve as a reliable, carbon-free source of baseload power that complements renewable sources such as wind, solar, and hydropower generation. NuScale’s design permits modules to be combined in groups of up to 12 to achieve 924 MWe output, equivalent to a typical large nuclear reactor.

The company is currently generating revenues from engineering and licensing services provided to potential customers ($16 million forecast for full-year 2022). Longer-term, if the company achieves commercial scale, revenues will be generated from the sale of NuScale Power Modules, with additional revenue generated by providing critical plant services, including start-up and testing, and nuclear fuel and refueling services.

NuScale Power has a capital-light business model, with its power modules manufactured by partners, including Fluor Corporation (NYSE: FLR) – an American multinational engineering and construction firm that also holds a controlling 60% ownership stake in NuScale Power.

In terms of material progress towards commercialization, NuScale’s headline project is being developed as part of a US Department of Energy initiative to reduce greenhouse gas emissions by using nuclear power to complement intermittent renewable energy. NuScale is contracted to deliver a six-module installation yielding 462 MWe for Utah Associated Municipal Power Systems (UAMPS). The first reactor module is scheduled to be operational in 2029 and the full plant in 2030. This is a commercial endeavor that will deliver wholesale electricity to communities throughout the Intermountain West region of the US.

In addition, NuScale has 18 signed and active ‘memoranda of understanding’ in 11 countries for the deployment of its technology globally. Some of the most progressed initiatives that are expected to lead to committed customers include:

NuScale and Nuclearelectrica (a Romanian nuclear energy producer) hope to deploy the first NuScale power plant in Romania with a target completion date of 2028. The Biden administration highlighted NuScale’s SMR deployment in Romania as one of the flagship projects of the Global Partnership for Infrastructure and Investment during the 2022 G7 summit, and in June 2022, the US government committed $14 million to the Romania study to determine key site-specific data – cost, construction, schedule, and licensing details – necessary for the deployment of a NuScale reactor.

In February 2022, KGHM, a leading Poland copper and silver mining conglomerate and large industrial energy user initiated work towards implementing NuScale advanced small modular reactors (SMRs) in Poland.

In May 2022, the United States announced that it would provide the University Politechnica of Bucharest with a NuScale Energy Exploration Center, a simulator of NuScale’s SMR power plant control room.