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NuScale Power gains $40 million investment from JGC Holdings for SMR deployment
- 3 years ago (2021-04-06)
- David Flin
NuScale Power has announced that it has finalised an investment and strategic partnership agreement with JGC Holdings Corporation (JGC), headquartered in Japan. As part of a commercial relationship with Fluor Corporation – NuScale’s majority investor and EPC partner in the USA – JGC will provide a $40 million cash investment in NuScale Power and partner with Fluor on the deployment of NuScale SMR power plants.
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This is the first commercial investment in NuScale Power from a Japanese-based company. John Hopkins, Chairman and CEO of NuScale, said: “JGC’s investment and partnership with NuScale Power is a welcome endorsement of our SMR technology and its international viability. NuScale looks forward to demonstrating how our cleaner and safer advanced nuclear technology can bring numerous benefits – economic and environmental – to countries around the world as they seek innovative solutions to complete a clean energy transition.”
NuScale’s SMR received approval from the US Nuclear Regulatory Commission in August 2020, the only design to do so to date. NuScale and Fluor are currently working for Utah Associated Municipal Power Systems (UAMPS) to bring the world’s first SMR project to commercialisation.