NuScale, DOE complete small modular reactor agreement

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NuScale Power finalized the cooperative agreement with the US Department of Energy (DOE) as an awardee under the program for “Cost-Shared Development of Innovative Small Modular Reactor Designs.”

NuScale was selected as the sole awardee of the DOE round two funding in December of 2013.

The agreement calls for NuScale to receive up to $217 million in matching funds over a five-year period. The company will use the funds to perform the engineering and testing needed to proceed through the Nuclear Regulatory Commission Design Certification Process. NuScale expects to submit the application for design certification in the second half of 2016.

This will allow NuScale to meet a commercial operation date of 2023 for its first planned project, in Idaho, with partners Energy NorthWest and Utah Associated Municipal Power Systems.

John Hopkins, NuScale Power’s chairman and CEO stated, “We are pleased to have completed this agreement, initiating our partnership with DOE to develop a global- leadership position for American products in the Small Modular Reactor market. With the support of DOE and our other key partners, we are committed to pursuing commercialization and meeting the needs of our future customers.”

“Small modular reactors represent a new generation of safe, reliable, low-carbon nuclear energy technology and provide a strong opportunity for America to lead this emerging global industry”, said Energy Secretary Ernest Moniz, when announcing NuScale’s selection last December. “The Energy Department is committed to strengthening nuclear energy’s continuing important role in America’s low carbon future, and new technologies like small modular reactors will help ensure our continued leadership in the safe, secure and efficient use of nuclear power worldwide.”

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