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NuScale Power Competing for Next Round of U.S. Department of Energy Small Modular Reactor Funding Opportunity

  NuScale Power Competing for Next Round of U.S. Department of Energy Small
  Modular Reactor Funding Opportunity

Business Wire

PORTLAND, Ore. -- March 12, 2013

Continuing one of the most highly anticipated technology competitions in the
nuclear power industry, NuScale Power, LLC, announced today it is eager to
compete for the Department of Energy’s (DOE) Funding Opportunity Announcement
(FOA) which was announced yesterday. The FOA outlines a plan to provide
investments to private industry to support the design, licensing and
manufacturing of Small Modular Reactors (SMRs).

NuScale has developed an innovative technology for building safer, smaller,
scalable nuclear power plants. Using proven light water reactor technology,
the NuScale Power Module is cooled by natural circulation, entirely
self-contained and installed underwater and underground to maximize safety.

“Our design offers the DOE a plant with innovative new safety features and
true scalability from 45MW to 540MW — making it adaptable to fit multiple
potential applications,”said John Hopkins, NuScale’s chairman and CEO. “This
FOA emphasizes the importance of an SMR technology’s ability to withstand
severe natural phenomena, such as a Fukushima-type event. Our plant is
designed to safely shut down and self-cool indefinitely in such an event,
without AC or DC power or additional water requirements.”

The NuScale design was initially developed in 2000 under a DOE-funded research
program and demonstrated in a one-third scale electrically heated test
facility in Corvallis, OR, starting in 2003.

“Our design has been validated through an extensive testing program for more
than a decade,”added Hopkins.

NuScale was the first US-based SMR vendor to begin discussions with the U.S.
Nuclear Regulatory Commission and has been engaged in pre-application efforts
since 2008.

NuScale Power has the backing and technical assistance of Fluor Corporation, a
multi-billion-dollar global engineering firm with more than 60 years in the
nuclear new-build market. Fluor has designed, built or provided construction
support for 20 nuclear units in the U.S., and provides a full range of
procurement and other services to nuclear plant operators worldwide.

About NuScale Power, LLC

NuScale Power, LLC, is developing an inherently safe, modular, scalable
commercial nuclear power technology. NuScale’s design offers the benefits of
carbon-free nuclear power but takes away the issues presented by the cost of
installing large capacity. A nuclear power plant using NuScale’s technology is
comprised of individual nuclear power modules; each produces 45 megawatts of
electricity with its own combined containment vessel and reactor system, and
its own designated turbine-generator set. A power plant can include as many as
12 NuScale integral PWR modules to produce as much as 540 megawatts. NuScale
power plants are scalable —additional modules are added as customer demand
for electricity increases. These multi-module plants are highly reliable —one
unit can be taken out of service for refueling or maintenance, or a new unit
added, without affecting the operation of the others. For more information
visit: www.nuscalepower.com.

Contact:

NuScale Power, LLC
Mike McGough, 503-715-2238
mmcgough@nuscalepower.com