NuScale Power LLC and Doosan Heavy Industries and Construction Co., Ltd. (DHIC) signed a memorandum of understanding (MOU) for strategic cooperation to support deployment of the NuScale Power Module (NPM) small modular reactor (SMR) worldwide. The relationship includes DHIC, a member of the Doosan Group, and potential Korean financial investors, which, commensurate to final due diligence, plan to make a cash equity investment in NuScale.

DHIC is expected to bring its expertise in nuclear pressure vessel manufacturing, and will join the larger US-led manufacturing team to build NuScale’s NPM.

Under the terms of the MOU, DHIC, a pre-eminent, world-renowned nuclear pressure vessel manufacturer with substantial experience, is expected to build a portion of the most critical and complex NPM sub-assemblies for the plant under development for Utah Associated Municipal Power Systems, which is expected to begin operation in 2026.

The new international relationship with DHIC will further build NuScale’s US-centered supply chain and accelerate NuScale’s ability to deliver its technology quickly to future customers around the world.

We are impressed with the simplicity, safety and cost-effectiveness of NuScale’s design, and we look forward to collaborating with the company as they bring America’s first SMR to market. Furthermore, we see great potential for international applications of NuScale’s carbon-free technology, and look forward to collaborating with NuScale as the company pursues additional opportunities.

—Ki Yong Na, CEO of Doosan Nuclear Power Plant Business Group

Under the terms of the MOU, which is subject to a satisfactory due diligence negotiation of a definitive agreement and regulatory approvals, the companies are aiming to close the strategic supplier agreement in July 2019.

NuScale’s technology is the world’s first and only SMR to undergo design certification review by the US Nuclear Regulatory Commission (NRC). The NRC is scheduled to complete its review of NuScale’s design in September 2020.