NuScale Power finalized an investment agreement with IHI, a comprehensive heavy-industry engineering and manufacturing company headquartered in Japan. As part of a commercial relationship with NuScale, IHI will provide cash investment in NuScale Power. The IHI-NuScale relationship results in IHI becoming a strategic supplier for NuScale Plants, whereby IHI will be a preferred supplier of certain manufactured components for NuScale Plants globally.
The announcement signals the second commercial relationship and investment in NuScale Power from a Japanese-based company, following the recent agreement with JGC Holdings Corporation, and is indicative of growing Japanese and global interest in NuScale’s groundbreaking small modular reactor (SMR) technology, the company said.
Strategic partnership with an innovative SMR technology developer such as NuScale is a great opportunity for us. IHI wants to support the move toward a carbon-neutral economy, and NuScale’s technology is safe, clean, reliable and closest to commercialization among its competitors. IHI can support rapid deployment of NuScale’s technology by leveraging IHI’s extensive engineering and manufacturing experience in the nuclear industry.—Hiroshi Ide, President and Chief Executive Officer of IHI Corporation
NuScale’s SMR is the first and only design to ever receive approval from the US Nuclear Regulatory Commission and maintains strong momentum towards the commercialization of its SMR technology by the end of this decade. NuScale and Fluor are currently working for Utah Associated Municipal Power Systems (UAMPS) to bring the world’s first clean energy, carbon-free SMR project to commercialization.
The small modular reactor (SMR) design features a fully factory-fabricated NuScale Power Module capable of generating 77 MW of electricity using a safer, smaller, and scalable version of pressurized water reactor technology. NuScale's scalable design—power plants can house up to four, six, or 12 individual power modules. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with a 70-year history in commercial nuclear power.