NuScale announces Japanese investment in SMR
PORTLAND, Ore. (KIFI) - A holdings company will provide a $40 million cash investment in NuScale Power and partner with Fluor on the deployment of NuScale Power Plants.
JGC Holdings Corporation is a holding company of the world’s leading EPC contractor group companies headquartered in Japan. It is the first commercial relationship and investment in NuScale Power from a Japanese-based company.
“JGC HD’s investment and partnership with NuScale Power is a welcome endorsement of our SMR technology and its international viability,” said NuScale Chairman and Chief Executive Officer John Hopkins. “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.”
"The JGC Group embraces the goal of ‘Carbon Neutral in 2050’ as committed by the Japanese government last year,” said Tadashi Ishizuka, Representative Director, President and COO of JGC Holdings Corporation. “Our investment in NuScale technology, with its enhanced safety features, will enable JGC to expand our EPC business and deliver a zero carbon resource to the growing demand of global energy market.”
NuScale’s Small Modular Reactor received approval from the U.S. Nuclear Regulatory Commission last August. It hopes to commercialize SMR technology by the end of the decade. NuScale and Fluor are working for Utah Associated Municipal Power Systems to develop the world’s first clean energy, carbon-free, SMR project at the Idaho National Laboratory.
