NuScale Power today announced that it has finalized an investment and strategic partnership agreement with JGC Holdings Corporation (JGC HD), a holding company of the world's leading EPC contractor group companies headquartered in Japan.
As part of a commercial relationship with Fluor Corporation – NuScale’s majority investor and EPC partner in the United States – JGC HD will provide a $40 million cash investment in NuScale Power and partner with Fluor on the deployment of NuScale Power Plants.
Today’s announcement signals the first commercial relationship and investment in NuScale Power from a Japanese-based company and is indicative of growing Japanese and global interest in NuScale’s groundbreaking small modular reactor (SMR) technology.
“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 SMR made history in August 2020 as the first and only design to ever receive approval from the U.S. 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.
NuScale Power continues to field growing domestic and international customer interest from those who see the NuScale power plant as a long-term solution for providing reliable, safe, affordable, and operationally flexible carbon-free energy for diverse applications. NuScale has signed and announced agreements with entities in the U.S. and internationally.
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