Hopkins, President and CEO of NuScale Power reported in fall of 2022 that "NuScale continues to progress with great momentum, both in terms of business development and in spreading our message about nuclear energy’s compelling role in the clean energy transition. We are enthusiastic about the future of nuclear power, and specifically, the role NuScale will play in that future."
"The past few months have produced another exciting quarter for NuScale. We have shown great progress in building the potential customer pipeline and are on track to securing our next committed customer by the end of the year. Of note are our highly concerted efforts in Romania. On June 26, the U.S. government committed $14 million toward a Front-End Engineering and Design (FEED) study in Romania as part of the Biden administration’s Partnership for Global Infrastructure and Investment that could lead to the deployment of the first VOYGR™-6 SMR nuclear power plant in Romania. These studies will provide our customer, Nuclearelectrica with key site-specific data needed for the deployment of our power plant, such as cost.
NuScale also made great strides in Poland. On July 8, our Polish partner KGHM Polska Miedź S.A. (KGHM), submitted to their regulators an application to assess NuScale’s technology. On September 7, during the Economic Forum in Karpacz, Poland, NuScale also signed the first KGHM Task Order and a Statement of Commencement to begin work under the Early Works Agreement (EWA) signed in February 2022. To support the licensing process, KGHM intends to provide Polish regulators with updated licensing and safety reports.
A Memorandum of Understanding (MOU) was signed by NuScale and Fermi Energia in August, bringing the total number of MOUs to 19 in 12 countries. Under the agreement, Fermi Energia will evaluate NuScale’s groundbreaking small modular reactor (SMR) design for deployment in Estonia in order to adopt clean energy power sources to meet the country’s carbon-free energy goals.
We continue to stand out from competitors through the progress we are making to complete our Standard Plant Design and on critical activities that support submitting a Standard Design Approval Application (SDAA) to the U.S. Nuclear Regulatory Commission (NRC) by the end of 2022. Testing in support of the SDAA is ongoing at the NuScale Integral System Test facility in Oregon.
As the first and only SMR design to submit an application for design approval, NuScale again made history when the NRC voted unanimously to approve the design certification of our SMR. This vote represented the final NRC approval of our design. Finally, the U.S. NRC released an Advanced Safety Evaluation Report (ASER), approving our methodology by which an Emergency Planning Zone (EPZ) for a VOYGR SMR power plant will be determined.
NuScale recently marked another milestone with the signing of a Business Collaboration Agreement with National Technical Systems (NTS) to establish an Equipment Qualification (EQ) Test Chamber. This EQ Chamber will allow NuScale to mimic the range of environmental conditions under which NuScale equipment is required to function in order to meet NRC and plant-specific requirements and enable the timely delivery of NuScale Power Modules™ to customers by 2027.
Another significant achievement was the announcement in June of our strategic shift from product development to product delivery by establishing the new VOYGR™ Services and Delivery (VSD) business unit. This new VSD organization is comprised of services, supply chain, and client management functions, and will be dedicated to working with customers and tasked with the delivery of services and equipment associated with the sale, development, delivery, and commercial operation of NuScale VOYGR™ power plants.
Partnerships continue to be the backbone of our success and we have again secured new and strengthened existing partnerships. Of particular note is the licensing agreement with our partner Paragon Energy Solutions, which will enable widespread use of our NRC-approved Highly Integrated Protection System (HIPS platform) – an efficient, cost-effective, and cyber-secure reactor protection solution. We also announced a collaboration with Lightbridge Fuel, an advanced nuclear fuel technology company. By studying and simulating the usage and safety performance of their fuel, we have the potential to extend the fuel lifecycle while further improving the safety profile of our nuclear technology beyond the substantial improvements offered by our SMR design.
We appreciate the continued strong interest from investors, and were excited to report second quarter results as a publicly traded company. As NuScale Power and Chief Technology Officer and co-founder Dr. José N. Reyes, proudly celebrated their 15th anniversary this July, we intend to keep working aggressively over the next quarter to meet our operational and financial milestones, build our business, and change the landscape of clean energy. Now more than ever, the world needs more clean energy sources, and we believe NuScale is primed to fulfill this need in a promising way.
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