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Fluor-Backed NuScale Power Secures $20M Investment From Japan-based IHI; David Constable Quoted

Fluor-Backed NuScale Power Secures $20M Investment From Japan-based IHI; David Constable Quoted - top government contractors - best government contracting event
NuScale Power site

IHI, a Japan-based heavy-industry manufacturer, has completed its $20 million investment in NuScale Power and will serve as global manufacturing partner of the Oregon-headquartered small modular reactor technology provider as part of the agreement.

IHI’s investment will also allow the Japanese engineering company to deliver steel plate reinforced concrete wall structures and designs in support of NuScale’s nuclear power generation technology initiatives, said NuScale majority shareholder Fluor Wednesday.

“IHI’s decision to invest in NuScale’s leading-edge SMR technology is another concrete example of the growing interest in this industry-leading, carbon-free energy solution,” said David Constable, Fluor CEO.

According to Flour, the IHI investment could potentially be followed by another $20 million.

The most recent deal marks the reactor manufacturer’s second commercial partnership and investment from a company in Japan. NuScale received on April 5 a $40 million cash investment from JGC Holdings and announced the latter’s collaboration with Flour on the NuScale power plants delivery.

Utah Associated Municipal Power Systems has tapped Fluor and NuScale to jointly develop and commercialize the first carbon-free SMR project.

In September 2020, the small modular nuclear reactor design of NuScale received its certification from the Nuclear Regulatory Commission, which signaled its capability to move forward into the commercialization phase.

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