Fluor Corp. (FLR) Announces that NuScale Power has Engaged Guggenheim Securities to Explore Financing Options

May 7, 2021 6:52 AM EDT

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Fluor Corporation (NYSE: FLR) announced today that NuScale Power, in which Fluor is the majority investor, has retained Guggenheim Securities, LLC, a leading financial advisory and capital markets firm, to explore financing options to accelerate the commercialization of NuScale’s groundbreaking small modular reactor (SMR) technology.

Fluor has been actively engaged with potential strategic investors in NuScale since 2013, and recent milestones have been achieved which have rapidly increased the number of interested parties. It is expected that any potential proceeds raised through this process would be used by NuScale to accelerate and expand its SMR development program including those elements currently supported by a U.S. Department of Energy (DOE) cost-share award.

Fluor and its partners will continue to provide engineering services, project management and supply chain support to NuScale as part of any contemplated future projects.

NuScale’s SMR technology is the first and only design to receive approval from the U.S. Nuclear Regulatory Commission which occurred in August 2020. NuScale’s innovative and unique, fully passive, safe SMR design is capable of generating 77 megawatts of zero carbon electricity per module using a safer, smaller and scalable version of traditional pressurized light water reactor technology. Modules safely shut down and self-cool, indefinitely, with no need for AC or DC power, operator or computer action, or additional water. The fully factory-made NuScale Power module offers scalable power based on demand and can meet grid capacity needs by providing base-load power to support intermittent wind, solar and hydropower resources.

Fluor and NuScale have an agreement with Utah Associated Municipal Power Systems (UAMPS) to build a NuScale power plant that will bring the United States’ first clean energy, carbon-free SMR project to commercialization. In October 2020, UAMPS received a $1.355 billion, 10-year award from the DOE, subject to annual appropriations, to help fund the project.

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