OR-NUSCALE-POWER

NuScale Power Corporation (NYSE: SMR), the industry-leading provider of proprietary and innovative advanced nuclear small modular reactor (SMR) technology, today announced that at the end of 2022, as scheduled, it placed the first upper reactor pressure vessel (RPV) long lead material (LLM) production order with Doosan Enerbility (Doosan), a world-class manufacturing and engineering company. The order is for materials essential to commence manufacturing of the first NuScale Power Modules that are scheduled to be in commercial operation at the Utah Associated Municipal Power Systems’ Carbon Free Power Project as early as 2029. In addition, NuScale and Doosan are aligned to manufacture additional modules for future NuScale VOYGR™ SMR power plant projects with similar delivery dates.

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“Finalizing and submitting this order to our valued partner, Doosan, showcases NuScale’s transition to the manufacturing phase of our modules and highlights our advanced position in the market to deploy our SMR technology to customers by the end of the decade,” said John Hopkins, President and Chief Executive Officer of NuScale. “Our strong relationships with experienced partners like Doosan demonstrate NuScale’s robust global supply chain and positions us to meet the growing interest for NuScale VOYGR power plants that we are seeing around the world.”

“The U.S. Nuclear Regulatory Commission (NRC) recently issued a final rule to certify NuScale's innovative SMR design, which gives testament to NuScale’s status as the leading technology in the global SMR market,” said Jongdoo Kim, Head of Doosan Enerbility’s Nuclear Business Group. “Doosan is proud to take part in the construction of a NuScale SMR, offering clean and carbon-free energy projects to tackle climate change.”

In preparation for the long lead order, NuScale and Doosan initiated an effort in April 2022 to complete the manufacturing for the forging dies for the upper RPV. Building on this completion, the new LLM order includes heavy forgings, steam generator tubes, and weld material for six upper RPVs. The total estimated weight of the materials for six upper RPVs is more than 2,000 tons.

In addition to Doosan, NuScale continues to strengthen its supply chain readiness through coordination with its robust list of world-class suppliers and manufacturers in the U.S. and abroad.

About NuScale Power

NuScale Power Corporation (NYSE: SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor nuclear technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. The company’s groundbreaking VOYGR™ SMR plants are powered by the NuScale Power Module™, a small, safe, pressurized water reactor that can each generate 77 megawatts of electricity (MWe) or 250 megawatts thermal (gross), and can be scaled to meet customer needs through an array of flexible configurations up to 924 MWe (12 modules) of output.

As the first and only SMR to have its design certified by the U.S. Nuclear Regulatory Commission, NuScale is well-positioned to serve diverse customers across the world by supplying nuclear energy for electrical generation, district heating, desalination, commercial-scale hydrogen production, and other process heat applications.

Founded in 2007, NuScale is headquartered in Portland, Ore. To learn more, visit NuScale Power’s website or follow us on Twitter, Facebook, LinkedIn, Instagram and YouTube.

About Doosan Enerbility

Doosan is a leading Engineering, Procurement and Construction (EPC) contractor offering a wide range of services ranging from the manufacturing of castings and forgings, power generation systems and desalination facilities to the construction of power plants.

Doosan maintains a high quality standard based on extensive experience in manufacturing major components of nuclear power plants. Doosan has an integrated manufacturing facility in Changwon, Korea, which is capable of raw material production to final assembly of nuclear components. Doosan has manufactured and supplied 34 Reactor Vessels & 124 Steam Generators globally.

Forward Looking Statements

This release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. These forward-looking statements are inherently subject to risks, uncertainties and assumptions. Actual results may differ materially as a result of a number of factors. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, NuScale’s results may differ materially from its expectations and projections. NuScale specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing NuScale’s assessments as of any date subsequent to the date of this release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

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