IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that NuScale Power, in
which Fluor is the majority investor, officially signed a contract
agreement with the U.S. Department of Energy (DOE) for funding that will
support the development, licensing and commercialization of the
company’s nuclear small modular reactor (SMR) technology.
The DOE would provide up to $217 million in matching funds over five
years to help the Oregon-based nuclear power company develop its SMR
design, which is set to revolutionize the next generation of nuclear
power plants. The reactor technology can deliver the energy diversity
needed to replace aging coal plants, to power growing populations and to
reduce emissions, all while proving to be a safer, more flexible and
cost-effective nuclear power solution.
“Fluor is very pleased that DOE recognizes the promise of NuScale’s
truly revolutionary design,” said Dave Dunning, executive vice
president, Business Development & Strategy for Fluor. “After the
competitive progress to receive the award and ultimate signing, DOE’s
significant investment in the technology is helping us show the value of
NuScale’s SMRs to investors, manufacturers and other supply chain
partners so that we can help build the future of nuclear power.”
Kicking off the five-year public-private partnership with DOE, this
month NuScale will open an operation and engineering center in
Charlotte, N.C. and plans to hire 70 employees at the new office.
Backed by DOE and Fluor, NuScale aims to submit its design certification
application in the second half of 2016 with expected certification in
2020 if the Nuclear Regulatory Commission’s schedule is maintained. Over
the last five years, NuScale has been engaged extensively with the NRC
regarding the SMR technology and will continue to work closely to ensure
the success of the project.
Fluor has supported NuScale Power since October 2011 – before the DOE
announced its cost-sharing program – as part of a long history with
nuclear energy. For more than 60 years, Fluor has been providing the
engineering, procurement, construction and maintenance of nuclear power
plants, thereby helping to ensure a long-term clean energy solution in
the U.S. and overseas.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) is a global engineering and construction
firm that designs and builds some of the world's most complex projects.
The company creates and delivers innovative solutions for its clients in
engineering, procurement, fabrication, construction, maintenance and
project management on a global basis. For more than a century, Fluor has
served clients in the energy, chemicals, government, industrial,
infrastructure, mining and power market sectors. Headquartered in
Irving, Texas, Fluor ranks 110 on the FORTUNE 500 list. With more than
40,000 employees worldwide, the company's revenue for 2013 was $27.4
billion. Visit Fluor at www.fluor.com
and follow on Twitter @FluorCorp.
Fluor CorporationMedia Relations:Brian Mershon, 469-398-7621orEric Krantz, 281-263-6030orInvestor Relations:Ken Lockwood, 469-398-7220orJason Landkamer, 469-398-7222