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NuScale Power and Nucor Corporation Sign Memorandum of
Understanding to Explore Deployment of Small Modular Nuclear Reactors
to Power Nucor Electric Arc Furnace Steel Mills
May 10, 2023
PORTLAND, Ore. – NuScale Power Corporation (NYSE: SMR) and Nucor
Corporation (Nucor) today announced the two companies have signed a
Memorandum of Understanding (MOU) to explore co-locating NuScale’s
VOYGR™ small modular nuclear reactor (SMR) power plants to provide
clean, reliable baseload electricity to Nucor’s scrap-based Electric
Arc Furnace (EAF) steel mills. The companies will also explore an
expanded manufacturing partnership through which Nucor, the largest
steel producer and recycler of any type of material in North America,
would supply Econiq™, its net-zero steel products, for NuScale
projects.
As part of the MOU, the companies will evaluate site suitability,
transmission interconnection capabilities and capital costs for
potential NuScale plants to be sited near and provide carbon free
electricity to Nucor EAF steel mills. In addition, NuScale will study
the feasibility of siting a manufacturing facility for NuScale Power
Modules™ near a Nucor facility.
NuScale’s VOYGR power plants, which can be scaled in different plant
configurations to produce up to 924 MWe of output, are well-suited for
industrial applications as a highly reliable source of carbon-free
energy. As the first and only SMR design to be approved and certified
by the U.S. Nuclear Regulatory Commission, NuScale’s VOYGR plants
include fully passive safety features which eliminate the need for an
external grid connection to perform key safety functions and can
achieve a site boundary Emergency Planning Zone, improving plant
siting flexibility for industrial users like Nucor.
“NuScale is thrilled to take this step forward with Nucor, a company
that shares our commitment to sustainability and deeply understands
the role of NuScale’s technology in delivering clean, reliable
baseload power to support the global energy transition,” said John
Hopkins, NuScale President and Chief Executive Officer. “We look
forward to determining how our SMR technology can best serve Nucor’s
sophisticated steelmaking operations and how our companies can work
together to drive a more sustainable future."
"Nucor is committed to supporting the development of transformative
technologies that will deploy safe, reliable, affordable, 24/7,
base-load carbon free power, like NuScale’s VOYGR SMR plants,” said
Leon Topalian, Chair, President and Chief Executive Officer of Nucor
Corporation. “Not only will Nucor’s partnership with NuScale help pave
the way for a zero-carbon energy future for our nation, but we will be
building this new generation with the cleanest steel products made
anywhere in the world.”
The agreement strengthens NuScale’s partnership with Nucor, which
invested $15 million in NuScale in 2022, and highlights the growing
global interest in SMRs among industrial leaders.
The U.S.
Department of Energy has identified emissions reductions in the
steel manufacturing industry as an important step to reach net-zero by
2050.
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.
About Nucor
Nucor and its affiliates are manufacturers of steel and steel
products, with operating facilities in the United States, Canada and
Mexico. Products produced include: carbon and alloy steel -- in bars,
beams, sheet and plate; hollow structural section tubing; electrical
conduit; steel racking; steel piling; steel joists and joist girders;
steel deck; fabricated concrete reinforcing steel; cold finished
steel; precision castings; steel fasteners; metal building systems;
insulated metal panels; overhead doors; steel grating; and wire and
wire mesh. Nucor, through The David J. Joseph Company and it’s
affiliates, also brokers ferrous and nonferrous metals, pig iron and
hot briquetted iron / direct reduced iron; supplies ferro-alloys; and
processes ferrous and nonferrous scrap. Nucor is North America's
largest recycler.
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.
Green Play Ammonia™, Yielder® NFuel Energy.
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