Seoul National University Opens NuScale Power Energy Exploration Center

In partnership with GS Energy, Doosan Enerbility, and Samsung C&T, this Energy Exploration Center control room simulator will provide hands-on nuclear experience for future operators of NuScale’s innovative small modular reactor technology worldwide.

PORTLAND, Ore.–(BUSINESS WIRE)–NuScale Power Corporation (NYSE: SMR) announced today the opening of the first privately-funded NuScale Energy Exploration Center (E2 Center) at Seoul National University (SNU) with partners GS Energy Corporation, Doosan Enerbility Co. Ltd., and Samsung C&T Corporation. As the first E2 Center in Asia, the educational training hub serves as a workforce development tool for South Korea to develop the next generation of advanced nuclear experts, technologists, and operators, positioning the country to become a regional leader of small modular reactor (SMR) deployment in Asia.

The E2 Center is an innovative learning environment that offers users a hands-on opportunity to apply nuclear science and engineering principles through simulated, real-world nuclear power plant operation scenarios. Through state-of-the-art computer modeling, visitors will take on the role of “control room operators” at a VOYGR™-12, 924 megawatts electric (MWe), SMR plant powered by 12 NuScale Power Modules™ to learn about the advanced features and functionality of NuScale’s technology.

The deepening partnership between NuScale and Korean energy industry leaders will help Korean companies advance their SMR capabilities significantly, which could lead to exports of Korean-supported SMRs in the future.

“NuScale’s groundbreaking SMRs are years ahead of the global competition as the only advanced nuclear technology with U.S. Nuclear Regulatory Commission approval, and today’s opening of the E2 Center allows South Korea to advance its position as a global leader in clean energy,” said Dr. José Reyes, NuScale Co-Founder and Chief Technology Officer. “With the support of our partners GS Energy, Doosan, Samsung C&T, and Seoul National University, we are excited to reach this new milestone in our collaboration to advance the shared goal of global decarbonization.”

The establishment of a NuScale E2 Center at Seoul National University will play a pivotal role in South Korea’s pursuit of their clean energy objectives. Through the hands-on learning experience provided by the E2 Center, South Korean nuclear experts and technologists will be equipped with the knowledge needed to ensure the safe operation of a NuScale VOYGR SMR power plant control room. This collaboration further underscores the increasing global support of NuScale’s SMR technology as the premier solution to advance the clean energy transition.

“The E2 Center provides our students with an unrivaled opportunity to engage in hands-on SMR operations, cultivating the expertise essential for leading the global clean energy transition,” said Professor Eung Soo Kim, Head of the Department of Nuclear Engineering at Seoul National University. “We are proud to be the first institution in Asia to integrate NuScale’s state-of-the-art simulation technology into our curriculum.”

About NuScale Power

NuScale Power Corporation (NYSE: SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) 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 SMR technology is 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 LinkedIn, Facebook, Instagram, X and YouTube.

Forward Looking Statements

This release may contain forward-looking statements (including without limitation statements to the effect that the Company or its management “will,” “believes,” “expects,” “anticipates,” “plans” or other similar expressions). These forward-looking statements include statements relating to strategic and operational plans, capital deployment, future growth, new awards, backlog, earnings and the outlook for the company’s business.

Actual results may differ materially as a result of a number of factors, including, among other things, the severity and duration of the COVID-19 pandemic and actions by governments, businesses and individuals in response to the pandemic, including the duration and severity of economic disruptions; the Company’s failure to receive new contract awards; cost overruns, project delays or other problems arising from project execution activities, including the failure to meet cost and schedule estimates; intense competition in the industries in which we operate; failure of our partners to perform their obligations; cyber-security breaches; foreign economic and political uncertainties; client cancellations of, or scope adjustments to, existing contracts; failure to maintain safe worksites and international security risks; risks or uncertainties associated with events outside of our control, including weather conditions, pandemics, public health crises, political crises or other catastrophic events; the use of estimates and assumptions in preparing our financial statements; client delays or defaults in making payments; the failure of our suppliers, subcontractors and other third parties to adequately perform services under our contracts; uncertainties, restrictions and regulations impacting our government contracts; the inability to hire and retain qualified personnel; the potential impact of certain tax matters; possible information technology interruptions; the Company’s ability to secure appropriate insurance; liabilities associated with the performance of nuclear services; foreign currency risks; the loss of one or a few clients that account for a significant portion of the Company’s revenues; damage to our reputation; failure to adequately protect intellectual property rights; asset impairments; climate change and related environmental issues; increasing scrutiny with respect to sustainability practices; the availability of credit and restrictions imposed by credit facilities for our clients, suppliers, subcontractors or other partners; failure to obtain favorable results in existing or future litigation and regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure by us or our employees, agents or partners to comply with laws; new or changing legal requirements, including those relating to environmental, health and safety matters; failure to successfully implement our strategic and operational initiatives; risks related to provisions of our convertible preferred stock; and restrictions on possible transactions imposed by our charter documents and Delaware law. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, the Company’s results may differ materially from its expectations and projections.

Additional information concerning these and other factors can be found in the Company’s public periodic filings with the Securities and Exchange Commission, including the general economic conditions and other risks, uncertainties and factors (a) set forth in the section entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the Company’s prospectus dated and filed with the U.S. Securities and Exchange Commission (“SEC”) on July 1, 2022, which is part of the registration statement on Form S-1 declared effective by the SEC on June 30, 2022, in the section entitled “Risk Factors,” (b) set forth in the section entitled “Risk Factors” and “Special Note Regarding Forward-Looking Statements” in the Company’s annual report filed on Form 10-K filed with the SEC on March 15, 2023, and under similar headings in prior filings with the SEC, and (c) associated with companies like the Company that operate in the energy industry. The referenced SEC filings are available either publicly or upon request from NuScale’s Investor Relations Department at ir@nuscalepower.com. The Company disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events.

Contacts

Media Contact
Diane Hughes, Vice President, Marketing & Communications, NuScale Power

dhughes@nuscalepower.com
(503) 270-9329

Investor Contact
Scott Kozak, Director, Investor Relations, NuScale Power

skozak@nuscalepower.com
(541) 452-7583