Fluor Corporation (NYSE: FLR) announced today that NuScale Power, for
which Fluor is the majority investor, was named a recipient of U.S.
Department of Energy (DOE) funding that will support the development,
licensing and commercialization of the company’s nuclear small modular
reactor (SMR) technology.
This project represents a significant investment in first-of-a-kind
engineering and design certification for small modular reactors in the
United States. Through a five-year cost-share agreement, the DOE will
invest up to half of the total project cost with the project’s industry
partners matching this investment by at least one-to-one. The specific
total will be negotiated between the DOE and NuScale and will be derived
from the total $452 million identified for the Department’s Small
Modular Reactor Licensing Technical Support program.
Fluor and NuScale continue to be approached by numerous entities, and
are evaluating potential investors, manufacturers and other supply chain
partners for future potential SMR development efforts.
“Fluor is extremely pleased by the DOE’s funding decision in favor of
NuScale’s innovative SMR technology,” said Dave Dunning, Fluor’s group
president, Global Business Development & Strategy. “The determination by
a panel of independent experts that NuScale’s SMR technology offers
tremendous potential to produce safe, reliable, scalable power validates
the same conclusion reached by Fluor when we initially decided to invest
and support NuScale’s commercialization efforts.”
Fluor made its investment in NuScale Power in October 2011 prior to the
announcement of the DOE cost-sharing program.
With growing long-term energy needs in the U.S. and abroad, Fluor’s
investment complements the company’s EPC new-build and project
management strengths together with our clients’ demand for diverse fuel
technology capabilities. Fluor has been actively involved in the
engineering, procurement, construction and maintenance of nuclear power
plants for more than 60 years at more than 20 nuclear power units.
About Fluor Corporation
For more than 100 years, Fluor Corporation (NYSE: FLR) has partnered
with its clients to design, build and maintain many of the world's most
challenging and complex capital projects. Through its global network of
offices on six continents, more than 41,000 employees provide
comprehensive capabilities and world-class expertise in the fields of
engineering, procurement, construction, commissioning, fabrication,
operations, maintenance and project management. Today, the company
serves a global client base in the energy, chemicals, government,
industrial, infrastructure, operations & maintenance, manufacturing &
life sciences, mining, power and transportation sectors. Headquartered
in Irving, Texas, Fluor ranks 110 on the FORTUNE 500 list and had
revenue of $27.6 billion in 2012. For more information, visit www.fluor.com
and follow us on Twitter at @FluorCorp.
Fluor CorporationMedia RelationsKeith Stephens, 469-398-7624orBrian Mershon, 469-398-7621orInvestor RelationsKen Lockwood, 469-398-7220orJason Landkamer, 469-398-7222