|
contents | business | |||||||||
| Fluor becomes majority investor in NuScale Power Fluor Corp (NYSE: FLR) announced that the company has committed to making an investment exceeding $30 million in NuScale Power LLC., an Oregon-based small modular reactor (SMR) technology company. The announcement was made in Washington D.C. at the National Press Club by Fluor and NuScale executives with key members of the U.S. House of Representatives along with industry and regulatory leaders in attendance. As part of its investment, Fluor has purchased the company's shares that had previously been in U.S. Securities & Exchange Commission (SEC) receivership and has become NuScale's majority shareholder. Going forward, NuScale will continue to operate as an independent company. Additionally, Fluor and NuScale have entered into a separate contractual arrangement whereby Fluor will provide certain services to NuScale as well as have exclusive rights to provide engineering and construction services for future NuScale SMR facilities. NuScale Power is an Oregon corporation with more than 70 employees that is commercializing a small, modular reactor (SMR) technology. The initial concept for NuScale's highly innovative, inherently safe SMR technology was developed from 2000-2003 at Oregon State University with funding provided by the U.S. Department of Energy. With the support of Fluor, NuScale expects to bring its technology to market in a timely manner. Fluor has a strong 60-plus-year history in the nuclear new-build market-having designed, built or provided construction support for 20 units in the United States. Pairing Fluor's world class engineering, procurement, construction (EPC) expertise with NuScale's safe and economical small modular reactor (SMR) technology, positions both companies as global leaders in the global new-build nuclear market. MidAmerican Energy is one of 11 major utilities in the U.S. and Canada serving on NuScale Power's customer advisory board. The board is conferring with NuScale on ways the company's technology can best meet the needs of electric utilities in an increasingly dynamic energy environment. write your comments about the article :: © 2011 Construction News :: home page |