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NuScale Power

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Overview

NuScale Power is a pioneering company in small modular reactor (SMR) technology, offering innovative and scalable nuclear power solutions. Their flagship product, the NuScale Power Module (NPM), represents a significant advancement in nuclear energy.

NuScale Power Module (NPM)

  • The NPM is a 250 megawatts thermal (MWt) integral pressurized water reactor (PWR).
  • Each module measures 76 feet tall and 15 feet in diameter, generating 77 megawatts electric (MWe) of electricity.
  • It utilizes gravity-driven natural circulation for primary coolant in both normal operation and shutdown modes.

Design and Safety Features

  • The NPM integrates the reactor core, steam generators, pressurizer, and containment within a single pressure vessel.
  • Modules are submerged in a below-grade pool of water within a Seismic Category 1, aircraft impact-resistant building.
  • Passive safety systems can cool and depressurize the containment vessel even during a loss of external power.

Scalability and Flexibility

  • NuScale's VOYGR power plant design can accommodate up to 12 NPMs, with a total gross output of 924 MWe.
  • Smaller configurations include VOYGR-4 (308 MWe) and VOYGR-6 (462 MWe) plants.
  • The design allows for incremental plant capacity growth with minimal operational disruption.

Operational and Maintenance Aspects

  • Fuel: Less than 4.95% enriched UO2 with a 24-month fuel cycle.
  • Underwater refueling allows continuous operation of other plant modules.
  • 60-year design life with a high capacity factor of 92-95%.

Global Interest and Partnerships

  • NuScale is collaborating with over a dozen governments and organizations worldwide.
  • Significant interest in VOYGR plants across the United Kingdom, Europe, the Middle East, Africa, and Asia.

Regulatory and Technological Maturity

  • The design leverages 50 years of light-water-cooled PWR technology.
  • Many systems and components are at a high technology readiness level (TRL). NuScale Power's SMR technology aims to provide a smarter, cleaner, safer, and cost-competitive solution for diverse electrical and process heat applications, positioning the company at the forefront of next-generation nuclear energy.

Leadership Team

NuScale Power Corporation boasts a seasoned leadership team with extensive experience in the nuclear and energy sectors. Key members include:

Executive Leadership

  • John Hopkins (CEO): Appointed in December 2012, Hopkins oversees the company's overall strategy and direction. His total yearly compensation is approximately $2.28 million.
  • Robert Ramsey Hamady (CFO): Joined in August 2023, Hamady leads NuScale's financial strategies, planning, reporting, and investor relations.
  • Carl Fisher (COO): Appointed in July 2023, Fisher brings over two decades of nuclear sector experience, managing operations, engineering, and regulatory affairs.
  • Clayton Scott (CCO): Promoted in August 2023, Scott leads commercial activities with over 40 years of nuclear industry experience.
  • José Reyes (CTO and Co-founder): With a tenure exceeding 18 years, Reyes is instrumental in developing NuScale's SMR technology.

Board of Directors

  • Alan Boeckmann: Set to become Non-Executive Chairman effective January 15, 2025.
  • Diana J. Walters: Appointed effective December 20, 2024, bringing over 35 years of leadership in the natural resources sector.

Additional Leadership Roles

  • Jacqueline Engel: Interim Vice President of Accounting
  • Director of Investor Relations
  • Interim General Counsel & Secretary
  • Senior Vice President of Engineering & Human Resources
  • Senior Vice President of Product & Project Delivery
  • Treasurer The management team at NuScale Power has an average tenure of 2.7 years and an average age of 63 years, reflecting a blend of experience and industry knowledge crucial for navigating the complex nuclear energy landscape.

History

NuScale Power's journey in small modular reactor (SMR) technology spans over two decades, marked by significant milestones and challenges:

Origins and Founding (2000-2007)

  • Concept originated from U.S. Department of Energy (DOE) funded research at Oregon State University (OSU) and Idaho National Laboratory.
  • NuScale Power founded in 2007, acquiring exclusive rights to the nuclear power plant design from OSU.

Early Development and Funding (2008-2011)

  • Initiated U.S. Nuclear Regulatory Commission (NRC) certification process in 2008.
  • Raised $35 million by 2011, employing 100 people across multiple locations.

Overcoming Challenges (2011-2012)

  • Faced funding crisis due to largest investor's legal issues.
  • Recovered with Fluor Corporation's $3.5 million majority stake acquisition and $30 million working capital commitment.
  • John Hopkins replaced co-founder Paul G. Lorenzini as CEO in 2012.

Government Support and Partnerships (2012-2020)

  • Received significant DOE funding, totaling over $400 million by 2020.
  • Formed partnership with Rolls-Royce Holdings in 2012.

Regulatory Milestones (2018-2023)

  • January 2018: NRC concluded NuScale's design could operate safely without backup power.
  • August 2020: NRC issued final safety evaluation report.
  • January 20, 2023: NRC certified NuScale's SMR design, the first in the United States.

Current Developments and Future Projects

  • Seeking approval for uprated 77 MWe VOYGR design.
  • Agreements to build reactors in Romania (2028) and Poland (2029).
  • Idaho project cancelled in 2023 due to cost increases. NuScale's innovative SMR design, utilizing natural convection cooling and low enriched uranium fuel, offers a scalable and flexible solution for nuclear energy generation. The company's history reflects persistent innovation and adaptation in the evolving nuclear energy landscape.

Products & Solutions

NuScale Power is a pioneer in the development and marketing of small modular reactors (SMRs), offering efficient, safe, and scalable nuclear energy solutions. Their key products and solutions include:

NuScale Power Module (NPM)

The core technology of NuScale is the NPM, a small modular reactor based on proven pressurized water-cooled reactor technology. Each module:

  • Measures 76 feet tall and 15 feet in diameter
  • Weighs approximately 700 tons
  • Generates 77 megawatts of electricity (MWe)

VOYGR SMR Plants

NuScale's SMR plants, branded as VOYGR, come in various configurations:

  • VOYGR-4: 308 MWe from four modules
  • VOYGR-6: 462 MWe from six modules
  • VOYGR-12: 924 MWe from twelve modules

Design and Safety Features

  • Natural convection cooling, eliminating the need for powered pumps
  • Passive safety systems for automatic shutdown and indefinite cooling
  • Underground installation for earthquake protection
  • Near-vacuum pressure containment vessel for improved reliability

Fuel and Refueling

  • Standard light water reactor fuel (17 x 17 configuration)
  • Less than 5% enrichment
  • Up to 21-month refueling cycle
  • Underwater refueling process

Applications

  • Electrical generation
  • District heating
  • Desalination
  • Commercial-scale hydrogen production
  • Process heat applications

Deployment and Partnerships

  • First SMR design approved by the U.S. Nuclear Regulatory Commission
  • Global partnerships for technology deployment
  • Collaboration with Ansys for advanced simulation solutions NuScale Power's SMR technology offers a compact, powerful, and safe alternative to traditional nuclear power plants, with significant potential for carbon-free energy generation.

Core Technology

NuScale Power's innovative small modular reactor (SMR) design forms the foundation of their core technology. Key aspects include:

Reactor Design

  • Based on integral pressurized water reactor (PWR) technology
  • Each NuScale Power Module (NPM) measures 9 feet in diameter and 65 feet tall
  • Weighs 650 short tons (590 metric tons)

Cooling System

  • Utilizes natural circulation for normal operation and shutdown
  • Gravity-driven natural convection eliminates the need for powered water pumps

Safety Features

  • Passive safety systems: Decay Heat Removal System (DHRS) and Emergency Core Cooling System (ECCS)
  • Functions without pumps, AC power, or additional water
  • Submerged in a below-grade pool for ultimate heat sink and core cooling

Containment and Seismic Protection

  • Individual bays separated by concrete walls
  • Installed in a Seismic Category 1, aircraft impact-resistant building

Fuel and Power Output

  • Low-enriched uranium fuel assemblies (< 4.95% enriched UO2)
  • 77 MWe gross output per module (73.5 MWe net)
  • Two-year refueling cycle

Scalability and Deployment

  • Configurable power plant solutions: VOYGR-4, VOYGR-6, and VOYGR-12
  • Factory-built for reduced onsite construction time and cost

Applications

  • Electrical generation
  • Process heat for district heating, desalination, and hydrogen production
  • Suitable for data center power needs NuScale's SMR technology combines proven light-water reactor principles with innovative passive safety features and scalable deployment options, offering a safer, more efficient, and cost-competitive solution for diverse energy needs.

Industry Peers

NuScale Power operates within the small modular reactor (SMR) and nuclear energy sector, competing with several industry peers. Key competitors and related companies include:

Direct SMR Competitors

  • Rolls-Royce: Developing SMR designs with a strong presence in the UK and globally
  • Holtec International: Advancing SMR technology for the global nuclear energy market
  • GE Hitachi Nuclear Energy: Working on advanced reactor technologies, including SMRs

Advanced Nuclear Reactor Companies

  • TerraPower: Founded by Bill Gates, focusing on traveling wave reactor (TWR) technology
  • X-Energy: Specializing in high-temperature gas-cooled reactors (HTGRs)
  • General Fusion: Developing fusion power technology as an alternative to traditional nuclear power
  • Radiant: Focused on portable nuclear microreactors for clean energy solutions
  • Lightbridge: Specializing in advanced nuclear fuel technology
  • Hyper Tech Research: Providing superconductor solutions applicable to the energy sector

Other Industry Peers

  • Babcock & Wilcox Company: Involved in nuclear energy with their own SMR designs
  • UR-Energy: A junior uranium mining company relevant to the broader nuclear energy landscape
  • Tokamak Energy: Working on fusion energy technology These companies represent a mix of direct SMR market competitors and broader industry peers involved in advanced nuclear technologies and clean energy solutions. The competitive landscape highlights the growing interest and investment in next-generation nuclear power technologies as part of the global transition to cleaner energy sources.

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