Fluor Corp.-backed (NYSE: FLR) NuScale Power has landed a potential five-year, $217 million investment from the U.S. Energy Department for a nuclear reactor development project.
DOE will invest up to $217 million through a cost-sharing program designed to help NuScale develop and market a small modular reactor system, Fluor said Wednesday.
NuScale has established an engineering and operations center in Charlotte, N.C. to support the project.
“After the competitive progress to receive the award and ultimate signing, DOE’s significant investment in the technology is helping us show the value of NuScale’s SMRs to investors, manufacturers and other supply chain partners so that we can help build the future of nuclear power, ” said Dave Dunning, Fluor executive vice president of business development and strategy.
Oregon-based NuScale plans to apply for SMR design certification with the Nuclear Regulatory Commission in the second half of 2016 and expects to receive the commission’s approval by 2020.