Doosan Heavy Industries & Construction announced on July 20 that it has signed an agreement on additional equity investment in NuScale Power at the Bundang Doosan Tower in Gyeonggi Province, Korea.
Doosan Heavy Industries and Construction invested $44 million in U.S. NuScale Power in 2019 with South Korean investors. This time, it will invest an additional $60 million with S. Korean investors to provide core parts to be used for the construction of SMRs, a new type of light water reactor for nuclear power plants.
The first project that Doosan Heavy Industries & Construction and NuScale Power will work together is expected to be a project that Utah Associated Municipal Power Systems (UAMPS), a U.S. power generation company, is promoting in Idaho.
The project is going smoothly, with UAMPS signing an EPC preparation contract with Fluor, the parent company of NuScale Power, following the announcement of the $1.4 billion (approximately 1.6 trillion Korean won) support plan by the U.S. Department of Energy (DOE) in October last year.
"With this additional investment, Doosan Heavy Industries & Construction and NuScale Power will be able to strengthen two companies' strategic partnership," said Park Ji-won, chairman of Doosan Heavy Industries. "The amount of parts secured from NuScale Power will also help S. Korean partners."
NewScale Power's SMR can produce a total of 924MW of power by installing up to 12 NuScale Power Modules per unit.
Meanwhile, Doosan Heavy Industries & Construction won a production review service for reactor modules from NewScale Power in 2019 and completed it in January of this year and is currently working on prototypes.
