NuScale and Sargent & Lundy Announce Strategic Relationship

New relationships will support deployment of NuScale technology
worldwide

PORTLAND, Ore.–(BUSINESS WIRE)–Today, NuScale Power LLC and Sargent & Lundy announced a memorandum of
understanding (MOU) for a strategic relationship to support deployment
of NuScale Plants worldwide.

Sargent & Lundy, a global leader in power engineering with more than 60
years of experience in nuclear unit design, will bring its expertise to
the larger U.S.-led team working to build NuScale’s groundbreaking
NuScale Power Module™ (NPM), America’s first small modular reactor.

“NuScale is excited about this new strategic relationship with Sargent &
Lundy, a global leader in power and energy architect engineering,” said
John Hopkins, Chairman and Chief Executive Officer of NuScale Power. “We
are proud to have Sargent & Lundy’s expertise in our corner expanding
the breadth of our design development team to bring NuScale’s pioneering
design – and America’s first SMR – to market.”

Under the terms of the MOU, Sargent & Lundy will become a NuScale
investor, proceed with development of the standard plant design based on
the U.S. Design Certification Application, and will provide additional
architect engineer support as agreed by NuScale and Sargent & Lundy.
Fluor Corporation will continue to be the EPC for plant construction as
planned and will work with NuScale and Sargent & Lundy on aspects of the
NuScale standard plant design.

“We are inspired by the simplicity and exceptional safety inherent in
NuScale’s design and expect this technology to have a major impact on
the future of the electric power industry,” said Sargent & Lundy
Chairman, President & Chief Executive Officer Thomas R. White. “We are
proud to partner with NuScale as the company continues progress towards
a clean energy future for America and around the globe.”

Under the terms of the MOU, the companies are aiming to close the
strategic relationship within the next 30 days.

NuScale’s technology is the world’s first and only SMR to undergo design
certification review by the U.S. Nuclear Regulatory Commission (NRC).
The NRC is scheduled to complete its review of NuScale’s design in
September 2020.

About NuScale Power

NuScale Power is developing a new modular light water reactor nuclear
power plant to supply energy for electrical generation, district
heating, desalination, and other process heat applications. This
groundbreaking small modular reactor (SMR) design features a fully
factory-fabricated NuScale Power Module™ capable of generating 60 MW of
electricity using a safer, smaller, and scalable version of pressurized
water reactor technology. NuScale’s scalable design – a power plant can
house up to 12 individual power modules – offers the benefits of
carbon-free energy and reduces the financial commitments associated with
gigawatt-sized nuclear facilities. The majority investor in NuScale is
Fluor Corporation, a global engineering, procurement, and construction
company with a 60-year history in commercial nuclear power.

NuScale is headquartered in Portland, Oregon and has offices in
Corvallis, Ore.; Rockville, Md.; Charlotte, N.C.; Richland, Wash.;
Arlington, Va.; and London, UK. Follow us on Twitter: @NuScale_Power,
Facebook: NuScale
Power, LLC
, and Instagram: nuscale_power.

NuScale has a new logo, brand, and website.
Watch the short video.

About Sargent & Lundy

Sargent & Lundy is one of the oldest and most experienced full-service
A/E firms in the world. Founded in 1891, the firm is a global leader in
power and energy with expertise in grid modernization, renewable energy,
energy storage, nuclear power, and fossil fuels. Sargent & Lundy
delivers comprehensive project services—from consulting, design and
implementation to construction management, commissioning and
operations/maintenance—with an emphasis on quality and safety. The firm
serves public and private sector clients in the power and energy, gas
distribution, industrial and government sectors. Learn more about us at www.sargentlundy.com.

About Fluor Corporation

Founded in 1912, Fluor Corporation (NYSE: FLR) is a global engineering,
procurement, fabrication, construction and maintenance company that
transforms the world by building prosperity and empowering progress.
Fluor serves its clients by designing, building and maintaining safe,
well executed, capital-efficient projects around the world. With
headquarters in Irving, Texas, Fluor ranks 153 on the Fortune 500 list
with revenue of $19.2 billion in 2018 and has more than 53,000 employees
worldwide. For more information, please visit www.fluor.com
or follow Fluor on Facebook, Twitter, LinkedIn and YouTube.

Contacts

James Mellott, Sr. Manager, Brand, Marketing & Advertising
[email protected]
(C)
(971) 409-8772

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