Benzinga | Oct 19, 2020 06:59AM EDT

Fluor Corporation Announces The U.S. Department Of Energy Approves $1.355 Billion Funding Vehicle To UAMPS For North America's First Nuscale Power Small Modular Nuclear Reactor Project

Fluor Corporation (NYSE:FLR) announced today that UAMPS was awarded a funding vehicle that could provide up to $1.355 billion by the U.S. Department of Energy (DOE) for NuScale Power's first prospective small modular nuclear reactor project. Fluor is poised to assist UAMPS and NuScale in bringing the world's first clean energy, carbon-free SMR project to commercialization. Fluor and NuScale are working with UAMPS in the development of the Carbon Free Power Project, a 720-megawatt plant in Idaho using 12 NuScale SMRs, which once completed, will provide reliable, cost competitive, base load, carbon-free electricity to UAMPS member participants.

"Together with the U.S. Nuclear Regulatory Commission staff's recent approval of NuScale's design, this potential funding from DOE and Congress will help launch an important new sustainable, carbon-free base load energy technology," said Carlos Hernandez, chief executive officer, Fluor. "The active engagement and support for new carbon-free technology by the U.S. Congress and Administration helps to further advance this safe and cost effective new energy project."

"Fluor is a leader in implementing innovative, sustainable solutions for its clients and we look forward to working with UAMPS on this project."

Also, with the U.S. International Development Finance Corporation's (DFC) recent approval for potentially financing global carbon-free nuclear energy projects, both Fluor and NuScale's global footprint and expertise is vital for countries needing new carbon-free base load energy. In addition to the UAMPS project, potential opportunities include stakeholders in the United Kingdom, Canada, central and eastern Europe, southeast and central Asia, Africa and the Middle East. Over the past two years, NuScale has initiated memoranda of understanding with several domestic and international entities to explore the potential deployment of NuScale carbon-free small modular reactor power plants.

"Fluor has been actively engaged with potential investors in NuScale, and the recent enabling milestones have significantly increased the number of interested parties," said Fluor CEO Hernandez.

In addition to previously announced strategic partners and investors in NuScale, both Fluor and NuScale continue to engage with potential customers, capital investors, manufacturers and other supply chain partners for NuScale SMR deployment efforts.

Fluor has been serving the nuclear industry for more than 70 years including the design and construction support for more than 25 nuclear plants, plus nearly 100 million hours of nuclear operations and maintenance work.