May 30, 2021

Fluor announces $20 Million IHI Corporation investment in NuScale Power

categories : oil and gas

Fluor Corporation has announced that IHI Corporation (IHI) of Japan is investing $20 million into NuScale Power LLC, a leading small modular nuclear reactor (SMR) technology company in which Fluor is the majority investor.

IHI’s immediate investment of $20 million may be followed by another $20 million later. In addition to IHI’s ownership interest, IHI will become a global manufacturing partner and have the opportunity to provide design services and heavy manufacturing of the steel plate reinforced concrete wall structures for NuScale SMR projects in which Fluor has the lead role.

“IHI’s decision to invest in NuScale’s leading-edge SMR technology is another concrete example of the growing interest in this industry-leading, carbon-free energy solution,” said David Constable, chief executive officer, Fluor Corporation. “This significant investment by IHI also aligns with Fluor’s strategy to bring aboard new strategic investors to NuScale.”

The investment from IHI comes on the heels of a previously announced investment in NuScale and new strategic partnership by JGC Holdings Corporation with Fluor, further demonstrating the global support of NuScale. Fluor and NuScale are currently working for Utah Associated Municipal Power Systems (UAMPS) to bring the world’s first carbon-free SMR project to commercialisation.

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.

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