Doosan Heavy to invest $60 mn more in US NuScale Power

South Korea’s major power plant builder Doosan Heavy Industries & Construction Co. will further invest in NuScale Power LLC, a US small modular reactor (SMR) maker, to expand its SMR business.

Doosan said on July 20 it decided to invest an additional $60 million in the US company alongside other domestic investors, following a $44 million equity investment with local partners in the SMR maker in 2019.

The two equity investments allowed Doosan to secure billions of dollars in SMR equipment orders from NuScale.

“Through this additional investment, Doosan and NuScale Power will further solidify their strategic cooperative relationship,” said Doosan Heavy’s Chairman and Chief Executive Officer Geewon Park in a statement.

Doosan and NuScale agreed to expand cooperation in hydrogen and fresh water production sectors using SMRs, which generate 300 megawatts of power or less. SMRs are drawing attention as next-generation energy sources due to their smaller investment cost and lower carbon emissions compared to existing large nuclear power plants.

The first project in which the two companies will cooperate is expected to be a project that Utah Associated Municipal Power Systems (UAMPS) is pursuing in Idaho. The US Department of Energy announced a $1.4 billion cost-share award for the project in October of last year. UAMPS aims to apply to the US Nuclear Regulatory Commission in 2023 for permission to build and operate an SMR, obtain permission by 2025 and begin commercial operations in 2029.

Doosan plans to start the forging fabrication for UAMPS reactor modules next year.

Doosan received an order for a manufacturability review service from NuScale in 2019 and completed it in January of this year. The South Korean company is currently performing manufacturing trial tests.

Write to Jung-Hwan Hwang at jung@hankyung.com
Jongwoo Cheon edited this article.