NuScale Power has finalized an investment agreement with GS Energy North America Investments (GS Energy), the U.S. entity of the South Korean leading energy services provider.
GS Energy brings years of expertise as an energy solution provider in Korea and internationally with a diversified portfolio that includes: refining of transportation fuels and other petrochemical products; LNG procurement and supply; electric power production and district heat; and oil and gas exploration and production. GS Energy seeks to secure a diversified and cleaner energy portfolio and is continuously exploring various forms of renewable energy and new technologies, including nuclear power.
“GS Energy is committed to expanding its clean energy portfolio and we believe that innovative and safe SMR technologies such as NuScale’s will be key to transitioning toward a net zero economy,” said Yongsoo Huh, Chief Executive Officer of GS Energy Corporation.
As part of a long-term strategic relationship established under the agreement, GS Energy will provide a cash investment in NuScale Power and support deployment of NuScale plants. The two parties will also look to develop regional NuScale power plant service delivery opportunities.
In April 2021, NuScale secured a $40m cash investment from Japan’s JGC Holdings, followed by another $20m from Japan’s IHI Corporation in May.
NuScale has signed agreements with potential customers interested in deploying its SMR technology in 11 countries, including US, Canada, Romania, the Czech Republic, Bulgaria, Ukraine and Jordan.
NuScale made history as the first and only SMR to receive design approval from the US NRC.