Previous investments in NuScale by Japanese business and financial institutions include one in 2021 by IHI Corporation together with JGC Holdings Corporation, and one by JBIC in 2022.
NuScale Power, LLC was founded in 2007 as a startup to develop small modular reactors (SMRs) using technology from Oregon State University. NuScale’s SMRs make use of integrated pressurized water reactor (PWR) modules, up to twelve of which―50MW to 77MW each―can be combined. The simplified design unifies the steam generator and pressure vessel in smaller units and enhances reliability and safety.
Potential applications include load-following operations in combination with renewable energy power sources, and as emergency power supplies in times of natural disaster. Modular construction at the factory and ease of transport will further reduce installation times and initial investments.
The company is conducting its first SMR project with financial support from the U.S. Department of Energy (USDOE), and is expected to operate its first SMR at the Idaho National Laboratory in 2029. In 2020, the U.S. Nuclear Regulatory Commission (NRC) completed its first SMR design certification (DC) examination: a NuScale SMR of 50MW electric output.
Since 2013, the U.S. government has supported NuScale in its SMR development to the tune of JPY53 billion (as of February 2022). In 2020, the government announced that it would provide an additional USD1.4 billion to the operating entity over the coming decade.
Chubu Electric Power expects that NuScale’s potential for growth makes it the “SMR development top runner.” Through its investment, the Japanese company will “promote social implementation of next-generation technology, by which it will further enhance its enterprise value.”
