Fluor's NuScale Power and U.S. Department of Energy Agree on Funding for Advanced Nuclear Small Modular Reactor Technology

IRVING, Texas--(BUSINESS WIRE)--

Fluor Corporation FLR announced today that NuScale Power, in which Fluor is the majority investor, officially signed a contract agreement with the U.S. Department of Energy (DOE) for funding that will support the development, licensing and commercialization of the company's nuclear small modular reactor (SMR) technology.

The DOE would provide up to $217 million in matching funds over five years to help the Oregon-based nuclear power company develop its SMR design, which is set to revolutionize the next generation of nuclear power plants. The reactor technology can deliver the energy diversity needed to replace aging coal plants, to power growing populations and to reduce emissions, all while proving to be a safer, more flexible and cost-effective nuclear power solution.

“Fluor is very pleased that DOE recognizes the promise of NuScale's truly revolutionary design,” said Dave Dunning, executive vice president, Business Development & Strategy for Fluor. “After the competitive progress to receive the award and ultimate signing, DOE's significant investment in the technology is helping us show the value of NuScale's SMRs to investors, manufacturers and other supply chain partners so that we can help build the future of nuclear power.”

Kicking off the five-year public-private partnership with DOE, this month NuScale will open an operation and engineering center in Charlotte, N.C. and plans to hire 70 employees at the new office.

Backed by DOE and Fluor, NuScale aims to submit its design certification application in the second half of 2016 with expected certification in 2020 if the Nuclear Regulatory Commission's schedule is maintained. Over the last five years, NuScale has been engaged extensively with the NRC regarding the SMR technology and will continue to work closely to ensure the success of the project.

Fluor has supported NuScale Power since October 2011 – before the DOE announced its cost-sharing program – as part of a long history with nuclear energy. For more than 60 years, Fluor has been providing the engineering, procurement, construction and maintenance of nuclear power plants, thereby helping to ensure a long-term clean energy solution in the U.S. and overseas.

About Fluor Corporation

Fluor Corporation FLR is a global engineering and construction firm that designs and builds some of the world's most complex projects. The company creates and delivers innovative solutions for its clients in engineering, procurement, fabrication, construction, maintenance and project management on a global basis. For more than a century, Fluor has served clients in the energy, chemicals, government, industrial, infrastructure, mining and power market sectors. Headquartered in Irving, Texas, Fluor ranks 110 on the FORTUNE 500 list. With more than 40,000 employees worldwide, the company's revenue for 2013 was $27.4 billion. Visit Fluor at www.fluor.com and follow on Twitter @FluorCorp.