2022-07-12 | NDAQ:SV | Press release
This license agreement will enable other small modular reactor (SMR) developers and broader industries to use NuScale’s sophisticated security platform.
NuScale Power (“NuScale”) and Paragon Energy Solutions (“Paragon”) have signed a license agreement that will enable potential widespread use of the innovative and advanced Highly Integrated Protection System (HIPS) platform. The HIPS platform is a reactor protection system architecture jointly developed by NuScale and Rock Creek Innovations (RCI), a supplier of commercial nuclear protection systems hardware, which was acquired by Paragon in December 2021.
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RCI has partnered with NuScale since 2010, a relationship that demonstrates NuScale’s commitment to maintaining a US-centric manufacturing and supply chain. This relationship will continue to thrive under Paragon’s leadership Paragon has over 30 years of experience providing the nuclear industry with well-established technology solutions, such as instrumentation and control (I&C) systems, software testing sophisticated and numerous repair programs.
In 2017, the United States Nuclear Regulatory Commission (NRC) evaluated the HIPS platform developed for NuScale’s SMR, concluding that it is an effective platform for safety-related instrumentation and control systems in nuclear applications. Signing this license agreement enables the entire nuclear industry to implement the NRC-approved HIPS platform. This agreement will propel the industry forward to meet near-term global decarbonization goals by enabling an efficient, cost-effective and cyber-resistant reactor protection solution for other reactor designs through the use of the platform. -HIPS shape.
“The nuclear community shares a common goal of providing carbon-free, reliable power to our respective customers and ensuring the highest level of safety,” said John Hopkins, president and CEO of NuScale. “NuScale and Paragon are excited to offer our sophisticated HIPS technology to help our industry move towards a clean energy future.”
“HIPS technology is a game-changer for nuclear power plant operators looking for safety-related systems that will operate for decades without major upgrades,” said Doug VanTassell, president and CEO of Paragon Energy Services.
The agreement supports the U.S. Department of Energy (DOE) report released earlier this year, “The US Strategy for Securing the Supply Chain for a Robust Clean Energy Transition,” designed to retain and grow jobs in the United States through the exploration of mutually beneficial domestic business relationships. This includes, but is not limited to, US and state government grants and funding opportunities, in addition to developing US manufacturing opportunities. Likewise, NuScale’ collaboration with the American Reactor Forging Consortium (RFC) in April complements DOE goals by building national partnerships with the common goal of building a robust U.S. supply chain.
About NuScale Power
NuScale Power Corporation (NYSE: SMR) is ready to meet the diverse power needs of customers around the world. It has developed small modular reactor (SMR) nuclear technology to provide power for power generation, district heating, desalination, commercial-scale hydrogen production and other heat applications. industrial. The revolutionary NuScale Power Module™ (NPM), a small, safe pressurized water reactor, can generate 77 megawatts of electricity (MWe) and can be scaled to meet customer needs. NuScale’s 12-module VOYGR™-12 plant is capable of generating 924 MWe, and NuScale also offers four-module VOYGR-4 (308 MWe) and six-module VOYGR-6 (462 MWe) plants, as well as other configurations according to customer needs.
Founded in 2007, NuScale is headquartered in Portland, Oregon, with offices in Corvallis, Oregon; Rockville, Maryland; Charlotte, North Carolina; Richland, Washington; and London, UK. To learn more, visit NuScale Power’s website or follow us on Twitter, Facebook, LinkedIn and instagram.
About Paragon Energy Solutions
For more than 30 years, Paragon has provided an unparalleled level of commitment to solving the nuclear industry’s toughest challenges. Dedicated to quality, safety, reliability and carbon-free power, the company provides premium products to nuclear power facilities with proven reductions in direct costs, parts inventory, improved process and obsolescence solutions. www.paragones.com or (865) 966-5330. Follow Paragon on LinkedIn Where Twitter.
This release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “estimate,” “ plan,” “project,” “forecast,” “intent,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or which are not statements of historical fact. These forward-looking statements are inherently subject to risks, uncertainties and assumptions. Actual results may differ materially due to a number of factors. Caution s in reliance on these and other forward-looking statements. Due to known and unknown risks, NuScale’s results may differ materially from its expectations and projections. . NuScale specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing NuScale’s assessments as of any date subsequent to the date of this release. Accordingly, undue reliance should not be placed on forward-looking statements.