Wednesday, May 28, 2014

NuScale To Get Up To $217M In DOE Deal

Portland-based nuclear power technology devleoper NuScale Power announced today that it has inked a deal with the U.S. Department of Energy (DOE), where it will receive up to $217M in funding for development of its products. According to NuScale, it was the sole awardee of the DOE funds, under the "Cost-Shared Development of Innovative Small Modular Reactor Designs" program. The program offers up $217M in matching funds over five years, to help NuScale perform engineering and testing needed to proceed through the Nuclear Regulatory Commission Design Certification Process. NuScale is developing nuclear reactor technology designed on small, modular units--which the firm says is safer and more reliable than existing technology.