U.S. Small Modular Reactor (SMR) corporations NuScale Power said it discussed investment in the United States with the Korean government. NuScale Power is the first to officially mention that it discussed U.S.-bound investment with the Korean government.
According to the industry on the 13th, NuScale Power said on a first-quarter earnings conference call on the 7th (local time), "We met with the Korean government last week and discussed investment possibilities," adding, "Of the 350 billion in the Korean government's (U.S.-bound investment fund), $200 billion could be for AI data centers and nuclear power." It also said, "We have built a strong relationship with Korea as a supply chain partner."
On the same day, NuScale Power also noted collaboration with Korean corporations, saying "Doosan and others joined as supply chain partners." Doosan Enerbility invested $104 million in NuScale Power in two rounds in 2019 and 2021. It currently holds 0.69% equity in NuScale Power.
NuScale Power is the first corporations to obtain standard design certification from the U.S. Nuclear Regulatory Commission (NRC). Last year, it won a 6-gigawatt (GW) SMR construction project ordered by the Tennessee Valley Authority (TVA), a U.S. public power supplier, which is the largest SMR project in the United States. Korean corporations including Samsung C&T and Doosan Enerbility are also understood to be planning to participate in this project.
Earlier, it was reported that Ministry of Trade, Industry and Resources officials met with NuScale Power executives in Washington, D.C., last month to discuss U.S.-bound investment (☞[Exclusive] Government meets U.S. SMR corporations NuScale Power to discuss U.S.-bound investment). A Ministry of Trade and Industry (MOTI) official said, "We cannot confirm." The Korean government plans to select and announce specific U.S.-bound investment projects to coincide with the official launch of the Korea-U.S. Strategic Investment Corporation next month.