NuScale Announces Strategic Shift to Product Services and Delivery Organization as Company Approaches Commercialization | Company

PORTLAND, Ore.–(BUSINESS WIRE)–June 20, 2022–

NuScale Power LLC (“NuScale”) announced today that the company will make a strategic shift from product development to product delivery by creating the new VOYGR™ Services and Delivery (VSD) business unit. Comprised of services, supply chain and customer management functions, this new organization will be dedicated to working with customers and responsible for providing services and equipment associated with sales, development, delivery and commercial operation of NuScale VOYGR™ power plants.

After receiving the first-ever Small Modular Reactor (SMR) design approval from the United States Nuclear Regulatory Commission (NRC) in August 2020, NuScale focused on completing its deployment readiness program, including finalizing the standard plant design and preparing the supply chain as extensive manufacturing trials. In May 2022, NuScale became the first publicly traded company focused on designing and deploying SMR technology; this growth, combined with this announced strategic shift, will strengthen and accelerate the commercialization of NuScale’s SMR technology.

Additionally, the customer-centric restructuring is a critical step in preparing the organization to scale and meet rapidly growing global demand for NuScale’s premier clean energy solution. For NuScale’s current customer, Utah Associated Municipal Power Systems’ carbon-free energy project, current project activities include placing long-term equipment orders. Other notable customer engagements in Poland and Romania highlight the need for proactive restructuring to ensure the effective and efficient delivery of NuScale’s contractual obligations for customer projects.

“Positioning NuScale toward product delivery is a natural and exciting next step for the company,” said NuScale President and CEO John Hopkins. “We are committed to changing the power that changes the world. Working closely with our customers to deploy our revolutionary SMR technology that sets a new standard for clean, reliable and safe power is a critical part of this mission.

The organization will be led by Thomas Mundy, who will transition from his role as chief commercial officer (CCO) of NuScale to president, VOYGR™ Services and Delivery, reporting to Hopkins, and will have full responsibility for profit and loss (P&L) for the new business unit. Mundy has served as NuScale’s CCO since 2017, and in this role he oversaw critical global business activities, including marketing, communications, business development and sales, and service functions for the U.S. and overseas. ‘foreign.

“As more utilities, institutions and countries look to NuScale’s VOYGR™ power plants as the premier energy solution to meet the challenge of mitigating climate change while protecting global prosperity, NuScale is ready. up to the challenge,” said Thomas Mundy, President of VOYGR™ Services. and Delivery. “That’s why now is the time for NuScale to undergo this tactical expansion to prepare our organization to evolve and ultimately improve the energy future for all.”

In February 2022, the company expanded its leadership team to include Clayton Scott, who joined NuScale as Executive Vice President of Business Development to support NuScale’s transition to a product and services delivery organization and reported to Mundy. Scott will continue to lead the sales, marketing and communications teams and will report directly to Hopkins.

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 power plant is capable of generating 924 MWe, and NuScale also offers four-module VOYGR-4 (308 MWe) and six-module VOYGR-6 (462 MWe) power 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 the NuScale Power website or follow us on TwitterFacebook, LinkedIn and Instagram.

Forward-looking statements

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”, “expect”, “intend”, “will”, “expect”, “anticipate”, “believe”, “seek”, “target”, or other expressions like that predict or indicate future events or trends or 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 should be exercised in relying 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.

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CONTACT: Diane Hughes, Vice President, Marketing and Communications, NuScale Power

dhughes@nuscalepower.com

(C) (503) 270-9329

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SOURCE: NuScale Power

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PUBLISHED: 06/20/2022 06:50 / DISK: 06/20/2022 06:52

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