Agreement to explore how NuScale's innovative technology can benefit Estonia's carbon-free energy goals
NuScale Power (NuScale) announced today that it has signed a memorandum of understanding (MOU) with Fermi Energia, an Estonian energy company that is looking to adopt clean energy power sources to meet the country's ambitious climate goals. Under the agreement, Fermi Energia will evaluate NuScale's groundbreaking small modular reactor (SMR) design for deployment in Estonia.
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In July 2019, Fermi Energia announced it would conduct a feasibility study on the deployment of SMRs in Estonia. NuScale's design was one of the technologies chosen to be studied due to its near-term deployable timeline, strong safety case, and cost-competitiveness. Under this new MOU, NuScale will support Fermi Energia as it conducts further analysis and considers deploying a NuScale VOYGR SMR power plant in country to meet clean, baseload energy needs by 2031.
"Considering the geopolitics of today, this agreement builds upon the existing momentum and strong interest from the international community who are looking to NuScale's SMR technology as the premier, flexible, and cost-competitive climate solution," said John Hopkins, NuScale Power President and Chief Executive Officer. "NuScale looks forward to working with Fermi Energia as they evaluate how our SMRs can become a key component of Estonia's energy future."
"The great advantage of the new generation of small modular reactors is clearly manifested in the case of Estonia. They fit better into the electricity grid, are more flexible and economical to operate, and meet stricter safety requirements than the existing nuclear plants," said Kalev Kallemets, Fermi Energia CEO and co-founder. "Before choosing the most suitable technology for Estonia, we will conduct a comprehensive analysis and evaluate which of the small reactors that will become market-ready in the near future best meets Estonia's needs to produce CO2-free energy year-round, in any weather, at an affordable price."
Estonia has committed to stop using oil shale, currently its largest source of energy, in its power plants by 2030. To replace this greenhouse gas intensive power source, Fermi Energia has advocated to utilize SMR technology to secure the country's energy independence. By 2031, Fermi Energia envisions clean, safe, affordable, and carbon-free electricity courtesy of the next generation of nuclear energy. In a nation like Estonia, NuScale's small, scalable design is well suited to meet the baseload energy demand and can significantly contribute to meeting climate goals.
About NuScale Power
NuScale Power (NYSE: SMR) is poised to meet the diverse energy needs of customers across the world. It has developed small modular reactor (SMR) nuclear technology to supply energy for electrical generation, district heating, desalination, commercial-scale hydrogen production, and other process heat applications. The groundbreaking 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 based on customer needs.
Founded in 2007, NuScale is headquartered in Portland, Ore., and has offices in Corvallis, Ore.; Rockville, Md.; Charlotte, N.C.; Richland, Wash.; and London, UK. To learn more, visit NuScale Power's website or follow us on Twitter, Facebook, LinkedIn and Instagram
About Fermi Energia
Fermi Energia is an Estonian energy company that focuses on the development and deployment of Small Modular Reactors (SMR). The company's goal is to provide an opportunity to reach carbon neutrality with reliability and affordability to Baltic consumers. Since 2019, Fermi Energia has conducted a series of research and preliminary works, with the aim to start energy production in 2031.
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 may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. These forward-looking statements are inherently subject to risks, uncertainties and assumptions. Actual results may differ materially as a result of a number of factors. Caution must 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. While NuScale may elect to update these forward-looking statements at some point in the future NuScale specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing NuScale's assessments of any date subsequent to the date of this release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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Contacts:
Diane Hughes, Vice President, Marketing Communications, NuScale Power
dhughes@nuscalepower.com
(C) (503) 270-9329
Mihkel Loide, Head of Communications, Fermi Energia
mihkel.loide@fermi.ee
+372 53 001 777
