This milestone signifies the beginning of NuScale Power Module™ manufacture, a critical next step in the deployment of NuScale's clean energy technology

NuScale Power LLC ("NuScale") and Doosan Enerbility Co., Ltd. ("Doosan") announced through a signed agreement that Doosan will begin production of forging materials for NuScale's Small Modular Reactors (SMRs) as early as 2022, with expectations for full-scale equipment manufacturing by the latter half of 2023. Specifically, Doosan, a Korean industrials and energy company, will begin production of forging dies for NuScale's Upper Reactor Pressure Vessel, marking the start of NuScale Power Module™ production.

We expect that the materials produced will support NuScale's first commercial deployment of its VOYGR™ power plant for Utah Associated Municipal Power Systems' (UAMPS') Carbon Free Power Project (CFPP) at the Idaho National Lab (INL). In conjunction with Doosan, U.S.-based suppliers and others, NuScale and the CFPP expect to bring carbon-free, safe, and reliable nuclear energy to UAMPS customers by the end of the decade.

Doosan completed a manufacturability review for the NPM in January 2021, which successfully established the manufacturing sequence and processes for the NPMs. Doosan is now working on NPM component prototype development. With this new agreement, Doosan will begin manufacturing of large forged materials used for NuScale's SMRs in 2022 and expects to begin full-scale manufacturing of NPMs in the second half of 2023.

"Today's announcement showcases NuScale's commercial readiness and signals to the world that NuScale is truly the frontrunner in the race to bring SMRs to market," said John Hopkins, NuScale President and Chief Executive Officer. "We are proud to have such a well-respected, expert leader like Doosan partnering with us in this journey to shape the future of energy."

"Doosan Enerbility has continuously solidified a strategic cooperative relationship with NuScale Power and has made full preparation for SMR manufacturing," said Geewon Park, Chairman and Chief Executive Officer of Doosan Enerbility. "The growing market demand for SMRs will also open a door for participation of our subcontractors," he added.

This milestone builds upon NuScale and Doosan's existing relationship, which began in 2019 when Doosan made its initial investment in NuScale. Since then, Doosan has conducted an extensive multi-year effort, completing the design for manufacture of the NPM and performing manufacturing trials to reduce schedule risk and increase cost certainty.

This announcement reflects one of NuScale's many strong relationships with world-class suppliers and manufacturers. In addition to Doosan, NuScale continues to develop its supply chain readiness through coordination and execution of manufacturing orders with its many partners. Other agreements with U.S. and international suppliers are currently in the works to ensure NuScale can deploy its SMR technology to domestic and international customers.

About NuScale Power

NuScale Power is poised to meet the diverse energy needs of customers across the world. It has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, hydrogen production and other process heat applications. The groundbreaking NuScale Power Module™ (NPM), a small, safe, pressurized water reactor, can generate 77 MWe of electricity and can be scaled to meet customer needs. The 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) plants and other configurations based on customer needs. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with more than 70 years supporting nuclear projects.

NuScale is headquartered in Portland, Ore. and has offices in Corvallis, Ore.; Rockville, Md.; Charlotte, N.C.; Richland, Wash.; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram: nuscale_power. Visit NuScale Power's website.

On December 14, 2021, NuScale announced a definitive business combination agreement with Spring Valley Acquisition Corp. (NASDAQ:SV, SVSVW))). Upon the closing of the business combination, NuScale will become publicly traded under the new ticker symbol "SMR." Additional information about the transaction can be viewed here: https://www.nuscalepower.com/about-us/investors.

About Doosan Enerbility

Doosan is a leading Engineering, Procurement and Construction (EPC) contractor offering a wide range of services ranging from the manufacturing of castings and forgings, power generation systems and desalination facilities to the construction of power plants.

Doosan maintains a high quality standard based on extensive experience in manufacturing major components of nuclear power plants. Doosan has an integrated manufacturing facility in Changwon, Korea, which is capable of raw material production to final assembly of nuclear components. Doosan has manufactured and supplied 34 Reactor Vessels & 124 Steam Generators globally.

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NuScale Power and Doosan Sign Agreement to Begin SMR Production