Biden Administration Announces Global Public-Private Commitment Up to $275 Million to Advance NuScale VOYGRTM Deployment in Romania at G7 Leaders Summit

On the margins of the G7 Leaders Summit in Hiroshima, Japan, the Biden Administration announced, along with multinational partners, intentions to provide up to $275 million to advance the deployment of a NuScale Power Corporation (NYSE: SMR) VOYGR small modular reactor (SMR) power plant in Romania. The public-private commitments include those from the United States, Japan, Republic of Korea, and United Arab Emirates, and will support procurement of long lead materials, Phase 2 Front-End Engineering and Design (FEED) work, provision of project management expertise, site characterization and regulatory analyses, and the development of site-specific schedule and budget estimates for project execution. In addition, the U.S Export-Import Bank (EXIM) and U.S. International Development Finance Corporation (DFC) issued Letters of Interest for potential support of up to $3 billion and $1 billion, respectively, for project deployment.

NuScale and RoPower Nuclear S.A. (RoPower), owned in equal shares by S.N. Nuclearelectrica S.A. (Nuclearelectrica) and Nova Power & Gas S.R.L., are currently conducting a Phase 1 FEED study to analyze the preferred site – a former coal plant in Doicesti, Romania. Following the FEED studies’ results, the companies aim to deploy a 462 MWe VOYGR-6 power plant to help Romania meet energy security and decarbonization goals.

The Biden Administration’s announcement was a part of the G7 Leaders’ commitment to mobilize $600 billion in infrastructure investments under the Partnership for Global Infrastructure and Investment.

“Support from the Biden Administration and international partners is a signal to energy markets around the world that NuScale SMRs are an important new technology solution to global decarbonization and that Romania has the capabilities and experience to support its deployment,” said John Hopkins, NuScale Power President and Chief Executive Officer. “We are thrilled public-private partnerships are helping deploy our leading SMR technology as soon as 2029.”

Additional NuScale partners advancing the Romania project include Japan Bank for International Cooperation (Japan); DS Private Equity (Republic of Korea); EXIM Bank Romania, Nuclearelectrica, Nova Power & Gas S.R.L. (Romania); Emirates Nuclear Energy Corporation (United Arab Emirates); DFC and EXIM (United States). The announcement from the U.S. government and presence of public-private partners exemplify the global dedication to transforming the energy sector with carbon-free, reliable, baseload power like that provided by NuScale’s technology.