Doosan Heavy invests another $60 million in NuScale

Industry

Published: 20 Jul. 2021, 19:16

Doosan Heavy invests another $60 million in NuScale

Doosan Heavy Industries & Construction Chairman and CEO Park Gee-won, left, Chairman and NuScale Power Chairman and Chief Executive Officer John Hopkins pose during a signing ceremony at the company's office in Bundang, Gyeonggi, on Tuesday. [DOOSAN HEAVY INDUSTRIES&CONSTRUCTION]

Doosan Heavy Industries & Construction has invested $60 million into NuScale Power, the company announced on Tuesday, in a move that deepens its financial and business ties with the U.S. provider of small modular reactors.

No details were given about the amount of the company that will be owned by the Korean builder.

The decision comes after Doosan Heavy made an equity investment of $44 million into the Tigard, Oregon-based company.

With the follow-up funding, Doosan and NuScale could further cooperate in small modular reactor manufacturing in business that could top 1 trillion won ($871 million).

“Through this additional investment, Doosan and NuScale Power will further solidify their strategic cooperative relationship.” said Park Gee-won, Chairman and Chief Executive Officer of Doosan Heavy Industries & Construction, in a statement.

The head of NuScale echoed the expectations.
“NuScale is delighted to welcome Doosan’s continuing investment in and commitment to commercializing America’s first small modular reactor,” said John Hopkins, NuScale Power Chairman and Chief Executive Officer.

“Doosan’s expertise in heavy manufacturing will be invaluable as we move forward with the construction of our first NuScale Power Plant at the Idaho National Laboratory in just a few years, and we are thankful for their ongoing support and endorsement of our groundbreaking technology,” he said in the statement.

BY PARK EUN-JEE [park.eunejee@joongang.co.kr]