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Chubu Electric Power Co., Inc. (CHUBU) announced today that it has agreed to invest in NuScale Power (NuScale), a U.S. developer of small modular reactors (SMRs). The investment is subject to regulatory approvals.
NuScale was founded in 2007 and is headquartered in Portland, Oregon. The company is developing a modular nuclear reactor design that is smaller and more efficient than traditional nuclear reactors. NuScale’s SMR design has been certified by the U.S. Nuclear Regulatory Commission (NRC).
The investment by CHUBU is a vote of confidence in NuScale’s technology and its potential to play a role in the clean energy transition. CHUBU is a major electric utility in Japan and is committed to reducing its carbon emissions.
“We believe that SMRs have the potential to be a major contributor to decarbonizing the global energy system,” said Hiroki Sato, Division CEO of Global Business Division at CHUBU. “This investment is a way for us to support the development of this important technology.”
NuScale is currently seeking regulatory approval for its first SMR project in the U.S. The project is expected to be located in the state of Wyoming and is scheduled to begin operation in 2029.
The investment by CHUBU is a significant milestone for NuScale and its SMR technology. It is also a sign of the growing interest in SMRs as a clean energy option.
About NuScale Power
NuScale Power is a leading developer of small modular reactors (SMRs). The company’s SMR design is the only one in the world to have been fully certified by the U.S. Nuclear Regulatory Commission (NRC). NuScale’s SMRs are designed to be safer, more efficient, and more affordable than traditional nuclear reactors.
NuScale’s SMRs are also scalable, which means that they can be built in clusters to meet the needs of different power markets. The company is currently seeking regulatory approval for its first SMR project in the U.S. The project is expected to be located in the state of Wyoming and is scheduled to begin operation in 2029.
About Chubu Electric Power
Chubu Electric Power Co., Inc. is a major electric utility in Japan. The company serves over 9 million customers in the Chubu region of Japan. CHUBU is committed to reducing its carbon emissions and is exploring a variety of clean energy options, including SMRs.
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