Equity Participation in Small Modular Reactor Developer NuScale Power in U.S.~Promoting Research, Development and Demonstration of Small Modular Reactors through International Cooperation~

Chubu Electric Power Co., Inc. ("CHUBU") has decided to invest in NuScale Power ("NuScale"), a U.S. developer of small modular reactors ("SMR(Note1)"), and today, CHUBU has entered into an agreement to acquire issued shares in NuScale from Japan Bank for International Cooperation ("JBIC").

NuScale was established in Portland Oregon U.S. in 2007. The research and development of the SMR by NuScale has been progressing towards its commercialization ever since. NuScale's design is the only SMR design which has been certified by the U.S. Nuclear Regulatory Commission.

As NuScale SMR is being considered in more than 10 countries around the world, and the first project in the U.S. is expected to be started its operation in 2029 with financial support of more than USD 1.3 billion for the first NuScale VOYGR™ SMR power plant deployment from the U.S. Department of Energy, it can be said that NuScale is the frontrunner in SMR development.

Hiroki Sato, Division CEO of Global Business Division at CHUBU, commented: Through our investment in NuScale, we aim to earn revenue from NuScale's future business expansion. In addition, it is important to secure all options for the sustainable use of nuclear power generation, which is indispensable for realizing a decarbonized society and we will continue to promote social implementation of innovative technologies to enhance our corporate value.

(Note1)Small modular reactors, which are defined as advanced reactors that facilitate cooling and enhance safety with less power output per module. These reactors are deployable multi-module plant, and are designed to be built in factories and shipped to utilities for installation as demand arises.

Reference

• < Reference1 > Project Structure
• < Reference2 > Comparison to a Large Pressurized Water Reactor