Closing of the Acquisition of Certain Interests in Japan NuScale Innovation, LLC

Chubu Electric Power Co., Inc. ("CHUBU"), through its wholly owned subsidiary, entered into an agreement in September 2023 LINK with Japan Bank for International Cooperation to acquire certain interests in NuScale Power Corporation (NYSE: SMR) ("NuScale"), a U.S. developer of small modular reactors ("SMRs (Note1)") through a special purpose company, Japan NuScale Innovation, LLC ("JNI (Note2)").

After obtaining a relevant regulatory approval, CHUBU today has announced the closing of the acquisition.

NuScale was established in the U.S. in Portland, Oregon, in 2007. NuScale is progressing toward commercialization of its SMRs by the end of the decade, and its design is the only one approved by the U.S. Nuclear Regulatory Commission.

Hiroki Sato, Division CEO of Global Business 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 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.

(Note2) Japan NuScale Innovation, LLC, which is a special purpose company established to invest in NuScale