Media
Press releases
share price placeholder

Share Price 1360.00p change of 82.00p
Friday 20 April 2018 16:35PM right arrow share 12 month share price graph

Nuscale & Ultra Demonstrate Power of UK-US SMR Partnership

The UK has today reaffirmed its position as a key player in a new generation of Small Modular Reactors (SMRs).  Dorset-based Ultra Electronics, Nuclear Control Systems successfully conducted the acceptance testing of the innovative NuScale Power Module™ protection system it is developing for leading U.S. SMR developer NuScale Power. The UK-developed system will be critical to the operation of NuScale’s ground-breaking technology, which will generate clean, reliable, affordable power in both the U.S. and the UK.

John Hopkins, NuScale’s Chairman and Chief Executive Officer said:
“This latest milestone demonstrates how NuScale’s partnership with world-renowned British companies like Ultra, is fundamental to our programme on both sides of the Atlantic. Ultra Electronics’ knowledge and experience in the area of I&C systems continues to be a powerful asset to NuScale’s SMR design and deployment prospects.”

Rakesh Sharma, Chief Executive of Ultra Electronics stated,
“Our success in developing this critical safety component is testament to the expertise of both companies, which complement each other very well. We look forward to continuing our work with NuScale and playing a fundamental role in bringing its innovative, cost-effective SMR technology to market.”

Factory Acceptance Tests were conducted at Ultra’s facility in Wimborne, Dorset in early February. The tests – witnessed by representatives from the U.S. Nuclear Regulatory Commission (NRC) – successfully demonstrated the systems’ capabilities in handling safety-critical scenarios associated with the operation of NuScale’s technology. This innovative safety system has been designed to reduce unnecessary complexity, reduce capital and operational cost, improve safety and reduce risk – all of which aligns with NuScale’s overall philosophy.

The results of the tests will now feed into the NRC’s upcoming review of NuScale’s design certification application (DCA). In December 2016, the company formally asked the U.S. regulator to review and approve its commercial power plant design – the first SMR technology developer ever to do so. Development of an important safety component of NuScale’s SMR design represents a significant step in the realisation of the company’s innovative technology, which will be ready for manufacture and deployment in the U.S. and the UK by the mid-2020s.

NuScale and Ultra have been working together for a number of years, with Ultra becoming an investor and strategic partner in 2015. This has involved bringing Ultra’s expertise in nuclear safety system and sensor design, manufacture and support to the NuScale design team. Ultra is one of a number of UK-based nuclear industry players collaborating with NuScale around deployment in both the U.S. and the UK. Others includes Yorkshire-based Sheffield Forgemasters International Ltd, with whom NuScale is working with to develop a demonstration forging of its reactor vessel head, as part of a programme supported by Innovate UK, the UK’s innovation agency.

About NuScale Power

NuScale Power, LLC is developing a new kind of nuclear plant; a safer, smaller, scalable version of pressurized water reactor technology - a technology initially developed and tested at Oregon State University. Fluor Corporation (NYSE: FLR), a global engineering, procurement, and construction company with a 60-year history in commercial nuclear power, is the majority investor in NuScale. NuScale's design offers the benefits of carbon-free nuclear power and reduces the financial commitments associated with giga-watt size nuclear facilities. NuScale's technology is also ideally suited to supply energy for district heating, desalination, and process heat applications. At the heart of our technology is the fully factory fabricated NuScale Power Module™, an integral reactor vessel surrounded by a high pressure steel containment, which when coupled to its factory fabricated power generation equipment can produce 50 megawatts of electricity.  A NuScale power plant can house up to 12 of these modules for a total facility output of 600 megawatts (gross). The scalability afforded by the modular design allows customers to incrementally increase facility output to match demand. The NuScale Power Module™ is premised on well-established nuclear technology principles with a focus on integration of components, simplification or elimination of systems, and use of passive safety features resulting in highly reliable operation underpinned by an extremely strong safety case and unparalleled asset protection, making it suitable to be sited at locations closer to where electricity or process heat are needed. NuScale is headquartered in Portland, Oregon and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK. For more information visit: www.nuscalepower.com or follow us on Twitter: @NuScale_Power and @NuScaleUK.

For more information contact:
Tom Mundy
Managing Director – UK & Europe, NuScale Power
+44 7471 226 104
tmundy@nuscalepower.com

Chris Binsley
Ultra Electronics
+44 (0)161 946 7324
chris.binsley@ultra-electronics.com

For media enquires contact:
Tom Reynolds
Madano Partnership
+44 (0)20 7593 4000
+44 (0)791 779 6315 

For the full press release on this subject download PDF
Back to top of page

X

Please read this notice carefully – it applies to all persons who view this webpage.


ELECTRONIC VERSIONS OF THE MATERIALS YOU ARE SEEKING TO ACCESS ARE BEING MADE AVAILABLE ON THIS WEBPAGE BY ULTRA ELECTRONICS HOLDINGS PLC (THE “COMPANY”) AND FOR INFORMATION PURPOSES ONLY.

THE MATERIALS CONTAINED ON THIS WEBPAGE ARE RESTRICTED AND ARE NOT DIRECTED AT OR TO BE ACCESSED BY, OR DISTRIBUTED OR DISSEMINATED TO, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, PERSONS RESIDENT OR PHYSICALLY LOCATED IN THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) (THE “UNITED STATES”), AUSTRALIA, NEW ZEALAND, CANADA, THE REPUBLIC OF SOUTH AFRICA, HONG KONG, SINGAPORE OR JAPAN OR ANY OTHER JURISDICTION WHERE THE RELEVANT ACTION WOULD BE UNLAWFUL (“RESTRICTED JURISDICTION”).

Basis of access

The materials contained on this webpage contain information in respect of the proposed placing of the Company (the “Placing”). The materials do not constitute an offer to sell or otherwise dispose of, or a solicitation of any offer to purchase or subscribe for, any securities of the Company (the “Securities”) in any jurisdiction where such offer or solicitation is unlawful.

Please note that this notice may be altered or updated from time to time. You should read it carefully in full each time you access this webpage.

The information contained on this webpage speaks only at the specified date of the relevant document or announcement reproduced on this webpage, and neither the Company nor any of its affiliated companies has, or accepts, any responsibility or duty to update or revise any such information, document or announcement (other than to the extent such duty arises as a matter of law or regulation) and reserves the right to add to, remove or amend any information reproduced on this webpage at any time in whole or in part at its sole discretion.

Overseas persons

Viewing this information may be unlawful if you are resided or located in a Restricted Jurisdiction. In certain jurisdictions, including Restricted Jurisdictions, only certain categories of persons may be allowed to view such materials. All persons resident or physically located outside the United Kingdom who wish to view these materials must first satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so and should inform themselves of, and observe, any applicable legal or regulatory requirements applicable in their jurisdiction.

The Company has not registered, and will not register, the Securities under the United States Securities Act of 1933, as amended (the “US Securities Act”), or with any securities regulatory authority of any state or other jurisdiction of the United States. The Securities cannot be offered or sold, delivered or otherwise transferred in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and in compliance with all applicable securities laws of any state or other jurisdiction of the United States. There will be no public offering of the Securities in the United States. The materials contained on this webpage do not constitute an offer to sell or otherwise dispose of, or a solicitation of any offer to purchase or subscribe for, any Securities in the United States or in any jurisdiction where such offer or solicitation would be unlawful.

It is your responsibility to satisfy yourself as to the full observance of any relevant laws and regulatory requirements.

If you are not permitted, or if you are in any doubt as to whether you are permitted, to view the information, please exit this webpage by clicking on the “Decline” button at the bottom of this page.

Any person seeking access to this webpage represents and warrants to the Company that they are doing so for information purposes only. Making press announcements and other documents available in electronic format does not constitute an offer to sell or the solicitation of an offer to buy Securities. Further, it does not constitute a recommendation by the Company or any other party to sell or buy Securities.

By choosing the “Accept” option, you represent that you have read and understood this notice and are able to give the confirmation and representations set out under the “Confirmation of understanding and acceptance of disclaimer” heading below, including the representation that you are not resident or physically located in a Restricted Jurisdiction, and that the Company is lawfully entitled to make the content of any communication or document in relation to the Placing available to you under applicable securities laws. If you are not permitted to view the information on this webpage, or viewing the information would result in a breach of the above, or if you are unable to give any of the confirmations or representations, please exit this webpage and do not view the content of any communication or document in relation to the Placing.

Copies of the contents of the following pages (including documents posted thereon) must not be, directly or indirectly, released, mailed, transmitted or otherwise forwarded, distributed or sent, in whole or in part, in or into a Restricted Jurisdiction, and persons receiving such documents (including, without limitation, custodians, nominees and trustees) should observe these restrictions and must not, directly or indirectly, mail, transmit or otherwise forward, distribute or send any such documents in, into or from any such jurisdiction. The Company and its advisers do not assume any responsibility for any violation by any person of any of these restrictions.

This notice shall be governed by, and interpreted in accordance with, English law.

Confirmation of understanding and acceptance of disclaimer

  1. I certify that I have read and understand and agree to comply with all of the restrictions set forth above.
  2. I certify that I am resident and physically present outside a Restricted Jurisdiction, and I am not acting on behalf of someone who is resident or physically present in any Restricted Jurisdiction.
  3. I agree that I will not forward, transfer or distribute (by any means including by electronic transmission) any information contained in this webpage (either in whole or in part) to any person in any Restricted Jurisdiction.
  4. represent and warrant to the Company that I intend to access the webpage for information purposes only, that I have read and understood this notice and that I understand it may affect my rights or responsibilities.
  5. I agree to be bound by the terms of this notice.

Acceptance of disclaimer

By clicking on the “Accept” option at the bottom of this page, you hereby acknowledge that you have read and understood the notice set out above, that you are able to give the confirmation and representations set out under the “Confirmation of understanding and acceptance of disclaimer” heading above, that you are permitted to proceed to the webpage and agree to be bound by its terms.

By clicking on the “Decline” button at the bottom of this page, you will not be able to proceed to the webpage.


Decline Accept