CHANGING THE WAY WE LOOK AT NUCLEAR

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1 CHANGING THE WAY WE LOOK AT NUCLEAR John Hopkins Chairman and CEO, NuScale Power NuScale UK Supplier Day 13 July 2016

2 Acknowledgement and Disclaimer This material is based upon work supported by the Department of Energy under Award Number DE-NE This report was prepared as an account of work sponsored by an agency of the United States (U.S.) Government. Neither the U.S. Government nor any agency thereof, nor any of their employees, makes any warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process disclosed, or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise does not necessarily constitute or imply its endorsement, recommendation, or favoring by the U.S. Government or any agency thereof. The views and opinions of authors expressed herein do not necessarily state or reflect those of the U.S. Government or any agency thereof. 2

3 Changing the way we look at nuclear NuScale Power stands out from the rest of the market because of: Strong safety case. Reliable power. Scalability. Load following. Competitive economics. Factory fabrication. Small site footprint. Deployment in 2020s. Conventional or MOX fuel. Diverse energy platform. 3

4 Who we are NuScale Power is a U.S. based nuclear technology developer. We are at an advanced stage of bringing to market in North America a small, modular and scalable pressurised water reactor technology, engineered with passive safety features. Strong backing from the U.S. Department of Energy, which is providing $217 million of matched funding over five years and from Fluor Corporation, our primary shareholder. Multiple active customer deployment projects underway in North America. Our vision is to see our SMR manufactured in the UK, generating electricity in the UK in the 2020s, and exported from a UK base. 4

5 NuScale Power History 2000 Basic design concept developed 2003 Integral test facility first operational 2007 NuScale Power formed 2008 Began NRC design certification pre-application project 2011 Fluor became major investor and strategic partner 2012 Twelve-reactor control room simulator commissioned 2013 Western Initiative for Nuclear formalised 2013 Rolls-Royce joined design programme 2013 NuScale selected to receive major grant from U.S. DOE 2014 Enercon joined as strategic partner 2015 Ultra Electronics joined as strategic partner Agreement with AREVA on fuel assemblies FTEs currently working on project ~$450M spent project life-to-date 276 patents pending/granted, 21 countries NuScale Engineering Offices in Corvallis One-third Scale Integral Test Facility NuScale Control Room Simulator 5

6 Acquired majority interest in NuScale in October 2011 One of the world s leading publicly traded engineering, procurement, construction, maintenance, and project management companies #109 in the FORTUNE 500 in 2014 More than 1,000 projects annually, serving more than 600 clients in 79 countries More than 40,000 employees worldwide (2000+ in UK) Offices in more than 31 countries on six continents Celebrated 100 years in 2012 Revenue Fluor Corporate Headquarters Dallas, Texas New awards Backlog $27.4 billion $25.1 billion $38.2 billion Investment Grade Credit Ratings: S&P A- Moody s A3 Fitch A- 6

7 Progress to Date Design was conceived in the early 2000s by Dr. Jose Reyes, NuScale Power co-founder and Chief Technology Officer. A testing programme on the NuScale Power Module started in 2003 in a fully instrumented, one-third scale, electrically heated test facility in Corvallis, Oregon. The U.S. Department of Energy (DOE) awarded in 2013 cost-sharing funding, worth $217 million over five years, to accelerate the development of NuScale s technology. NuScale is the only SMR developer currently receiving financial backing of this kind from the U.S. DOE. Over 600 FTEs currently working on the project. The project spend to date stands at over $450 million. NuScale has over 240 patents granted or pending worldwide in 21 countries. NuScale is on track to submit its design certification application to the U.S. Nuclear Regulatory Commission by the end of 2016, with a view to receiving regulatory approval in the early 2020s. NuScale is currently working on active client projects, with a plan to deploy the first NuScale Power Module in Idaho in

8 Our NuScale Power Module 8 8

9 Global Market Opportunity A 2014 study commissioned by HMG from the National Nuclear Laboratory (NNL) identified a potential global SMR market of GW by 2035, worth up to 400 billion. This is the equivalent of approx. 1,500 NuScale Power Modules (NPMs). At 25% market share and a 10 year deployment timeframe, approx. 30 NPMs could be produced per year. 9

10 UK-U.S. partnership The UK represents a favourable environment for SMR development and deployment. The 2014 NNL study concluded that there is a mid-range estimate of around 7 GW for SMR installed capacity potential in the UK by Positive political environment one of most attractive places globally to do nuclear business. HMG has announced an SMR Competition and 250 million for SMR and wider nuclear R&D over the next five years. 10

11 Why the UK? The UK is the primary focus of NuScale s activity outside the U.S.; we have been building a presence here for three years. We are attracted by the reputation of the engineering, manufacturing base and workforce in the UK. We see great opportunities for collaboration with a wide range of supplier companies across civil engineering, civil nuclear, infrastructure and many other areas. We are very much looking forward to meeting you today and building new relationships. 11

12 1st Floor, Portland House Bressenden Place London, SW1E 5BH SW Redwood Lane, Suite 210 Portland, OR Woodglen Ave., Suite 205 Rockville, MD Piedmont Row Drive South, Suite 600 Charlotte, NC NE Circle Blvd., Suite 200 Corvallis, OR