ADDING MULTIMEDIA NuScale to Announce Historic Agreement with KGHM to Initiate the Deployment of the First Small Modular Reactor in Poland

NuScale Power and KGHM to sign a landmark agreement to initiate work towards implementing advanced small modular reactors (SMRs) in Poland, following the September collaboration announcement between the two parties

In Washington, D.C., U.S. government officials and Polish officials, including Poland’s Deputy Prime Minister, Jacek Sasin, will announce that NuScale Power and Poland’s KGHM Polska Miedź S.A. (KGHM) signed an agreement to initiate the deployment of NuScale’s innovative small modular reactor (SMR) technology.

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John Hopkins, NuScale Power President and Chief Executive Officer and Marcin Chludziński, President of the Management Board of KGHM Polska Miedź S.A. (Photo: Business Wire)

The definitive agreement between NuScale Power, whose SMR is the first and only small modular reactor to receive design approval from the U.S. Nuclear Regulatory Commission, and KGHM, a Poland-based leader in copper and silver production and large industrial energy user, will position KGHM as a clean energy implementation leader with the first deployment of SMRs in Poland. Under this agreement, NuScale will work with KGHM to support the deployment of SMR technology, and together, the organizations will take steps toward deploying a first NuScale VOYGR™ power plant in Poland as early as 2029, which would help Poland avoid up to 8M tons of CO2 emissions per year. The deployment of the VOYGR plant by 2029 is directly tied to the Climate policy of KGHM Polska Miedź and the Company’s new strategic direction - energy.

The first task under the agreement will identify and assess potential project sites and develop project planning milestones and cost estimates. These activities support KGHM as it evaluates NuScale VOYGR plants as a coal repurposing solution for existing power plants, as well as opportunities to deploy VOYGR plants to provide safe, carbon-free, reliable energy for their operations and to support other Polish industrial energy users.

KGHM and NuScale first began their collaboration in September 2021, after the two parties signed a memorandum of understanding (MOU) to collaborate in the development, licensing and construction of a NuScale VOYGR plant in Poland. This new commercial agreement marks a significant milestone in NuScale’s progress towards commercialization and advancing clean, reliable, and affordable energy in Poland.

“In the global race to rapidly decrease emissions worldwide, NuScale’s technology presents the perfect solution to reach this goal while simultaneously bringing economic prosperity to host countries,” said John Hopkins, NuScale Power President and Chief Executive Officer. “NuScale is proud to partner with KGHM, an experienced innovation leader, and we are excited to work together to bring forth the next era of advanced clean energy deployment and confront the climate crisis.”

"We are always thrilled when we see U.S. companies furthering our country's energy leadership by advancing our innovative technologies for global applications," said Andrew Griffith, Deputy Assistant Secretary for Nuclear Fuel Cycle and Supply Chain.

“KGHM is proud to lead the initiation of a 100% carbon free energy project, delivering on its commitment to lead efforts to decarbonize. The SMR technology will increase the company's cost efficiency and transform the Polish energy sector,” said Marcin Chludziński, President of the Management Board of KGHM Polska Miedź S.A.

The announcement will come after industry leaders, policymakers, and scientists from around the world discussed solutions to address the climate crisis and decrease carbon emissions at United Nations summit on climate change, COP26, in early November. NuScale VOYGR power plants can generate up to 270 permanent power plant jobs, 1,200 construction jobs, and 4,600 manufacturing jobs per plant deployment, and act as an effective and critical means to reach climate goals.

Watch the Signing Ceremony. Link

In August 2020, NuScale made history as the first and only SMR to receive design approval from the U.S. Nuclear Regulatory Commission – a crucial step towards the construction and deployment of this SMR technology. The company maintains strong program momentum toward commercialization of its SMR technology, including supply chain development, standard plant design, planning of plant delivery activities and startup and commissioning plans.

About NuScale Power

NuScale Power has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, hydrogen production and other process heat applications. This groundbreaking small modular reactor (SMR) technology is offered in scalable sizes, including a VOYGR™-12 power plant, which includes 12 (77 MWe) NuScale Power Modules™ (NPM), using a safer, smaller, and scalable version of pressurized water reactor technology. NuScale also offers smaller power plant solutions, the four-module VOYGR-4 (308 MWe) and six-module VOYGR-6 (462 MWe), though others will be possible. With an array of flexible power options, NuScale is poised to meet the diverse energy needs of customers across the world. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with more than 70 years supporting nuclear projects.

NuScale is headquartered in Portland, OR and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram: nuscale_power. Visit NuScale Power's website.

On December 14, 2021, NuScale announced a definitive business combination agreement with Spring Valley Acquisition Corp. (Nasdaq: SV). Upon the closing of the business combination, NuScale will become publicly traded under the new ticker symbol “SMR.” Additional information about the transaction can be viewed here: https://www.nuscalepower.com/about-us/investors.

About KGHM Polska Miedź S.A.

KGHM is involved in the mining and processing of valuable natural resources. At its heart is the largest deposit of copper ore in Europe, located in south-western Poland. By advancing our strategy we are systematically strengthening KGHM’s international position. Currently the company has a geographically diversified mine project profile. It has operations on three continents – in Europe, North America and South America. The copper ore resources controlled by KGHM guarantee the company a leading position in the mining industry. Our portfolio includes metals such as molybdenum, palladium and nickel, opening the way for KGHM to gain a strong position amongst the world’s diversified miners. www.kghm.com

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