This remarkable collaboration will
strengthen supply chain capabilities as NuScale Power approaches
commercialization
Grant secured through Commonwealth of
Pennsylvania for work with Concurrent Technologies and North
American Forgemasters
Today, NuScale Power and the U.S. Reactor Forging Consortium
(RFC), comprised of North American Forgemasters (NAF), Scot Forge,
and ATI Forged Products, announced they have signed a Collaboration
Agreement to leverage the existing robust forging supply chain in
the U.S., to prepare NuScale to deploy its small modular reactor
(SMR) technology to customers worldwide and to support, retain, and
expand U.S. manufacturing jobs.
The RFC is the combination of highly qualified expert suppliers
of nuclear-grade forgings for the worldwide nuclear industry. The
combined three companies act as the only fully integrated
manufacturer of large alloy and stainless steel open die, seamless
rolled ring, and large uniquely-shaped forgings (heads with
integral nozzles) in the Western Hemisphere with as-forged piece
weights exceeding 160 tons.
Under the Collaboration Agreement, the RFC and NuScale will
cooperate in design for manufacturability reviews for forged
geometries to reduce welding, chemical composition tailoring and
optimized configuration for fabrication. The collaboration will
support the U.S. supply chain planning as NuScale approaches near
term commercialization of the NuScale Power Modules™ (NPM).
The Collaboration Agreement supports the U.S. Department of
Energy’s (DOE) report released earlier this year, “America’s
Strategy to Secure the Supply Chain for a Robust Clean Energy
Transition,” designed to retain and develop U.S. jobs through the
exploration of mutually beneficial domestic business relationships.
This includes, but is not limited to, U.S. and State Government
grants and funding opportunities, development of FC member company
capabilities and capacities, and other U.S. manufacturing
opportunities.
Consortium member NAF is currently partnering with
Pennsylvania-based Center for Advanced Nuclear Manufacturing,
operated by Concurrent Technologies Corporation (CTC), on a full
production size shell research project that will focus on the use
of austenitic stainless steel for reactor and containment vessels
in SMRs and advance reactors. Financed in part by a grant from the
Commonwealth of Pennsylvania, Department of Economic Development,
NAF in collaboration with its joint venture owners Scot Forge and
ELLWOOD Group, INC. will perform melting, forging, heat treating,
rough machining, mechanical testing, and non-destructive testing
while CTC oversees the development and performs independent
technical evaluations of the forged material. This partnership will
serve to create jobs by establishing a supply chain in Pennsylvania
and ultimately benefit the overall development of SMRs and advanced
reactor deployment.
The RFC partners are strategically located across the U.S. and
are helping NuScale strengthen its U.S. supply chain. NAF has its
principal office in New Castle, Pennsylvania; Scot Forge is
headquartered in Spring Grove, Illinois; and ATI Forged Products
has its office in Cudahy, Wisconsin. NAF, Scot Forge, and ATI have
previously worked collaboratively on the refinement of designs and
manufacturing feasibility of large nuclear grade forgings for the
NPM.
About NuScale Power
NuScale Power is poised to meet the diverse energy needs of
customers across the world. It 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. The groundbreaking NuScale Power
Module™ (NPM), a small, safe, pressurized water reactor, can
generate 77 MWe of electricity and can be scaled to meet customer
needs. The VOYGR™-12 power plant is capable of generating 924 MWe,
and NuScale also offers four-module VOYGR-4 (308 MWe) and
six-module VOYGR-6 (462 MWe) plants and other configurations based
on customer needs. 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, Ore. and has offices in
Corvallis, Ore.; Rockville, Md.; Charlotte, N.C.; Richland, Wash.;
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, SVSVW). 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 North American Forgemasters Company
NAF is a 50/50 joint venture between two privately owned 100%
domestic companies, Scot Forge and ELLWOOD Group, Inc. In 2015 NAF
commissioned its 10,121T open die forging press aimed at expanding
the domestic capabilities and capacity for the ultra large forgings
required for the advanced reactor market. NAF produces forgings too
large for its JV owners ranging from as-forged weights starting at
approximately 100,000 lbs to exceeding 320,000 lbs. Furthermore,
NAF’s strategic location takes advantage of the ingot steelmaking
facility (ELLWOOD Quality Steels) located within the same complex.
The molten metal now solidified is kept hot and at NAF is forged
into rings, shells, discs, heads and custom forged shapes. Located
in western Pennsylvania, NAF serves as the only fully integrated
manufacturer of ultra large open die forgings in the Western
Hemisphere. NAF, through the continuous investments made by its JV
owners, represents American manufacturing at its finest. Learn more
at www.naforgemasters.com.
About Scot Forge
Scot Forge is an employee-owned, U.S. manufacturer of forged
solutions since 1893. Scot Forge serves multiple industries
including national defense, mining, aerospace, infrastructure,
power generation and more. From ferrous and non-ferrous forgings,
through heat treat, machining, metallurgical analysis, destructive
and non-destructive testing to concurrent R&D, forge
engineering, simulation modeling and conversions from castings and
fabrications to forgings, the Scot Forge team has a proven track
record in serving our nation’s toughest metal challenges, all while
meeting budgetary and timeline deliverables.
Scot Forge has the largest open die forging press in the Western
Hemisphere, with the combined highest tonnage and largest working
area, which complements the NAF press. The press was specifically
designed and built in-house by Scot Forge to produce very large,
near-net shaped forgings. Learn more at www.scotforge.com.
About ATI Forged Products
ATI is a $3 billion global producer of high performance
materials and solutions for the global aerospace and defense
markets. With world-class capabilities in closed die forgings and
large rings, our Forged Products business is proven to perform in
the harshest environments and most demanding conditions. From jet
engines to space rockets, we partner with our customers to deliver
extraordinary materials that enable their greatest achievements.
Learn more at ATIMetals.com.
About Concurrent Technologies Corporation (CTC)
Concurrent Technologies Corporation (CTC) is an independent,
nonprofit, applied scientific research and development professional
services organization. CTC collaborates with its technology
transition affiliate, Enterprise Ventures Corporation, to leverage
research, development, test and evaluation work to provide
transformative, full lifecycle solutions. To best serve our
clients’ needs, we offer the complete ability to fully design,
develop, test, prototype and build. We deliver robust, technical,
and innovative solutions that safeguard our national security,
retain U.S. technological advantage, and ensure the primacy of
American manufacturing. www.ctc.com.
No Offer or Solicitation
This release does not constitute an offer to sell or a
solicitation of an offer to buy, or the solicitation of any vote or
approval in any jurisdiction in connection with a proposed
potential business combination among Spring Valley and NuScale or
any related transactions, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction where, or to any person
to whom, such offer, solicitation or sale may be unlawful. Any
offering of securities or solicitation of votes regarding the
proposed transaction will be made only by means of a proxy
statement/prospectus that complies with applicable rules and
regulations promulgated under the Securities Act of 1933, as
amended (the “Securities Act”), and Securities Exchange Act of
1934, as amended, or pursuant to an exemption from the Securities
Act or in a transaction not subject to the registration
requirements of the Securities Act.
Forward Looking Statements
This release may contain “forward-looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target” or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical facts. These
forward-looking statements are inherently subject to risks,
uncertainties and assumptions. Actual results may differ materially
as a result of a number of factors. Caution must be exercised in
relying on these and other forward-looking statements. Due to known
and unknown risks, NuScale’s results may differ materially from its
expectations and projections. While NuScale may elect to update
these forward-looking statements at some point in the future
NuScale specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing NuScale’s assessments of any date subsequent to the
date of this release. Accordingly, undue reliance should not be
placed upon the forward-looking statements.
Additional Information and Where to Find It
The proposed Business Combination will be submitted to
shareholders of Spring Valley for their approval. The Registration
Statement that Spring Valley has filed with the SEC includes a
proxy statement/prospectus and certain other related documents,
which has been distributed to holders of Spring Valley’s Class A
ordinary shares in connection with Spring Valley’s solicitation of
proxies for the vote by the Spring Valley shareholders with respect
to the proposed Business Combination and other matters as described
in the proxy statement/prospectus. Spring Valley mailed a
definitive proxy statement/prospectus to the Spring Valley
shareholders as of the close of business on March 25, 2022, which
is the record date established in connection with Spring Valley’s
solicitation of proxies for the vote on the proposed Business
Combination and other matters to be presented at the special
meeting of Spring Valley shareholders. Spring Valley shareholders
and other interested parties are urged to read the definitive proxy
statement/prospectus, any amendments thereto and any other
documents filed with the SEC carefully and in their entirety when
they become available because they will contain important
information about Spring Valley, NuScale and the proposed Business
Combination. Shareholders may also obtain a copy of the proxy
statement/prospectus, as well as other documents filed with the SEC
regarding the proposed Business Combination and other documents
filed with the SEC by Spring Valley, without charge, at the SEC’s
website located at www.sec.gov. A link to the Registration
Statement, as well as other information related to the transaction,
can be found on the “Investors” section of NuScale’s website at
www.nuscalepower.com/about-us/investors.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220422005091/en/
Diane Hughes, Vice President, Marketing & Communications,
NuScale Power dhughes@nuscalepower.com (C) (503) 270-9329
Colin Herchenbach, Advanced Reactor Forging Consortium Chair
cherch@usforgeconsortium.com (C) (724) 674-0204
Mary Bevan, Director, Corporate Communications and Brand
Marketing, Concurrent Technologies Corporation (CTC) bevanm@ctc.com
814-269-2490
Sinovac Biotech (NASDAQ:SVA)
Historical Stock Chart
From Apr 2024 to May 2024
Sinovac Biotech (NASDAQ:SVA)
Historical Stock Chart
From May 2023 to May 2024