The collaboration will assess a novel decarbonization path for a major U.S. chemical company by pairing NuScale’s SMR technology with a heat augmentation system

NuScale Power Corporation (NYSE: SMR) announced today its partnership with Oak Ridge National Laboratory (ORNL) to perform a techno-economic assessment (TEA), studying a NuScale small modular reactor’s (SMR) ability to implement a cost-effective steam heat augmentation design. The study will be based on process data from a U.S. chemical facility to help the plant meet its electric power and process steam requirements with NuScale’s carbon-free, nuclear technology. This work will be a highly collaborative effort with engineers from ORNL and NuScale forming a composite engineering team. The proposed deliverables of the techno-economic assessment are anticipated to be completed within one year.

The strategic partnership between NuScale and ORNL is a significant step in the effort to decarbonize commercial chemical plants. Harnessing the heat output of NuScale SMRs for steam production would present a reliable clean energy option for commercial chemical plants looking to meet clean energy goals.

“With the support of the U.S. Department of Energy (DOE) under the Gateway for Accelerated Innovation in Nuclear (GAIN) initiative, we are thrilled to collaborate with Oak Ridge National Lab to assess this exciting new decarbonization pathway that serves as a model for chemical plants. It is a crucial step in the transition to a sustainable future that serves all energy-intensive sectors,” said John Hopkins, NuScale President and Chief Executive Officer. “As the first and only U.S. Nuclear Regulatory Commission (NRC) certified SMR design, NuScale leads in the development of new technologies to achieve industry-wide decarbonization.”

“Nuclear technologies will play an essential role in the carbon-free integrated energy systems of the future,” said Mickey Wade, Associate Lab Director for Fusion and Fission Energy and Science at Oak Ridge National Laboratory. “The reliability of heat production from advanced fission technologies will drive deep decarbonization across industrial sectors, including chemical production facilities. ORNL’s expertise in techno-economic analysis regarding system reliability, operational cost, and system stability analyses provides an enabling foundation for our partners to evaluate this decarbonization pathway.”

The techno-economic assessment will evaluate the viability of NuScale’s SMR technology with steam heat augmentation for use in a chemical system, including examination of steam reliability, operational costs, and system stability.

SMR siting suitability will also be studied, with NuScale receiving NRC approval for an Emergency Planning Zone (EPZ) sizing methodology capable of a site boundary EPZ. NuScale is the only SMR vendor to receive NRC approval for its EPZ sizing methodology.

The TEA is receiving funding through an award granted by the DOE’s GAIN initiative, housed within the Office of Nuclear Energy. GAIN provides technical, regulatory, and financial support needed to advance nuclear technology towards commercialization. This is the fourth round of GAIN Vouchers awarded in fiscal year 2023.

About NuScale Power

NuScale Power Corporation (NYSE: SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. The company’s groundbreaking SMR technology is powered by the NuScale Power Module™, a small, safe, pressurized water reactor that can each generate 77 megawatts of electricity (MWe) or 250 megawatts thermal (gross), and can be scaled to meet customer needs through an array of flexible configurations up to 924 MWe (12 modules) of output.

As the first and only SMR to have its design certified by the U.S. Nuclear Regulatory Commission, NuScale is well-positioned to serve diverse customers across the world by supplying nuclear energy for electrical generation, district heating, desalination, commercial-scale hydrogen production, and other process heat applications.

Founded in 2007, NuScale is headquartered in Portland, Ore. To learn more, visit NuScale Power’s website or follow us on LinkedIn, Facebook, Instagram, X and YouTube.

About Oak Ridge National Lab

UT-Battelle manages ORNL for the Department of Energy’s Office of Science, the single largest supporter of basic research in the physical sciences in the United States. The Office of Science is working to address some of the most pressing challenges of our time. For more information, please visit https://www.energy.gov/science/office-science.

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Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the general economic conditions and other risks, uncertainties and factors (a) set forth in the section entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the Company’s prospectus dated and filed with the U.S. Securities and Exchange Commission (“SEC”) on July 1, 2022, which is part of the registration statement on Form S-1 declared effective by the SEC on June 30, 2022, in the section entitled “Risk Factors,” (b) set forth in the section entitled “Risk Factors” and “Special Note Regarding Forward-Looking Statements” in the Company’s annual report filed on Form 10-K filed with the SEC on March 15, 2023, and under similar headings in prior filings with the SEC, and (c) associated with companies like the Company that operate in the energy industry. The referenced SEC filings are available either publicly or upon request from NuScale's Investor Relations Department at ir@nuscalepower.com. The Company disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events.

Media Contacts Diane Hughes, Vice President, Marketing & Communications, NuScale Power dhughes@nuscalepower.com (503) 270-9329

Laura Scheele, Communications Coordinator, Fusion and Fission Energy and Science Directorate, Oak Ridge National Laboratory scheelela@ornl.gov (219) 381-8672

Investor Contact Scott Kozak, Director, Investor Relations, NuScale Power skozak@nuscalepower.com (541) 452-7583

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