$226 M to Corvallis Nuclear Energy Co.

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CORVALLIS, Ore. – A $226 million dollar award is going to a Corvallis nuclear energy company, and not only are those funds are going back into the local economy, but the company says its technology is changing the future in which energy is produced.

The US Department of Energy awarded NuScale Power up to $226 million dollars if the company is able to match those funds within the next five years. NuScale, an Oregon State University spinoff company, is lighting the way to creating electricity in a different way.

“This technology will become known around the world,” said Chief Commercial Officer Mike McGough. “And it will change the way the world looks at base load, non-carbon generated electricity, and it will change the way the world looks at nuclear energy.”

Jose Reyes, an OSU Professor, envisioned a new type of nuclear power. His innovation led the way to what NuScale Power has created today: nuclear power reactors that can be produced in a factory and transported to areas around the world to create electricity. Nuclear plants that can shut down immediately in emergency situations without the need for electricity, water, or any human operator.

“The reason this is so important to us is that we’ve been working on developing our technology for the past ten years,” McGough said. “And this validates our technology as one of the most important new nuclear developments in the world.”

Oregon State University says it was excited to hear the news.

“This is a whole new concept for nuclear power generation, using small modular reactors,” said OSU Vice President for Research Rick Spinrad. “For OSU this is really a confirmation of our strong capabilities in this research area. And it’s a strong message about our capability to educate some of the workforce that will be required to work in this area of nuclear power generation.”

The technology is staying local. The grant will allow the company to add 30-40 jobs at its Corvallis office.

“You have to have a long-term view,” McGough said. “And it’s leadership like that that’s required to have a world-changing technology to be successful. And we’re grateful to have leadership like that in our quarter and supporting something like this that will change the world.”

NuScale hopes to be able to start shipping out its nuclear plants starting next year – nuclear plants that can be installed in power plants.


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