adplus-dvertising
Connect with us

Investment

Doosan makes additional investment in NuScale : New Nuclear – World Nuclear News

Published

 on


20 July 2021

South Korea’s Doosan Heavy Industries & Construction (DHIC) has agreed to make an additional USD60 million investment in NuScale Power to continue to support deployment of its small modular reactor (SMR). Including the latest investment, DHIC and its financial investors have invested more than USD100 million in NuScale. DHIC and NuScale have also agreed to expand cooperation to the field of hydrogen production and desalination using SMRs.

An agreement for additional equity investment was signed today at Bundang Doosan Tower in Seoul by NuScale Power Chairman and CEO John Hopkins and DHIC Chairman and CEO Geewon Park (Image: DHIC)

In July 2019, DHIC signed the ‘business collaboration agreement’ with NuScale Power for supply of NuScale Power Modules and other equipment. Doosan also signed the ‘unit purchase agreement’ through which it made a USD44 million cash equity investment in NuScale with Korean financial investors. The signing of the agreements followed a Memorandum of Understanding between the two companies in April 2019 for strategic cooperation to support deployment of the NuScale Power Module worldwide.

According to that business collaboration agreement, DHIC reviewed the NuScale Power Module’s design for manufacturability. In addition, DHIC will manufacture and supply key components for the first plant based on the design. NuScale’s first customer, Utah Associated Municipal Power Systems (UAMPS), is planning a 12-module SMR plant in Idaho. Construction is scheduled to start in 2025, with the first module expected to begin operation in 2029.

Doosan is currently performing manufacturing trial tests and plans to start the forging fabrication for UAMPS reactor modules next year. Doosan said it is accelerating the development of state-of-the-art SMR manufacturing technology to be “fully prepared for the upcoming SMR era”, and plans to expand its business to meet global SMR demand in the future.

“Marking the next step in the strategic relationship between NuScale and DHIC, this is the fourth investment from DHIC and its financial partners in a two-year span,” NuScale noted. Including the latest investment of USD60 million, DHIC and its financial investors have invested more than USD100 million in NuScale, “further demonstrating their confidence in the promising potential and viability of NuScale’s technology to transform the clean energy sector.”

“NuScale is delighted to welcome Doosan’s continuing investment in and commitment to commercialising America’s first small modular reactor,” said NuScale Power Chairman and CEO John Hopkins. “Doosan’s expertise in heavy manufacturing will be invaluable as we move forward with the construction of our first NuScale Power Plant at the Idaho National Laboratory in just a few years, and we are thankful for their ongoing support and endorsement of our ground-breaking technology.”

“Through this additional investment, Doosan and NuScale Power will further solidify their strategic cooperative relationship,” said DHIC Chairman and CEO Geewon Park. “The large scope of supply secured from NuScale Power will also offer momentum and new opportunities to the domestic supply chain.”

The NuScale Power Module is a pressurised water reactor with all the components for steam generation and heat exchange incorporated into a single integrated unit. The unit can generate 77 MWe (gross) per module, or about 924 MWe for a 12-module power plant. NuScale will also offer options for smaller four-module and six-module plant sizes.

Researched and written by World Nuclear News



Adblock test (Why?)

728x90x4

Source link

Continue Reading

Investment

Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

Published

 on

 

NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

 on

 

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

 on

 

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending