NUSCALE LEADING THE WAY IN ADVANCED, SCALABLE SMR NUCLEAR ENERGY

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NUSCALE LEADING THE WAY IN ADVANCED, SCALABLE SMR NUCLEAR ENERGY
February 2021 NuScale Power Business Update

   NuScale is committed to the safety of our workforce during this challenging time while we also continue
   to meet our stakeholder commitments. We welcome you to read NuScale’s full COVID-19 message.
   Around 98% of the NuScale workforce is operating remotely, though we continue to advance our program
   development goals and are on target with all business operations despite the sustained need to conduct
   tele- and video conferences in lieu of in-person meetings. In addition to an overview of our small modular
   reactor (SMR) technology, this business update highlights some of the work NuScale has accomplished
   across its operations in the past month.

NuScale Leading the Way in Advanced, Scalable SMR Nuclear Energy
NuScale Power has developed a new modular light water reactor nuclear power plant to supply
energy for electrical generation, district heating, desalination, and other process heat applications.
This groundbreaking SMR design features a fully factory-fabricated NuScale Power Module™
(NPM) capable of generating 77 MWe of electricity (gross) using a safer, smaller, and scalable
version of pressurized water reactor technology. NuScale’s scalable design—power plants that can
house up to 4, 6, or 12 individual power modules—offers the benefits of carbon-free energy and
reduces the financial commitments associated with gigawatt-sized nuclear facilities.

NuScale builds on proven nuclear technology with a focus on integration and simplification. The
result is an affordable clean-energy solution that provides unparalleled safety, flexibility,
reliability and resiliency. The NPM, with its innovative design, has set a new, rigorously proven,
safety standard through NuScale’s Triple Crown for Nuclear Plant Safety™. NuScale’s modules
safely shut down and self-cool, indefinitely, without the need for operator or computer action, AC
or DC power, or additional water—a first for light water reactor technology and for commercial
nuclear power.

To date, NuScale has invested more than $1 billion in our technology development and licensing,
which includes federal support from the U.S. Department of Energy (DOE) of more than $400
million in cost-shared funding. NuScale is the U.S. leader in SMR design and program maturity and
capacity for near-term U.S. and global deployment. We will be ready to deliver NPMs to clients in
2027 and by the end of this decade, a NuScale power plant will be sited and operating in Idaho for
the Carbon Free Power Project (CFPP), an initiative spearheaded by the Utah Associated Municipal
Power Systems (UAMPS). With smarter, cleaner, safer, and cost competitive advanced nuclear
technology, NuScale is leading the way into a new frontier of clean energy.

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NUSCALE LEADING THE WAY IN ADVANCED, SCALABLE SMR NUCLEAR ENERGY
Program Updates                                                           Supply Chain
                                                                          Manufacturing trials continue ahead of or
Regulatory Affairs
                                                                          on Schedule
NuScale Continues its Progress with the U.S.
                                                                          Doosan Heavy Industries and Construction, Ltd.
Nuclear Regulatory Commission.
                                                                          continued its manufacturing trials work for the
On February 9, NuScale had a Standard Design                              NuScale Power ModuleTM . In February, Doosan
Approval Application (SDAA) pre-application meeting                       completed the Post Weld Heat Treatment of
with the NRC, discussing our comprehensive vibration                      the cladded shell. Other trials continued such as
assessment program (CVAP), and NuScale presented                          grinding of the inside cladded surface to prepare for
an overview of the five top CVAP technical topics                         nondestructive examination.
with proposed resolution. On February 17, NuScale
submitted the Regulatory Engagement Plan, Revision
2, which describes the pre-application activities
between NuScale and the NRC to resolve issues prior
to SDAA submittal to identify the proper scope and
duration of the application’s review. Lastly, on February
19, NuScale submitted a letter to the U.S. Nuclear
Regulatory Commission (NRC) detailing lessons-
learned from the design certification review. The letter
provides five recommendations that in our view would
result in a more effective and efficient review of the
upcoming SDAA.

Program Management Office
The U.S. NRC Commission Paper (SECY) to obtain
Commission approval to publish the proposed rule
in the Federal Register for the NuScale US600,                            NuScale Power Module Assembly Planning Phase 1 risk
12-module power plant Design Certification was                            reviews are approximately 77% complete and working
issued. The proposed rule recommends a 30-day                             method descriptions are approximately 21% complete.
public comment period, and design certification is                        Momentum in the supply chain remains strong and on
anticipated in March 2022.                                                track, as trials are completed on or ahead of schedule.
The Program Management Office has made progress
with several deliverables and components including                        Office of Technology
testing the steam generator inlet flow restrictor                         NuScale’s technical team continues to be sought
prototype, vendor construction of the thermal                             out for their expertise.
dispersion level sensor test rig, and nuclear island and
                                                                          NuScale’s Innovation Manager Derick Botha presented
site layout optimization work was completed.
                                                                          at an International Atomic Energy Agency Coordinated
Project closeout is underway for Phase 2 of the                           Research Project meeting on the economic appraisal
Nuclear Energy x Innovation Program (NEXIP).                              of SMRs and Botha discussed NuScale’s technology
Engineering is also on track to deliver first specimens                   to support load balancing with renewables, serve as
to Idaho National Lab Nuclear Science User Facility                       coal plant replacements, and provide heat energy for
next month as part of the containment materials                           industrial applications.
irradiation program. Lastly, NuScale’s
                                                                          Additionally, Electric Power Research Institute (EPRI)
recommendations for license operator exam for
                                                                          awarded NuScale Senior Technical Advisor Steve
NuScale plant operators were submitted to the
                                                                          Mirsky its annual Nuclear Technology Transfer Award.
U.S. NRC.
                                                                          Mirsky provided NuScale’s enhanced safety and design
                                                                          features, along with SMR industry oversight to joint
                                                                          EPRI and U.S. DOE test programs. These scientific

Page 2   Copyright ©2021 by NuScale Power, LLC. NuScale Nonproprietary.
NUSCALE LEADING THE WAY IN ADVANCED, SCALABLE SMR NUCLEAR ENERGY
results can be used to justify a smaller emergency                        managing regulatory programs. The Cyber Security
planning zone, potentially resulting in reduced plant                     and Supply Development teams are also working to
operating costs.                                                          incorporate cyber security plan implementation into
Lastly, the Office of Technology also submitted                           the procurement process.
responses to the National Academies of Science,
Engineering and Medicine in support of their study of                     Marketing and Communications
advanced reactors that was requested by Congress and                      Media and public interest in NuScale remain high.
the United States Department of Energy.
                                                                          In the month of February, there were more than 105
                                                                          articles published about NuScale. Notable coverage
Plant Operations                                                          includes a feature story in The Wall Street Journal’s
Project development and interest continues to grow                        Future of Everything series, which highlights SMR’s
for NuScale Energy Exploration (E2) centers, a training                   game-changing technology. NuScale was also
simulator of NuScale’s SMR power plant control room.                      mentioned in Mother Jones and Forbes.
Oregon State University’s E2 Center is operational and                    Trade media also focused on NuScale’s press release,
under a three-year service and maintenance agreement                      which announced a Memorandum of Understanding
until November 2023, and the University of Idaho E2                       with Bulgaria’s Kozloduy Nuclear Power Plant - New
Center is on track for installation later this year. NuScale              Build Plc. NEI, World Nuclear News, ANS, and many
received a request for an updated proposal from Texas                     others wrote on the agreement.
A&M University, and Idaho State has formally requested
                                                                          In total, these stories were shared, liked or commented
an E2 Center proposal.
                                                                          upon over 8,534 times on social media networks. Based
Additionally, Supervisor Ryan Flamand attended the                        on the average unique visitors per month of these
Institute of Electrical and Electronics Engineers (IEEE)                  outlets, NuScale had a potential reach of 490M in this
Human Factors Engineering (HFE) winter meeting,                           month.
and Flamand was a significant contributor to the
submission of HFE guidelines, which incorporated
lessons learned from NuScale’s Integrated System                          Projects
Validation effort.
                                                                          The UAMPS Carbon Free Power Project
                                                                          By the end of this decade, a NuScale small modular
                                                                          reactor (SMR) power plant will begin generating clean
                                                                          energy for the Carbon Free Power Project (CFPP), an
                                                                          initiative spearheaded by the public power consortium
                                                                          Utah Associated Municipal Power Systems (UAMPS).
                                                                          In early January, NuScale moved one step closer,
                                                                          receiving orders from Fluor Corporation to support the
                                                                          preparation of a Combined License Application (COLA)
                                                                          and conduct other project planning activities that will
                                                                          help manage and de-risk the execution of the CFPP.
                                                                          Prior to issuing these orders, Fluor Corporation and
                                                                          NuScale executed agreements with UAMPS to facilitate
                                                                          the development of the CFPP, which will deploy a
                                                                          NuScale power plant at the Idaho National Laboratory
                                                                          (INL) and create cleaner, safer, and cost-effective
Plant Startup
                                                                          carbon-free power for UAMPS member utilities.
Plant Startup and Programs supervisors attended an                        NuScale also received an order to support Fluor in the
EPRI webinar for Advanced Reactors Cost Analysis,                         development of higher maturity cost estimates and
and one major takeaway was finding ways to reduce                         conduct initial project planning work for the licensing,
staff size by utilizing Information Technology for                        manufacturing, and construction of the CFPP.

Page 3   Copyright ©2021 by NuScale Power, LLC. NuScale Nonproprietary.
In 2020, UAMPS began site characterization activities                    KNPP-NB is a public limited company established to
necessary for licensing and construction. These include                  commission new nuclear power capacity on the existing
erection of meteorology towers and the deployment                        nuclear power site. This MOU further demonstrates the
of associated equipment housing, establishment                           strong international interest in NuScale’s technology
of inclement weather and meeting trailers, parking,                      as a premier means to aid the transition to carbon-free
and deep bore drilling associated with geotechnical                      energy across the globe.
assessment and construction planning.                                    The Kozloduy site is home to Bulgaria’s only operating
We look forward to continuing to update you on the                       nuclear power plants, and in conjunction with the
exciting progress of the CFPP in the coming year.                        Council Of Ministers’ recent decision to extend the
                                                                         capacity of the Kozloduy site, KNPP-NB is exploring the
International Interest in NuScale Continues                              possibility of utilizing advanced nuclear technology
to Grow as Kozloduy NPP - New Build Plc and                              at this location. The goal of the MOU is to evaluate
NuScale Sign Memorandum of Understanding                                 NuScale’s SMR technology for its suitability to be
                                                                         deployed at the Kozloduy site. Under the MOU, NuScale
Bulgaria’s Kozluoduy Nuclear Power Plant – New Build                     will support KNPP-NB as they conduct a number of
Plc (KNPP-NB) is the latest global entity with interest                  studies and analyses including the development of
utilizing NuScale’s SMR technology. On February                          a project timeline with milestone deliverables for a
17, NuScale Power announced that it has signed a                         feasibility study, a project specific cost estimate, and
memorandum of understanding (MOU) with Bulgaria’s                        engineering, planning, licensing, and other activities as
Kozloduy Nuclear Power Plant - New Build Plc (KNPP-                      mutually agreed upon by the parties supporting the
NB) to consider deploying NuScale’s innovative SMR                       potential implementation of a NuScale plant.
technology at the Kozloduy power plant location.

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