NuScale and Dairyland Power Cooperative Announce Collaboration to Explore the Deployment of NuScale’s Advanced Small Modular Reactor Technology

Portland, Oregon .– (BUSINESS WIRE) – Today, NuScale Power and Dairyland Power Cooperative announced the signing of a Memorandum of Understanding (MOU) to assess the potential deployment of advanced NuScale nuclear technology.

Headquartered in La Crosse, Wisconsin, Dairyland is a power generation and transmission cooperative that provides wholesale electricity needs for 24 distribution cooperatives and 17 municipal utilities, providing energy to more than half a million people in four Minnesota, Iowa and Illinois).

Under this memorial of mutual understanding, both sides will work together to study NuScale’s small modular reactor technology and support Dairyland’s due diligence process in evaluating affordable, reliable and carbon-free energy solutions.

In support of Dairyland’s existing portfolio, VOYGR from NuScaleTM Power plants are flexible and able to perform load after maneuvers to meet grid power needs due to the periodicity of wind, solar and hydro generation, which promotes the growth of renewable energy sources. In addition, NuScale technology is particularly well-suited for hosting retired coal plants, preserving important jobs in the energy industry and helping host communities facilitate the transition to decarbonisation of the energy system.

“NuScale is looking forward to partnering with an environmentally oriented and forward-looking organization such as Dairyland,” said John Hopkins, President and CEO of NuScale Power. “Our cutting-edge technology can provide safe, affordable and clean energy, making NuScale an ideal partner to help Dairyland realize its vision of growth, innovation and value as a leading energy cooperative driven by members.”

“Dairyland is studying carbon-free power technology, including small modular NuScale reactor nuclear power plants,” said Brent Ridge, president and CEO of Dairyland. “This agreement gives Dairyland the opportunity to study this technology and assess whether it can be a viable long-term alternative to provide our members with safe, reliable and cost-effective low-carbon electricity in the future.”

About NuScale Power

NuScale Power has developed a new modular nuclear power plant with light water reactors that provides energy for power generation, district heating, desalination, hydrogen production and other technological applications. This groundbreaking small modular reactor (SMR) technology is offered in scalable sizes including VOYGR-12 power plant that includes 12 (77 MW) NuScale Power Modules NP (NPM) that use a safer, smaller and scalable version of pressurized water reactor technology. NuScale also offers smaller solutions for power plants, four-module VOYGR-4 (308 MW) and six-module VOYGR-6 (462 MW), although others will be possible. With a variety of flexible power options NuScale is ready to meet the diverse energy needs of customers around the world. The main investor in NuScale is Fluor Corporation, a global engineering, procurement and construction company that has been supporting nuclear projects for over 70 years.

NuScale is headquartered in Portland, Oregon, and has offices in Corvallis, Oregon; Rockville, MD; Charlotte, North Carolina; Richland, Washington; and London, UK. Follow us on Twitter: @NuScale_PowerFacebook: NuScale Power, LLCLinkedIn: NuScale-Powerand Instagram: nuscale_power. Visit NuScale Power’s website.

On December 14, 2021, NuScale announced a final business combination agreement with Spring Valley Acquisition Corp. (Nasdaq: SV). After the closure of the business association, NuScale will be publicly traded under the new symbol “SMR”. More information about the deal can be found here: https://www.nuscalepower.com/about-us/investors

About Dairyland Power Cooperative: www.dairylandpower.com

Statements about the future

This issue may contain “statements of greed” within the meaning of the “safe haven” provisions of the U.S. Private Securities Judicial Reform Act of 1995. “Plan”, “project”, “forecast”, “intention”, “will”, “expect”, “anticipate”, “believe”, “seek”, “goal” or other similar expressions that predict or indicate future events or trends or which are not statements of historical facts. These forward-looking statements are inherently subject to risks, uncertainties and assumptions. Actual results may differ significantly as a result of a number of factors. Care must be taken in relying on these and other forward-looking statements. Because of the known and unknown risks, NuScale’s results may differ significantly from its expectations and projections. While NuScale may decide to update these forward-looking statements at some point in the future, NuScale specifically waives any commitment to do so. These forward-looking statements should not be relied upon as a NuScale estimate of any date following the date of this release. Accordingly, one should not rely too much on forward-looking statements.

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