Fluor Announces $40 Million Investment in NuScale Power by JGC Holdings Corporation

IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that JGC Holdings Corporation of Japan invested $40 million into NuScale Power LLC, a leading small modular nuclear reactor (SMR) technology company in which Fluor is the majority investor. In addition to JGC’s ownership interest, JGC will become a global strategic engineering, procurement and construction (EPC) partner for new SMR projects.

“This new ownership stake and partnership with JGC is aligned with Fluor’s long-term strategy to bring aboard new strategic investors to NuScale as the U.S. and international demand for new carbon-free base-load energy grows,” said Alan Boeckmann, executive chairman, Fluor Corporation. “Fluor has been collaboratively executing projects with JGC for more than 10 years and we believe JGC is an ideal partner for effectively bringing this innovative carbon-free energy transition solution to realization.”

Fluor and NuScale are currently working for Utah Associated Municipal Power Systems (UAMPS) to bring the world’s first carbon-free SMR project to commercialization.

In addition to previously announced strategic partners and investors in NuScale, both Fluor and NuScale continue to engage with potential customers, capital investors, manufacturers and other supply chain partners for NuScale SMR deployment efforts.

Fluor has been serving the nuclear industry for more than 70 years including the design and construction support for more than 25 nuclear plants, plus nearly 100 million hours of nuclear operations and maintenance work.

About JGC Holdings Corporation

JGC Holdings Corporation is a holding company comprising world-leading EPC contractor group companies as well as functional materials manufacturing companies. JGC Corporation, its main subsidiary, is an overseas EPC contractor committed to delivering a complete range of project services to our clients, while providing safe and cost-effective project execution. Since its founding in 1928, the JGC Group has executed some 20,000 projects of all sizes across the globe for the oil refining, LNG, petrochemical, power, nuclear, pharmaceutical, and mining industries.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) is building a better future by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 44,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $15.7 billion in 2020 and is ranked 181 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than 100 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.

Brian Mershon
Media Relations
469.398.7621

Jason Landkamer
Investor Relations
469.398.7222