NuScale Power Signs Memorandum of Understanding with Associated Electric Cooperative to Explore SMR Deployment

Both parties agree to work together to examine NuScale’s advanced technology as a reliable, clean-energy solution for the U.S.-based electric cooperative

NuScale Power LLC (“NuScale”) and Associated Electric Cooperative (”Associated”) signed a Memorandum of Understanding (MOU) to evaluate NuScale’s VOYGR™ power plants for potential deployment. This announcement showcases the ever-growing demand for NuScale’s small modular reactor (”SMR”) technology to supply communities across America with reliable, affordable and clean energy.

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Headquartered in Springfield, Missouri, Associated is owned by and provides wholesale power to a system of six regional transmission cooperatives and their 51 local distribution cooperatives. This cooperative system delivers electricity to 2.1 million people in Missouri, northeast Oklahoma and southeast Iowa. Comprised primarily of rural business owners, families, and industries, Associated is dedicated to serving its members’ unique power needs reliably, affordably and responsibly.

While any implementation of NuScale’s SMR technology will depend on subsequent agreements, under the MOU, Associated and NuScale will work together to evaluate NuScale’s U.S. Nuclear Regulatory Commission-approved design as a part of Associated’s due diligence to explore reliable, responsible sources of energy. Collaborating with U.S.-based utilities, cooperatives, and manufacturers builds upon NuScale’s ongoing commitment to provide a true decarbonization solution with its safe, flexible and affordable SMR technology.

“We are thrilled to continue NuScale’s incredible momentum by exploring this opportunity with Associated Electric Cooperative,” said John Hopkins, President and Chief Executive Officer of NuScale. “NuScale and Associated both hold the same values that drive our respective organization’s missions and goals - the desire to bring clean, dependable, innovative power solutions to our customers and build a better energy future for all.”

“Associated is excited to begin the early evaluation phase of this innovative energy generation technology on behalf of our member-owned system,” said David J. Tudor, Associated’s CEO and General Manager. “Our first goal is to make sure we understand and thoroughly evaluate the pros and cons of NuScale’s small modular reactors, including how it may fit with the generation strategy and priorities of our cooperative.”

About NuScale Power

NuScale Power Corporation (NYSE: SMR) is poised to meet the diverse energy needs of customers across the world. It has developed small modular reactor (SMR) nuclear technology to supply energy for electrical generation, district heating, desalination, commercial-scale hydrogen production and other process heat applications. The groundbreaking NuScale Power Module™ (NPM), a small, safe pressurized water reactor, can generate 77 megawatts of electricity (MWe) and can be scaled to meet customer needs. NuScale’s 12-module VOYGR™-12 power plant is capable of generating 924 MWe, and NuScale also offers four-module VOYGR-4 (308 MWe) and six-module VOYGR-6 (462 MWe) power plants, as well as other configurations based on customer needs.

Founded in 2007, NuScale is headquartered in Portland, Ore., and has offices in Corvallis, Ore.; Rockville, Md.; Charlotte, N.C.; Richland, Wash.; and London, UK. To learn more, visit NuScale Power's website or follow us on Twitter, Facebook, LinkedIn and Instagram.

About Associated Electric Cooperative

Associated Electric Cooperative is owned by and provides wholesale power to a system of six regional transmission cooperatives and their 51 local distribution cooperatives. This cooperative system delivers electricity to 2.1 million people behind 935,000 meters served in Missouri, northeast Oklahoma and southeast Iowa. Associated’s mission is to deliver economical and reliable power and support services. Associated is a Touchstone Energy Cooperative.

Forward Looking Statements

This release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. These forward-looking statements are inherently subject to risks, uncertainties and assumptions. Actual results may differ materially as a result of a number of factors. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, NuScale’s results may differ materially from its expectations and projections. NuScale specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing NuScale’s assessments as of any date subsequent to the date of this release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

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