CHARLOTTE — Nucor Corp. and NuScale Power Corp. are exploring the advantages in locating a small modular nuclear reactor and a reactor manufacturing facility near existing steel plants.
Nucor spokesman Ben Pickett says the memorandum of understanding fosters environmentally sound ways to provide the company with carbon-free energy for its signature electric-arc mills and a ready supply of net-zero steel components for a future NuScale (NYSE: SMR) production plant. It builds on Nucor’s $15 million investment in the special purpose acquisition corporation that took NuScale public in 2022. Nucor owns a small, 1.5 million-share stake in NuScale as a result of that investment.
The investment was meant to encourage the development of clean sources for electricity. The new deal between Nucor and NuScale continues that effort but looks to deepen the relationship between the two companies.
“What we can do is promote more energy technologies and cleaner steel manufacturing,” Nucor spokesman Ben Pickett says. “We have to do a lot of things to determine exactly what we can go forward with, but I think the possibilities are endless.”
Diane Hughes, spokesman for NuScale, says the agreement is just in its early stages.
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