Nuclear energy is making a comeback, as countries across the globe aim to expand their nuclear capabilities. This clean energy source not only complements renewables but also delivers the reliable baseload power that data centers need to thrive. One key company emerging in this evolving landscape is Fluor (NYSE: FLR), an engineering, procurement, and construction management (EPCM) company.
The company is expanding its presence in Europe with a hub focused on developing next-generation small modular reactors and modernizing traditional plants. With nuclear energy gaining traction, Fluor could be a smart buy today. Here’s what you need to know.
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Fluor recently opened a new European office in Bucharest, Romania, which will serve as a hub for the company as it manages nuclear energy projects across the region. The company has emerged as a key player in Romania’s nuclear energy development and is providing engineering, design, licensing, and project management services for two initiatives: the small modular reactor project (SMR) in Doicești and the expansion of the Cernavodă Nuclear Power Plant.
The SMR project, called RoPower, is perhaps the most discussed project right now. Here, the company serves as the lead EPC partner for the flagship deployment of NuScale Power‘s SMR technology at a decommissioned power plant in Romania. The plan is to deploy six 77-megawatt (MWe) NuScale Power Modules, providing 462 MWe of carbon-free, baseload power.
The VOYGR-6 plant is a 50/50 joint venture between Nuclearelectrica (a state-owned company) and Nova Power & Gas. In February, the shareholders of Nuclearelectrica officially approved the final investment decision, and the project is now moving into the pre-engineering procurement and construction phase. The approved plan will see one NuScale Power Module deployed, with the remaining five to be deployed if proven viable.
The first module is targeted for July of 2033, and the full six-module facility is expected to be completed by December of 2034.
While the RoPower project garners more attention, the expansion and refurbishment of the existing Cernavodă Nuclear Power Plant is larger in terms of both capital expenditure and immediate revenue for Fluor. This multibillion-dollar program includes two massive undertakings: a 1.9 billion euro refurbishment of Unit 1 and the €3 billion construction of Units 3 and 4.
