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Fluor (FLR) Gets Services Contract for Utah Nuclear Project

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Fluor Corporation (FLR - Free Report) has won a cost-reimbursable development contract from the Utah Associated Municipal Power Systems or UAMPS to provide estimating, development, design and engineering services for its Carbon-Free Power Project.

Alan Boeckmann, executive chairman of Fluor, said, “Fluor’s development agreement with UAMPS for its Carbon-Free Power Project is a monumental milestone toward providing clean load following, base load energy for UAMPS members using NuScale Power’s unique small modular reactor design.”

Notably, the UAMPS is a joint-action governmental agency providing energy services to 46 community-owned power system members located throughout the intermountain western states. Currently, Fluor’s NuScale Power is developing small modular reactor or SMR technology. The NuScale Power SMR technology will eventually reduce carbon dioxide emissions through a non-fossil fuel, medium-sized flexible power generating source. NuScale Power stated that its engineers have found a way to create 25% more power from the SMR design.

Fluor has been a distinguished player in the nuclear industry for 70 years, and providing design and construction support for more than 25 nuclear plants, as well as nearly 100 million hours of nuclear operations and maintenance work. It remains well positioned to support UAMPS and the U.S. Department of Energy (“DOE”) to accomplish their goal of providing carbon-free energy.

Recently, the U.S. DOE provided UAMPS a multi-year cost-share award for up to $1.355 billion in funding, subject to future year appropriations, to aid in the development of the first small modular nuclear reactor project in the United States.

Shares of Fluor have jumped 64.6% over the past six months, outperforming the Zacks Engineering - R and D Services industry’s 62.9% rally. Fluor, being an industry leader in nuclear remediation at government facilities throughout the United States, is expected to benefit from the rising demand for energy across the globe.

Zacks Rank

Fluor — which shares space with KBR, Inc. (KBR - Free Report) , Jacobs Engineering Group Inc. (J - Free Report) and AECOM (ACM - Free Report) in the same industry — currently carries a Zacks Rank #5 (Strong Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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