BALTIMORE--(BUSINESS WIRE)--GSE Systems, Inc. (GSE) a leading global provider of real-time simulation and training solutions to the energy, process, manufacturing and government sectors, announced the award of approximately $7.6 million of new work in the Company’s nuclear simulation business sector.
Of major significance, China Nuclear Power Engineering Company, a subsidiary of China Guangdong Nuclear Power Holding Company, Ltd., has authorized GSE to begin work on a multi-million dollar project to develop a simulator for verification & validation of the distributed control system (DCS) design, including control algorithms and man-machine interface, for the Chinese CPR 1000+ nuclear reactor plant design. China Guangdong Nuclear Power Company is currently planning to start the construction of a series of CPR 1000+ nuclear plants next year, the first four of which will likely be located at the Hongyanhe Nuclear Power Plant in Liaoning Province, China.
In addition to the CPR 1000+ project in China, the Company received awards from several domestic customers including multi-million dollar five-year extensions to two contracts with the US Government providing engineering support and simulation technology for nuclear simulator applications. GSE also received contracts to provide simulation hardware and engineering services to a variety of other domestic customers including Progress Energy, Exelon and PSE&G. In Russia, GSE was awarded a contract to design a significant upgrade to the previously delivered Leningrad Unit 3&4 simulator. This design project will likely lead to an implementation project in 2008.
John V. Moran, GSE’s Chief Executive Officer commented, “I am very pleased to announce another series of awards in our nuclear simulation sector. The CPR 1000 + will be one of the prevalent reactor designs used for the construction of a reported 40 new nuclear power plants in China. This pre-construction simulation work which we have been authorized to commence strategically positions us to play a major role in the plant specific work that is expected to follow. As the global nuclear renaissance gains momentum both here at home and abroad, GSE continues to position itself to maintain its historical dominance in the nuclear simulation market place. Largely as a result of our industry leading technology and strong customer service and support, GSE is now strategically positioned with Westinghouse as their preferred vendor for the AP1000 reactor design, PBMR of South Africa with respect to their Pebble Bed Reactor design, the Russian Research Institute for Nuclear Power Operations for their next generation VVER-1000 reactors and now with the Chinese on their CPR 1000 + design. With work now underway on the Sanmen full scope nuclear simulator in China, and numerous other projects advancing through our pipeline, we are excited about the near and long term growth potential ahead of us.”
GSE Systems, Inc. provides training simulators and educational solutions. The Company has over three decades of experience, over 343 installations, and 100 customers in more than 40 countries. Our software, hardware and integrated training solutions leverage proven technologies to deliver real-world business advantages to the energy, process, manufacturing and government sectors worldwide. GSE Systems is headquartered in Baltimore, Maryland. Our global locations include offices in St. Marys, Georgia; Atlanta, Georgia; Sweden; and China.