Japanese utility Chubu Electric has announced it will invest in the US small modular nuclear reactor company NuScale Power.

Bloomberg reports that Chubu will acquire shares from the Japan Bank for International Cooperation.

Japan is building a new fleet of nuclear reactors, including SMRs to meet ambitious net-zero goals.

In 2022, Japan Bank for International Cooperation made a strategic investment of USD$110 million in NuScale Power.

“NuScale looks forward to having JNI as a significant NuScale investor to move the world closer toward our goals of decarbonisation while improving lives by supplying clean, affordable, reliable energy,” said NuScale President and CEO John Hopkins said at the time.

“This partnership capitalises on NuScale’s ongoing momentum to bring America’s first SMR to market and to secure a better future for all.”

Chubu owns a number of thermal coal and hydroelectric power plants, along with the Hamaoka nuclear power plant, 200km southwest of Tokyo.