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COLUMBIA, Md. - Rolls-Royce (OTC:RYCEY) SMR, a developer of Small Modular Reactor (SMR) technology, has engaged GSE Solutions, a global leader in engineering and workforce solutions, to create a power station simulator. This collaboration underscores the advancement of Rolls-Royce SMR's design and supports its aim to complete Step 2 of the Generic Design Assessment (GDA) by this summer.
The simulator is a critical component in verifying and validating the performance and control systems of the SMR power plant, which is poised to be a 'factory-built' nuclear power source. Rolls-Royce SMR's 'digital-first' strategy and modular development approach are key to its goal of providing a reliable source of clean and affordable energy.
David Dodd, Rolls-Royce SMR Engineering Director, emphasized the significance of the simulation platform in the deployment of their first SMR power plant. The Office for Nuclear Regulation (ONR) has recently confirmed that Rolls-Royce SMR is on track with the GDA, a vital step in ensuring regulatory compliance and safety.
GSE Solutions' President and CEO, Ravi Khanna, expressed pride in supporting Rolls-Royce SMR's innovative engineering efforts. GSE's simulation technology is widely used in the power industry for design validation and training, bolstering GSE's longstanding presence in the nuclear sector.
Rolls-Royce SMR represents the UK's first domestic nuclear technology in over two decades, offering a solution to global energy challenges. With the capacity to power a million homes for 60 years, each SMR unit is a testament to sustainable energy generation.
The UK Government has backed Rolls-Royce SMR with £210 million in funding, complemented by £280 million of private investment. This support is part of the Low-Cost Nuclear Challenge Project, aimed at expediting the design process and achieving regulatory milestones.
This news is based on a press release statement from Rolls-Royce SMR and GSE Solutions.
In other recent news, GSE Systems (NASDAQ:GVP) has reported significant growth in the first quarter of fiscal year 2024. The company's new orders totaled $14.6 million, a substantial increase from the previous quarter. Revenue also saw an uptick, reaching $11.3 million, surpassing both the previous quarter and the first quarter of the prior year.
A key contributor to this performance was the engineering services division, which helped achieve a gross profit margin of 28.5%. Despite challenges in the Workforce Solutions division, GSE Systems remains optimistic about future prospects, particularly within the nuclear industry.
The company is also targeting to be debt-free by May 2025 and is strategically positioned to respond quickly to customer needs. These are some of the recent developments in GSE Systems' business operations.
InvestingPro Insights
In the wake of the recent announcement by Rolls-Royce SMR regarding their collaboration with GSE Solutions, investors might be interested in the performance of GSE Solutions (GVP). According to real-time data from InvestingPro, GSE Solutions has a market capitalization of $10.92 million and has experienced significant price volatility, with a large price uptick of 151.49% over the last six months as of Q1 2024.
Despite the promising collaboration, GSE Solutions faces challenges as reflected in its financial metrics. The company's operating income margin for the last twelve months as of Q1 2024 stands at -9.18%, indicating that it has not been profitable during this period. Moreover, the stock has taken a considerable hit over the last week, with a price total return of -11.78%. These figures highlight the high-risk, high-reward nature that currently characterizes GSE Solutions' stock.
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