GSE Systems Awarded $2.6 Million Contract for Innovative Technology to Improve Nuclear Plant Operating Certainty
COLUMBIA, MD – January 22, 2019 – GSE Systems, Inc. (“GSE” or “the Company”) (Nasdaq: GVP), a leading provider of professional and technical engineering, staffing services, and simulation software to clients in the power and process industries, today announced that it has been awarded a contract from a major US nuclear operating company to deliver a Data Validation & Reconciliation (“DVR”) solution for the utility’s large fleet of nuclear reactors.
True North Consulting, a GSE company, will use its extensive expertise and utilize Belsim’s VALI software to build simulation models of the client’s numerous nuclear reactor plants and integrate the models with the respective plant information systems to automate DVR fleetwide. The resulting models will enable the utility to perform additional calculations for critical systems, such as feed flow systems. These calculations will reduce uncertainty and validate plant instrumentation readings as sensors age, helping plants make better operating decisions to optimize performance. In addition to analysis of instruments for critical systems, these enhanced plant models are useful for a variety of purposes, such as optimizing preventative maintenance and testing.
This current contract is the result of a positive outcome from a pilot project implemented for three nuclear reactors at the utility. GSE will build the models in 2019 with an option to perform further integration in 2020. Data from these models will feed other high-level information systems in use by the utility.
VALI is an online DVR application that enhances plant system data quality with regards to coherency, reliability and availability. Use of DVR technology has been adopted in Europe and is taking hold in the US. GSE has an exclusive arrangement with Belsim to utilize the VALI DVR software for power plant applications in the US.
Kyle Loudermilk, President and CEO of GSE, said, “This contract reflects our strategy of combining our subject matter expertise with new technologies to provide innovative solutions that enable our customers to operate their plants safely and efficiently. We are delighted to have won this significant opportunity with our client.”
About GSE Systems, Inc.
GSE Systems, Inc. is a leading provider of professional and technical engineering, staffing services, and simulation software to clients in the power and process industries. GSE’s products and services are tailored to help customers achieve performance excellence in design, training, compliance, and operations. The Company has over four decades of experience, more than 1,100 installations, and hundreds of customers in over 50 countries spanning the globe. GSE Systems is headquartered in Sykesville (Baltimore), Maryland, with offices in Columbia, Maryland, Navarre, Florida, Montrose, Colorado, and Beijing, China. Information about GSE Systems is available at www.gses.com.
We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as “expect,” “intend,” “believe,” “may,” “will,” “should,” “could,” “anticipates,” and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. We do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.