SYKESVILLE, Md. –
GSE Systems, Inc. (“GSE” or “the Company”) (NYSE MKT:GVP), the
world leader in real-time high-fidelity simulation systems and training
solutions to the power and process industries, today announced that it
has been awarded multiple contracts for the GSE GPWR™ Generic
Pressurized Water Reactor simulation technology.
The Institute for Energy Technology (IFE), an international energy and
nuclear technology research foundation, has licensed the GSE GPWR
simulation technology to support human factors research at the OECD
Halden Reactor Project. Specifically, IFE will use GSE’s full-scope
high-fidelity simulation technology, training materials and full
procedure set at HAMMLAB, an international center for research into
human performance supporting utilities and regulatory bodies from twenty
countries worldwide. In addition to providing simulation software
technology, GSE will collaborate with IFE/Halden to develop next
generation human-machine interface applications to improve nuclear plant
operations and training.
In addition to IFE, North Carolina State University and a government-led
research laboratory also recently have licensed the GSE GPWR simulation
software together with GSE’s VPANEL® glass-top simulator to display the
simulation software. North Carolina State University’s nuclear
engineering department will utilize the solution to educate and train
students on a simulated operational nuclear power plant. “The
application of GSE’s GPWR simulation technology in the university
setting will help students gain a real world operational understanding
of nuclear power principles and provides a research platform to meet the
growing demands for improved nuclear plant performance. The application
of a high-fidelity simulation for experimentation and method development
in the university setting aligns with North Carolina State University’s
goals to provide students and partners with real world application
insights and the simulator allows us to do that with speed,” said Dr.
Kostadin Ivanov, Department Head for Nuclear Engineering at North
Carolina State University.
“We are excited to be recognized by these leading research facilities as
the simulation technology of choice to support the advancement of
nuclear power design and operation,” said Kyle Loudermilk, Chief
Executive Officer and President of GSE. “These recent license sales
demonstrate the value that GSE brings to market through packaging our
technology and know-how, creating differentiated solutions that deliver
compelling value to the nuclear power industry ecosystem. The
application of GSE simulation solutions has been a cornerstone of power
industry operational excellence for decades, and these customers will be
joining a growing network of engineers in industry, government and
independent nuclear research facilities across the globe. We look
forward to supporting this network and continuing to deliver innovation
to the market that drives operational excellence in the power industry.”
GSE Systems, the original simulator engineering company supporting the
nuclear power industry, developed the GPWR high-fidelity simulator to
accelerate the advancement of research to support simplified techniques
that drive performance and efficiency for nuclear plant operators.
Developed using GSE’s proprietary simulator engineering software tools,
the GPWR simulator brings 40 years of first principle physics coding and
fidelity together to bring the reactor to life for real-time research
and training.
For more information on the GPWR visit http://www.gses.com/training-applications#NUCLEAR-GPWR.
ABOUT GSE SYSTEMS, INC.
GSE Systems, Inc. is a world leader in real-time high-fidelity
simulation, providing a wide range of simulation, training and
engineering solutions to the power and process industries. Its
comprehensive and modular solutions help customers achieve performance
excellence in design, training and operations. GSE’s products and
services are tailored to meet specific client requirements such as
scope, budget and timeline. 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 St. Marys, Georgia;
Chennai, India; Nyköping, Sweden; Stockton-on-Tees, UK; and Beijing,
China. Information about GSE Systems is available at www.gses.com.
FORWARD LOOKING STATEMENTS
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.
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GSE Systems, Inc.
Chris Sorrells, 410-970-7802
Interim
Chief Operating Officer
or
The Equity Group Inc.
Devin
Sullivan, 212-836-9608
Senior Vice President
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or
Kalle
Ahl, CFA, 212-836-9614
Senior Associate
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