Samsung C&T’s Engineering & Construction Group | July 23, 2021
NuScale Power announced today that Samsung C&T Corporation has agreed to make an equity investment in the company to help fund the deployment of its ground-breaking tiny modular reactor (SMR). In conjunction with the investment, Samsung C&T and NuScale’s main engineering, construction, and procurement (EPC) partner, Fluor Corporation, are working on a business collaboration agreement to expand the capabilities available for the future NuScale project deployment.
Samsung C&T, a reputable nuclear power plant contractor, helped build the four-unit Barakah Nuclear Power Plant in the United Arab Emirates. Samsung C&T will act as a strategic partner to Fluor and other prospective project participants under its agreements with NuScale and Fluor, relying on its nuclear construction expertise to complete the Barakah Plants and Uljin South Korea Nos. 5 and 6 Plants.
NuScale made history the first and only SMR to receive design approval from the US Nuclear Regulatory Commission in August 2020. In July 2021, the Commission published the proposed rule that would certify the NuScale design – a critical step toward the construction and deployment of this SMR technology. The firm maintains strong program momentum toward commercialization of its SMR technology, including supply chain development, standard plant design, plant delivery program planning, and startup and commissioning plans.
About NuScale Power
NuScale Power has introduced a new modular light water reactor nuclear power plant that will provide energy for electrical generation, district heating, desalination, hydrogen production, and other process heat applications. This ground-breaking small modular reactor (SMR) design incorporates a fully factory-fabricated NuScale Power Module capable of producing 77 MW of electricity through a safer, smaller, and more scalable form of pressurized water reactor technology. The scalable design of NuScale—power plants that can house up to four, six, or 12 individual power modules—provides the benefits of carbon-free energy while reducing the financial commitments associated with gigawatt-sized nuclear facilities. Fluor Corporation, a global engineering, procurement, and construction company with a 70-year of experience in commercial nuclear power, is the majority shareholder in NuScale.
About Samsung C&T’s Engineering & Construction Group
The Engineering & Construction Group of Samsung C&T has more than 40 years of engineering and construction expertise operating globally. The group focuses on commercial and residential buildings, civil infrastructure, and plant construction. Its major projects include the world’s tallest building, the Riyadh Metro Project in Saudi Arabia, and the 5,600MW Barakah Nuclear Power Plant Project in the UAE.
Ascent Engineering Group, Inc | November 23, 2021
Godspeed Capital Management LP (“Godspeed Capital”), a lower middle-market Defense & Government services, solutions, and technology focused private equity firm, announced the successful acquisition of Ascent Engineering Group, Inc. (“Ascent” or the “Company”), an Engineering & Consulting firm that specializes in the engineering and design of mechanical, electrical, and plumbing (“MEP”) systems for K-12, Higher Education, Healthcare, and State & Local Government clients. The financial terms of the transaction were not disclosed.
Founded in 1959 and headquartered in Roanoke, VA, Ascent is a prominent MEP Engineering & Consulting firm with over six decades of experience supporting its public and private sector clients. The Company produces plans, specifications, studies, reports, energy analysis, and construction administration services for new construction or renovation projects. Ascent specializes in the engineering and design process across mechanical, electrical, plumbing, fire protection, and information technology systems. The Company employs a seasoned staff of over 20 professionals with unique technical expertise and has cultivated a strong reputation in the K-12, Higher Education, Healthcare, and State & Local Government markets in the Mid-Atlantic region.
The newly acquired Ascent will join Godspeed Capital’s multi-disciplinary Engineering & Consulting services growth platform, Prime ABA, LP (“Prime ABA” or the “platform”), to help accelerate Prime ABA’s organic and acquisition growth strategy. With the addition of Ascent’s suite of highly sought-after MEP capabilities, Prime ABA is well-positioned to compete for larger contracts across its public and private sector client base by providing an expanded portfolio of services and solutions focused on the burgeoning Mid-Atlantic and Southern markets. Following the transaction, Ascent will continue to operate as a standalone company within the Prime ABA platform led by its existing management team, who co-invested equity in the transaction, and will seek to further the growth initiatives of Prime ABA.
"We are thrilled to partner with Godspeed Capital and join the Prime ABA platform, whose deep managerial expertise and collaborative approach will expand and enhance our dynamic project capabilities, client relationships, and geographic reach.”
-Benjamin “Benjie” Linkous, Ascent President and CEO
Brandon Enochs, Prime ABA CEO said, We are honored to welcome Ascent into the Prime ABA family of companies and are excited to leverage their capabilities as we continue to expand the platform.” Mr. Enochs continued, “We look forward to further developing Prime ABA’s strong foundation in close collaboration with the Ascent leadership team and are ready to capitalize on new growth opportunities as we build into 2022.
Prime ABA was established in 2021 to provide a full continuum of architecture, design, engineering, surveying, consulting, and construction management services to a wide range of public and private sector clients, addressing the fundamental and growing demand for infrastructure services and solutions. The addition of Ascent follows Prime ABA’s acquisition of Prime Engineering Inc., based in Atlanta, GA, and Austin Brockenbrough & Associates, LLC, based in Richmond, VA.
Ascent was advised by PSMJ Resources, Inc. Godspeed Capital and Prime ABA were advised by AEC Advisors LLC.
About Ascent Engineering Group, Inc.
Ascent Engineering Group, Inc. (“Ascent”) is a mechanical, electrical, and plumbing (“MEP”) Engineering & Consulting firm serving K-12, Higher Education, Healthcare, and State & Local Government clients. Headquartered in Roanoke, Virginia with a second office in Richmond, Virginia, Ascent employs over 20 employees and serves a variety of clients throughout the Mid-Atlantic. The Company produces plans, specifications, studies, reports, energy analysis, and construction administration services. For new projects, Ascent provides all engineering necessary for quality design, installation, and operation of MEP systems. Areas of specialization include the engineering and design of mechanical, electrical, plumbing, fire protection, and information technology systems. For more information, please visit Ascent’s website at www.ascenteg.com.
About Prime ABA
Prime ABA is a multi-disciplinary Engineering & Consulting services growth platform providing a full continuum of architecture, design, engineering, surveying, consulting, and construction management services globally to a wide range of public and private sector clients with a focus on addressing the fundamental and growing demand for infrastructure services and solutions. Prime ABA employs over 120 employees and addresses the most complex and critical projects for their clients across five strategically located offices domestically. The group is a nationally recognized leader in the Engineering & Consulting sector and has a long legacy of providing high quality and value-added services to clients while espousing a rich entrepreneurial culture focused on exceeding client expectations.
About Godspeed Capital
Godspeed Capital is a lower middle-market Defense & Government services, solutions, and technology focused private equity firm investing alongside forward-thinking management teams that seek an experienced and innovative investment partner with unique sector expertise, operational insight, and flexible capital for growth. While a typical investment will involve companies generating approximately $3 million to $30 million of EBITDA, Godspeed Capital has significant support to complete larger transactions through strategic co-invest relationships. The firm focuses on control buyouts, buy-and-builds, corporate carve-outs, and special situations. For more information, please visit Godspeed Capital’s website at www.godspeedcm.com.
EEI Corporation | August 23, 2021
OpenSpace, the global leader in AI-powered 360° construction photo-documentation and analysis, today announced a new enterprise agreement with EEI Corporation, a top-rated international construction and engineering company based in the Philippines.
EEI is currently utilizing OpenSpace on more than a dozen projects, including the Grand Hyatt Manila Residences – South Tower, The Seasons Residences, and the SMDC Light 2 Residencies facilitated through Digiscript, a regional seller partner based in the Philippines. Other projects using OpenSpace's automated construction documentation technology include infrastructure and electromechanical work.
EEI continually pursues new ways to improve project delivery and exceed client expectations. As part of this goal, the company began exploring different ways to improve collaboration between onsite builders and offsite subject matter experts—a mission that became especially important amid travel and mobility restrictions during the pandemic.
"We thoroughly evaluated several products that were very similar to OpenSpace. In the end, we felt that their solution and its features had the best fit with our Virtual Design and Construction (VDC) Roadmap," said Glenn F. Villaseñor, senior vice president for Business Transformation at EEI. "In addition to enabling our desire to bring the jobsite to our people who are 'off-site,' it was also compelling to let our field operations teams explore the use case for 3D models in their work. It was quite helpful that OpenSpace's technology had built-in integrations with our existing suite of VDC tools, as well."
OpenSpace enables remote collaboration from anywhere in the world by automatically creating a "digital replica" of a construction site through 360° photo documentation. A builder simply attaches a small camera to their hardhat, marks their starting location on the floor plan in the OpenSpace app, and then walks the site as normal. OpenSpace automates image capture and, once the imagery is uploaded, stitches it together to create a navigable "Google Street View"-style digital replica of the site. Collaborators can oversee and manage progress over time, compare site images to the BIM, and make Field Notes to flag specific issues, among other features.
"Collaboration using OpenSpace can potentially span various processes, from progress reporting, to quality control, to safety and security, to the handling of other types of project delivery issues," said Norman K. Macapagai, executive vice president for Construction Division at EEI. "We look forward to realizing more value from the use of this technology in the months ahead."
Founded in 2017, OpenSpace is a San Francisco-based tech company that is on a mission to bring new levels of transparency and objectivity to construction. Our solutions combine simple 360° cameras, computer vision and AI to make it incredibly easy to capture a complete visual record of the jobsite, share it via the cloud and track progress. To date, our customers have used our platform to capture more than four billion square feet of imagery from active construction projects across thousands of sites in over fifty countries.
About EEI Corporation
A member of the Yuchengco Group of Companies, EEI is one of the leading construction companies in the Philippines, celebrating 90 years of business in 2021. EEI has a broad range of construction and engineering services, with expertise in the construction of infrastructure, buildings, and industrial and electromechanical facilities. The company takes pride in its quadruple-A rating as a General Engineering Contractor, the highest rating for contractors issued by the Philippine Contractors Accreditation Board (PCAB) under the Department of Trade and Industry. The company stays abreast with the latest developments in technology, materials engineering, and construction methodologies while including its own innovation in the application of its work, making it a preferred provider of construction services to global engineering, procurement, and construction companies. EEI Corporation is a publicly listed and traded corporation in the Philippine Stock Exchange.