NuScale merger to accelerate small modular reactor commercialisation

NuScale Power has announced plans to merge with Spring Valley Acquisition Corp to create a new “First of its kind” energy company to accelerate the commercialisation of NuScale’s small modular reactor.

The new publicly listed company will be named NuScale Power Corporation and is projected to be 60%-controlled by NuScale’s current majority owner Fluor Corporation.

“NuScale is building the next generation of nuclear power technology that is safer, more versatile and more cost-efficient than ever before,” NuScale President and CEO John Hopkins said.

“The scale of our ambition is only matched by the world’s enormous decarbonisation needs, and now is the right time to accelerate and expand our efforts to bring our trailblazing SMR technology to more customers around the world.

Spring Valley will be a highly complementary strategic partner for NuScale as we enter this next phase of growth, with leadership that brings deep expertise in sustainable energy and a strong operating and investment record in the energy sector, including in nuclear power.”

NuScale’s proprietary NuScale Power Module is a pressurised water reactor with all the components for steam generation and heat exchange incorporated into a single unit, capable of generating up to 77 MWe.

NuScale is currently working with Utah Associated Municipal Power Systems to deploy a NuScale VOYGR power plant in 2029, on a site at the US Department of Energy’s Idaho National Laboratory.

NuScale expects gross cash proceeds of USD413 million on completion, including USD181 million of so-called PIPE investments from Samsung C&T Corporation, DS Private Equity, Segra Capital Management and Pearl Energy. NuScale intends to use these proceeds to fund its path to commercialisation.

“Fluor expects that the proposed transaction will bolster and accelerate the path to commercialisation and deployment of NuScale Power’s unique small modular nuclear reactor technology,” Fluor Corporation Executive Chairman Alan Boeckmann said, adding that this is the “Next step” in a plan first outlined by the company ten years ago to work with NuScale Power, the US Congress and the DOE to commercialise the technology.

Spring Valley CEO Christopher Sorrells described NuScale as a “Bellwether” company that has developed pioneering technology that can have a transformational impact on humanity.