NuScale merger to create listed company with value of $1.9bn

NuScale’s rendering of a possible SMR reactor site
NuScale Power, the US company developing small modular reactors (SMRs), has announced plans to merge with finance specialist Spring Valley Acquisition Corp to create a listed company with an enterprise value of about $1.9bn.

The NuScale Power Corporation, as it will be called, will be 60%-owned by Texas engineer Fluor, which presently has a controlling interest in NuScale. After the deal, Fluor will continue to provide engineering services, project management, and administrative and supply chain support. Other construction sector investors with a significant holding include Korean companies Doosan Heavy Industries and Samsung C&T, and Belgian engineer Sarens.

The company is leading the race among US engineers to commercialise SMR technology. Last year, its 77MW pressurised water SMR was the first US design to receive approval from the Nuclear Regulatory Commission, the culmination of $500m in research and development work. This cleared the way for construction of the first SMR power plant, to be located in Idaho Falls, Idaho, by the end of the 2020s.

John Hopkins, the company’s chief executive, commented: “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.”

Christopher Sorrells, the chief executive of Spring Valley, described NuScale as a company that could have a transformational impact on humanity. He said: “This is the rare chance to invest in an industry-defining technology. We are very pleased to partner with NuScale and its deeply knowledgeable management team to bring this critical technology to market.”

The transaction is expected to close in the first half of 2022 and is subject to approval by Spring Valley’s shareholders. NuScale will continue to be led by its current leadership team.

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