12/14/2021
- NuScale Power, LLC (“NuScale”) has entered into a business combination agreement with Spring Valley Acquisition Corp. (NASDAQ: SV)
- The combined company, which will be named NuScale Power Corporation, will have an estimated pro-forma enterprise value of approximately $1.9 billion and will be listed under the ticker symbol “SMR” upon closing
- Transaction includes a $181 million oversubscribed, fully committed common stock PIPE anchored by global financial and strategic investors such as Samsung C&T Corporation, DS Private Equity and Segra Capital Management, with participation by Spring Valley’s sponsor, Pearl Energy
- NuScale’s proprietary and innovative carbon-free baseload and load-following power solution, the NuScale Power Module™, is the only viable, near-term deployable U.S. advanced nuclear small modular reactor (SMR) technology
- NuScale’s SMR technology is safe, reliable and scalable and the first and only to receive Standard Design Approval from the U.S. Nuclear Regulatory Commission
- The transaction is expected to provide gross proceeds of up to $413 million to bolster and accelerate the commercialization of NuScale’s SMR technology
- Fluor (NYSE: FLR) projects to control approximately 60% of the combined company and remain an important partner providing NuScale with engineering services, project management, administrative and supply chain support
PORTLAND, Ore.– NuScale Power, LLC (“NuScale” or the “Company”), the industry-leading provider of proprietary and innovative advanced nuclear small modular reactor (SMR) technology, and Spring Valley Acquisition Corp. (NASDAQ: SV) (“Spring Valley”), a publicly traded special purpose acquisition company, today announced they have entered into a definitive business combination agreement to create a first-of-its-kind energy company poised to power the global energy transition by delivering safe, scalable and reliable carbon-free nuclear power.
