NuScale Power and Spring Valley Acquisition Corp. Announce Additional $10 Million PIPE Investment From SailingStone Capital Partners
Summary
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, SVSVW) (Spring Valley), a publicly traded special purpose acquisition company, today announced that SailingStone Capital Partners (SailingStone), a subsidiary of Pickering Energy Partners LP, has committed to a $10 million private investment in public equity (PIPE) in furtherance of the NuScale-Spring Valley merger transaction, increasing the total PIPE commitment for this transaction up to $221 million.SailingStone provides investment solutions in the global natural resource space with a specific focus on the industrial businesses, commodities and infrastructure assets, which will enable the energy transition. This latest commitment further demonstrates the breadth and strength of investor interest in NuScales SMR technology and the multifaceted role the company is poised to play in the global energy transition. It also follows NuScale and Spring Valleys announcement in February of the satisfaction of contingencies securing a $30 million PIPE commitment from Samsung C&T Corporation which ensured that, pending satisfaction of remaining closing conditions, the minimum cash threshold for the business combination can be met.As a first mover in this space, NuScale is developing pioneering SMR technology that is crucial to achieving net zero GHG emissions targets, said Ken Settles, Managing Director with SailingStone. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with more than 70 years supporting nuclear projects.NuScale is headquartered in Portland, OR and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK. Additional information about the transaction can be viewed here: https://www.nuscalepower.com/about-us/investorsSpring Valley Acquisition Corp. (NASDAQ: SV, SVSVW) is a special purpose acquisition company formed for the purpose of entering into a merger or similar business combination with one or more businesses or entities focusing on sustainability, including clean energy and storage, smart grid/efficiency, environmental services and recycling, mobility, water and wastewater management, advanced materials and technology enabled services.
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