CORRECTING and REPLACING NuScale Power Completes Merger with Spring Valley Acquisition Corp. to Create World’s First and Only Publicly Traded Provider of Transformational Small Modular Nuclear Reactor Technology
Summary
The Business Combination, which is expected to have an enterprise value of approximately $1.9 billion, will provide significant capital for the Company to scale and accelerate the commercialization of NuScale’s advanced SMR technology. “Our mission at NuScale has always been simple: to develop a safer, smarter and more cost-effective form of advanced nuclear power capable of meeting a wide spectrum of future electric and thermal energy needs – from replacing coal-fired plants with carbon-free, dispatchable baseload electricity to powering commercial scale water desalination and clean hydrogen production,” said John Hopkins, President and Chief Executive Officer of NuScale. Mr. Sorrells will join the newly public company’s Board of Directors, adding to a deep bench of advisors with extensive backgrounds in energy, engineering, procurement and construction. “Today’s milestone marks another very important milestone on this green energy journey.” As a result of the Business Combination, NuScale received proceeds of approximately $380 million, prior to transaction expenses, which includes $235 million from the private investment in public equity (“PIPE”) investors, including DS Private Equity, Nucor, SailingStone Capital Partners, Samsung C&T Corporation and Segra Capital Management, with participation by Spring Valley’s sponsor which is backed by Pearl Energy Investment Management, LLC. Fluor will continue to hold a majority interest in the company and will provide NuScale with engineering services, project management, administrative and supply chain support.