NuScale Power, a developer of advanced nuclear reactor technology, announced on December 14, 2021, that it plans to go public by merging with Spring Valley Acquisition, a publicly-traded special purpose acquisition company.[1] The move marks the first time an advanced reactor company has gone public. The NuScale Power Module (NPM) is the first and only small nuclear reactor (SMR) to receive Standard Design Approval from the U.S. Nuclear Regulatory Commission (NRC). The company is currently working with the Utah Associated Municipal Power Systems (UAMPS) to deploy a NuScale VOYGR power plant in 2029 and is working with several other companies. According to the press release, the company could deliver the first VOYGR power plant as soon as 2027, depending on customer needs.

The combined company, named NuScale Power Corporation, will have an estimated pro-forma enterprise value of approximately $1.9 billion. NuScale expects the transaction to provide up to $413 million in gross cash proceeds to bolster and accelerate the commercialization of its SMR technology. Existing NuScale shareholders, including majority owner Fluor, will retain their equity in NuScale and roll it into the new company. Fluor projects that it will control about 60% of the combined company and will continue to provide NuScale with engineering services, project management, administrative, and supply chain support. The agreement is subject to approval by Spring Valley’s shareholders, as well as other closing conditions. NuScale expects to close the transaction in the first half of 2022.

[1] https://newsroom.nuscalepower.com/press-releases/news-details/2021/NuScale-Power-the-Industry-Leading-Provider-ofTransformational-Small-Modular-Nuclear-Reactor-Technology-Announces-Plans-to-Go-Public-via-Merger-with-Spring-Valley-Acquisition-Corp/default.aspx