Fluor Corporation - FLR STOCK NEWS

Mote has announced the establishment of its first facility in Bakersfield, California, to convert wood waste into carbon-negative hydrogen. The project aims to produce about 7 million kilograms of hydrogen annually, capturing 150,000 metric tons of CO2, which is equivalent to removing 32,622 cars from the road. The facility, projected to begin operations in 2024, aims to utilize biomass from agricultural waste, with support from Fluor Corporation and SunGas Renewables. Mote is positioned to significantly contribute to California's carbon neutrality goals and the expanding market for renewable hydrogen.

Fluor Corporation (NYSE: FLR) announced a merger agreement with Spring Valley Acquisition Corp. (NASDAQ: SV), set to close in the first half of 2022. This merger will create the first publicly traded developer of advanced small modular reactor (SMR) technology, with Fluor expected to maintain a 60% stake in the new entity. Fluor has invested over $600 million in NuScale Power since 2011, which has received Standard Design Approval from the U.S. Nuclear Regulatory Commission. The innovation aims for low-carbon, reliable power generation, with NuScale’s modules providing scalable energy solutions.

NuScale Power enters a business combination agreement with Spring Valley Acquisition Corp. (SV) to create NuScale Power Corporation, estimated to have a pro-forma enterprise value of $1.9 billion. The merger includes a $181 million oversubscribed PIPE with backing from major investors like Samsung C&T. NuScale's innovative Power Module™ is the first SMR technology approved by the U.S. Nuclear Regulatory Commission. This transaction is expected to provide gross proceeds of up to $413 million to support commercialization, with Fluor retaining a 60% control of the new entity.

Fluor Corporation (NYSE: FLR) announced that CEO David Constable and CFO Joe Brennan will participate in a live fireside chat on December 2, 2021, at 9:30 a.m. Eastern Time. Investors can access the live webcast on the Fluor investor relations website. A replay will be available for 30 days. Fluor, headquartered in Irving, Texas, provides engineering and construction services and reported $14.2 billion in revenue in 2020, ranking 196th on the Fortune 500.

Fluor Corporation (NYSE: FLR) has been awarded a contract by the U.S. Department of Energy’s National Nuclear Security Administration (NNSA) for the management and operation of the Y-12 National Security Complex and Pantex Plant. The contract is valued at approximately $2.8 billion annually and includes a four-month transition period followed by a five-year base period with options extending the contract up to 10 years. The Fluor-led joint venture, Nuclear Production One, LLC, aims to enhance national security and production capabilities.

Fluor Corporation (NYSE: FLR) has achieved a significant milestone in the Chicago Transit Authority’s (CTA) Red and Purple Modernization Phase One Project by completing a rail bypass structure. This bypass will alleviate longstanding congestion affecting millions of riders on the CTA’s lines. The project, valued at $1.3 billion, is expected to enhance transit capacity and speed, ultimately improving the commuter experience. The overall project is set for completion in 2025, marking it as CTA's largest capital project to date.

Fluor Corporation (NYSE: FLR) reported Q3 2021 earnings with a net income of $47 million, translating to $0.26 per share. Adjusted EPS was $0.23, raising the full-year guidance to $0.85-$1.00. Total revenue reached $3.1 billion, with new awards of $3 billion, bringing the backlog to $21 billion. The company reduced its debt by 30%, setting a debt-to-cap ratio at 37%. While the Energy Solutions segment faced a profit decline, the Mission Solutions segment reported improved new awards. Cash and marketable securities fell to $2.2 billion from $2.7 billion. Fluor plans a conference call for further insights.

Fluor Corporation (NYSE: FLR) and its joint venture with Petrosea, the Fluor Petrosea Joint Organization (FPJO), have been awarded a contract by PT Freeport Indonesia to construct a new grinding mill at the Grasberg mining district in Papua, Indonesia. This project aims to enhance underground production capacity, adding approximately 240,000 tonnes per day. Construction is set to begin soon and is expected to complete in 2023. Fluor's extensive experience in the region highlights its reputation as a trusted solutions provider in the mining industry.