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Spring Valley Acquisition Corp. announces the approval of its business combination with NuScale Power, LLC, with a special meeting held on
NuScale Power has signed a Memorandum of Understanding (MOU) with Samsung C&T, Doosan Enerbility, and GS Energy to explore the deployment of its VOYGR™ small modular reactor (SMR) technology in Asia. This collaboration stems from prior investments made by these partners since 2019. The MOU represents a crucial step towards providing zero-carbon, reliable energy solutions. Industry leaders will lend their expertise in manufacturing, construction, and operations to enhance NuScale’s initiatives, aiming for substantial progress in SMR business development.
NuScale Power and Doosan Enerbility have announced a pivotal agreement for the production of forging materials vital for NuScale's Small Modular Reactors (SMRs). Production will begin in 2022, with full-scale manufacturing expected in the latter half of 2023. This step supports the commercial deployment of the VOYGR™ power plant for the Carbon Free Power Project. CEO John Hopkins states this agreement underscores NuScale's readiness to lead in SMR technology, while Doosan highlights growing market demand.
NuScale Power has partnered with the U.S. Reactor Forging Consortium to enhance U.S. supply chain capabilities as the company moves closer to commercializing its small modular reactor technology. The consortium includes North American Forgemasters and aims to support job retention and expansion in U.S. manufacturing. This agreement aligns with the U.S. Department of Energy’s strategy for securing clean energy supply chains. Additionally, a grant from the Commonwealth of Pennsylvania will fund research into using stainless steel for reactor components, furthering job creation.
Spring Valley Acquisition Corp. (NASDAQ: SV, SVSVW) announced that the SEC declared effective its Registration Statement for the business combination with NuScale Power. This merger will establish NuScale as the first publicly traded company focused on advanced nuclear small modular reactor (SMR) technology. The special shareholder meeting is set for April 28, 2022, to vote on the agreement. The combined company's shares are expected to trade under the ticker 'SMR' post-merger, following the anticipated closing of the transaction. Significant investor interest continues with $236 million in PIPE commitments secured.
Nucor Corporation (NYSE: NUE) announced a $15 million investment in NuScale Power, a firm specializing in small modular reactor (SMR) technology. This funding will support NuScale's commercial development and is part of a private placement via Spring Valley Acquisition Corp. (NASDAQ: SV, SVSVW). Nucor aims to enhance its sustainability efforts, seeking reliable energy sources for its operations. The Nuclear Regulatory Commission has approved NuScale's technology, marking a significant achievement in the SMR sector.
NuScale Power has secured a $15 million PIPE investment from Nucor Corporation, increasing total commitments to $236 million as part of its business combination with Spring Valley Acquisition Corp. This financing includes a total of $165 million since the merger announcement, with significant backing from Fluor and other investors. The funds will support the commercialization of NuScale's advanced small modular reactor technology, which provides a clean, reliable energy source. The transaction is expected to close in Q2 2022, pending shareholder approval.
NuScale Power has announced a strategic investment of $110 million from Japan NuScale Innovation, LLC, and the Japan Bank for International Cooperation (JBIC). This investment strengthens U.S.-Japanese collaboration in advanced nuclear energy technology and positions JNI as NuScale's second largest investor. The funding follows previous investments from JGC Corporation and IHI Corporation. NuScale aims to leverage this partnership to advance its goal of delivering reliable, carbon-free energy and to support the global transition to clean energy.
NuScale Power and Spring Valley Acquisition Corp. announced an increase in the PIPE investment commitment from
NuScale Power and Dairyland Power Cooperative have signed a memorandum of understanding (MOU) to evaluate NuScale's advanced nuclear technology, focusing on safe, clean, and cost-effective energy solutions. This collaboration aims to explore the deployment of NuScale's small modular reactors, which are flexible for renewable energy integration and suitable for replacing retiring coal plants. The partnership aligns with Dairyland’s goals to provide carbon-free electricity to its members.
