NuScale Power plans to merge with Spring Valley Acquisition Corp to create a new “first of its kind” energy company to accelerate the commercialization of NuScale’s small modular reactor (SMR). The new publicly listed company will be named NuScale Power Corporation.
NuScale’s proprietary NuScale Power Module is a pressurised water reactor with all the components for steam generation and heat exchange incorporated into a single unit, capable of generating up to 77 MWe. In 2020, it became the first – and to date, only – SMR to receive standard design approval from the US Nuclear Regulatory Commission. The company offers plant configurations of four, six and 12 power modules under the recently announced VOYGR name.
NuScale is currently working with Utah Associated Municipal Power Systems to deploy a NuScale VOYGR power plant in 2029.
The new deal is worth an estimated USD1.9 billion. NuScale expects gross cash proceeds of USD413 million on completion, including USD181 million of so-called PIPE investments from Samsung C&T Corporation, DS Private Equity, Segra Capital Management and Pearl Energy. NuScale intends to use these proceeds to fund its path to commercialization.
SOURCEs- NuScale, World Nuclear News
Written By Brian Wang, Nextbigfuture.com
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.
