US-based NuScale Power said on 14 December it had entered into a business combination agreement with Spring Valley Acquisition Corp. The combined company, which will be named NuScale Power Corporation, will have an estimated pro-forma enterprise value of approximately $1.9 billion and will be listed under the ticker symbol “SMR” upon closing.
The transaction includes a $181 million oversubscribed, fully committed common stock PIPE anchored by global financial and strategic investors such as Samsung C&T Corporation, DS Private Equity and Segra Capital Management, with participation by Spring Valley’s sponsor, Pearl Energy.
NuScale’s proprietary and innovative NuScale Power Module is the only viable, near-term deployable US advanced nuclear small modular reactor (SMR) technology – the first and only SMR to receive Standard Design Approval from the US Nuclear Regulatory Commission. The transaction is expected to provide gross proceeds of up to $413 million to bolster and accelerate the commercialisation of NuScale’s SMR technology.
NPM is capable of generating 77Mwe. NuScale’s VOYGR power plant design can accommodate configurations of four, six and 12 modules with a maximum installed capacity of up to 924MW.
NuScale is currently working with a major regional utility customer, Utah Associated Municipal Power Systems (UAMPS), to deploy a NuScale VOYGR power plant in 2029. NuScale has a robust and growing customer development pipeline, with 19 Memoranda of Understanding (MOUs) or agreements in 11 countries.
Existing NuScale shareholders, including majority owner Fluor, will retain their equity in NuScale and roll it into the combined company. Fluor will also continue to provide NuScale with engineering services, project management, administrative and supply chain support. Additional existing strategic investors in NuScale include Doosan Heavy Industries and Construction, Samsung C&T Corporation, JGC Holdings Corporation, IHI Corporation, Enercon Services, Inc., GS Energy, Sarens and Sargent & Lundy. The transaction is expected to close in the first half of 2022 and is subject to approval by Spring Valley’s shareholders as well as other customary closing conditions.
NuScale installs simluator at Texas A&M
NuScale Power also recently installed a new simulation laboratory at Texas A&M University. The lab is the third of its kind built in the United States and will be used to help broaden the understanding of the company’s small modular reactor (SMR) technology.
The SMR simulation lab was installed at the Centre for Advanced Small Modular and Micro Reactors (CASMR) facility in College Station, Texas. The simulator provides a hands-on learning experience in operating a 12-unit NuScale SMR power plant and allows users to observe the plant’s responses based on their input.
The simulator helps facilitate research into human factors engineering, human-system interface design, advanced diagnostics, cyber security, and plant control automation. It will also be used for education and public outreach activities on next-generation nuclear technologies.
“The simulator will help enhance CASMR’s outreach opportunities and broaden the understanding of the working of state-of-the-art modular nuclear plants among students, researchers and operators at off-site locations,” said Dr Yassin Hassan, director of CASMR,?Regents Professor and holder of the Peterson Chair in the Texas A&M University College of Engineering.
“The Department of Energy (DOE) and its university partners are playing a pivotal role in the development and deployment of SMR technologies,” said Suibel Schuppner, the director of the Office of Nuclear Energy Technologies at DOE. “These simulation laboratories are an incredible asset in helping to train our future workforce on advanced nuclear technologies.”
NuScale partnered with Texas A&M Engineering Experiment Station through a $286,000 grant from DOE’s Nuclear Energy University Programme. The company’s Energy Exploration Centre is the third and final facility funded through the grant to advance SMR research and workforce training. NuScale also installed simulation labs in Idaho and Oregon. DOE has invested more than $400 million since 2014 to accelerate the development and deployment of SMRs.