US-based Spring Valley Acquisition Corp, a publicly-traded special purpose acquisition company, announced on 28 April that in a special meeting its shareholders had voted to approve the proposed business combination with NuScale Power. The transaction is expected to raise approximately $380 million from a combination of Spring Valley trust proceeds and private investment in public equity (PIPE) commitments. The Business Combination is expected to close on 2 May, subject to the satisfaction or waiver of all closing conditions.

As part of the Business Combination, Spring Valley will change its name to NuScale Power Corporation (NuScale Corp). Trading is expected to begin on the New York Stock Exchange on 3 May under the ticker symbols “SMR” for NuScale common stock and “SMR WS” for NuScale warrants.

Spring Valley Acquisition Corp is a special purpose acquisition company formed for the purpose of entering into a merger or similar business combination with one or more businesses or entities focusing on sustainability, including clean energy and storage, smart grid/efficiency, environmental services and recycling, mobility, water and wastewater management, advanced materials and technology enabled services. Spring Valley’s sponsor is supported by Pearl Energy Investment Management, a Dallas, Texas based investment firm with $1.2 billion of committed capital under management, which focuses on partnering with best-in-class management teams to invest in the North American energy and sustainability sectors.

NuScale Power has developed a small modular pressurised light water reactor to supply energy for electrical generation, district heating, desalination, hydrogen production and other process heat applications. The NuScale Power Module can generate 77MWe of electricity and can be scaled to meet customer needs. The VOYGR-12 power plant is capable of generating 924MWe, and NuScale also offers the four-module VOYGR-4 (308 MWe) and six-module VOYGR-6 (462 MWe) and other configurations based on customer needs. The majority investor in NuScale is Fluor Corporation,