Modular reactor developer NuScale completes SPAC merger, starts trading on NYSE

Shares of NuScale Power Corp., a U.S. developer of small modular nuclear reactors, started trading May 3 on the New York Stock Exchange under the ticker symbol SMR.

The company went public after completing its merger with Spring Valley Acquisition Corp., a special purpose acquisition company backed by Pearl Energy Investments. The combined entity is expected to have an enterprise value of approximately $1.9 billion, NuScale said in a May 2 news release.

NuScale received $380 million in gross proceeds from the transaction, including $235 million from private investment in public equity investors. The company said it plans to use proceeds to accelerate the commercialization of its small modular reactor technology.

"Our mission at NuScale has always been simple: to develop a safer, smarter and more cost-effective form of advanced nuclear power capable of meeting a wide spectrum of future electric and thermal energy needs — from replacing coal-fired plants with carbon-free, dispatchable baseload electricity to powering commercial-scale water desalination and clean hydrogen production," NuScale President and CEO John Hopkins said.

Hopkins will continue to lead NuScale, along with Chris Colbert as CFO, José Reyes as chief technology officer, and Dale Atkinson as COO and chief nuclear officer. Spring Valley CEO Christopher Sorrells is joining NuScale's board.

Fluor Corp. continues to be a majority interest holder in NuScale and will provide engineering services, project management, administrative and supply chain support, the release said.

Guggenheim Securities LLC was financial adviser to NuScale and Fluor. Cowen was financial adviser and lead capital markets adviser, while Wells Fargo Securities was capital market adviser to Spring Valley. Guggenheim Securities LLC and Cowen were placement agents to Spring Valley in connection with the private investment in public equity offering.

Stoel Rives LLP was legal counsel to NuScale; Gibson Dunn & Crutcher LLP was legal counsel to Fluor; White & Case LLP was legal counsel to the placement agents; and Kirkland & Ellis LLP was legal counsel to Spring Valley.

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