Participated · Series A · Aug 2021

NuScale Power develops modular light-water reactor technology including the NuScale Power Module (NPM) and scalable VOYGR power plants for electricity, district heating, desalination, hydrogen production and other process heat applications. The NPM is a 77 MWe pressurized water reactor and NuScale offers VOYGR configurations such as the VOYGR-4, VOYGR-6 and the VOYGR-12 (924 MWe). The company aims to commercialize America’s first SMR and to replicate public-private partnerships—citing collaboration with Fluor and the U.S. Department of Energy—to accelerate global deployment. NuScale has a definitive business combination agreement with Spring Valley Acquisition Corp. that, upon closing, would make the company publicly traded under the ticker "SMR." Fluor Corporation remains the majority investor and continues to provide engineering, procurement, project management and construction expertise. Recent strategic investments from Japanese partners, now including JBIC via JNI, strengthen international support for NuScale’s deployment and decarbonization plans. NuScale Power develops a small modular reactor (SMR) design built around the factory‑fabricated NuScale Power Module, each capable of generating 77 MW. Its scalable plant designs can house up to four, six, or 12 modules and target electricity, district heating, desalination, and other process‑heat applications. The company reported $152 million in recent private capital that closed out its A‑5 round and roughly $192 million total funding year‑to‑date, including a prior $40 million from JGC Holdings. NuScale has received cost‑sharing awards from the U.S. Department of Energy and congressional support that have accelerated its NRC Design Certification process. The SMR design received NRC design approval in August 2020 and the Commission published a proposed rule to certify the design in July 2021—important steps toward commercial deployment. NuScale is advancing supply chain development, standard plant design, plant delivery planning, and startup and commissioning activities. The company is headquartered in Portland, OR, and Fluor Corporation is its majority investor. NuScale Power has developed a modular light-water small modular reactor (SMR) design built around factory-fabricated 77 MW NuScale Power Modules that can be combined into plants of four, six, or 12 modules. The design received U.S. Nuclear Regulatory Commission approval in August 2020 and NuScale is pursuing commercialization of the technology by the end of the decade. NuScale positions its plants for electrical generation, district heating, desalination, and other process-heat applications. The company is working with Fluor on the UAMPS project to bring the world’s first clean-energy, carbon-free SMR project to commercialization. NuScale recently secured a cash investment and commercial relationship with IHI Corporation, which will be a preferred supplier of certain manufactured components for NuScale Plants globally. Fluor is the majority investor in NuScale, and the IHI investment follows a prior Japanese agreement with JGC Holdings Corporation, reflecting growing international interest in NuScale’s SMR design. NuScale Power has developed a modular light water reactor design—the NuScale Power Module—capable of generating 77 MW of electricity per module and intended for electricity, district heating, desalination, and process heat. Its factory‑fabricated, scalable design allows plants to house up to four, six, or 12 modules, aiming to deliver carbon‑free energy with lower upfront commitments than gigawatt‑scale plants. NuScale’s SMR design received U.S. Nuclear Regulatory Commission approval in August 2020 and the company says it is maintaining momentum toward commercialization by the end of this decade. NuScale is working with Fluor Corporation (its majority investor and U.S. EPC partner) and with Utah Associated Municipal Power Systems (UAMPS) to advance the world’s first commercial SMR project. The company reports growing domestic and international customer interest and has signed agreements with entities in the U.S. and abroad. NuScale is headquartered in Portland, OR, and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK. NuScale Power designs a modular, scalable light water reactor system composed of individual integral PWR modules, each producing 45 MW and configurable up to 12 modules (540 MW) per plant. The design emphasizes inherent safety, combined containment for each module, and the ability to take individual units offline for maintenance or refueling without affecting others. The initial concept was developed at Oregon State University from 2000–2003 with U.S. Department of Energy support. NuScale is an Oregon corporation with more than 70 employees and maintains a customer advisory board of 11 major U.S. and Canadian utilities, including MidAmerican Energy. With Fluor's recent investment and contractual support, NuScale expects to accelerate commercialization and market entry. The company will continue to operate independently while leveraging Fluor's EPC capabilities and industry experience.