Total committed PIPE investment increased from
$181 million to $211 million, ensuring that, pending satisfaction
of remaining closing conditions, the minimum cash threshold for the
business combination can be met
NuScale Power, LLC (“NuScale” or the “Company”), the
industry-leading provider of proprietary and innovative advanced
nuclear small modular reactor (“SMR”) technology, and Spring Valley
Acquisition Corp. (NASDAQ: SV) (“Spring Valley”), a publicly traded
special purpose acquisition company, today announced that the
previously disclosed contingency with respect to $30 million of
Samsung C&T Corporation’s (“Samsung C&T”) PIPE investment
has been satisfied.
In December 2021, NuScale and Spring Valley entered into a
definitive business combination agreement to create a
first-of-its-kind energy company poised to power the global energy
transition by delivering safe, scalable and reliable carbon-free
nuclear power. This $30 million of Samsung C&T’s $50 million
PIPE commitment was previously contingent upon the entry into a
commercial arrangement among Samsung C&T, Fluor Enterprises
Inc. and NuScale. Samsung C&T’s $50 million PIPE commitment is
in addition to its previous $20 million equity investment in June
2021. As a result, Samsung C&T has committed a total investment
of $70 million in NuScale. With the satisfaction of this
contingency, the enhanced commitment by Samsung C&T brings
commitments in the PIPE transaction to $211 million. These
proceeds, along with over $232 million in Spring Valley’s trust
account, subject to redemptions by Spring Valley’s shareholders,
will be used to bolster and accelerate the commercialization of
NuScale’s SMR technology. Pending the satisfaction of customary
closing conditions to the PIPE investment, the combined PIPE
investment and balance of Spring Valley’s trust account should
ensure that the minimum cash closing condition of the business
combination can be met.
“Samsung C&T Corporation’s enhanced investment in NuScale
reflects our belief that NuScale and its industry-leading SMR
technology are poised to play a significant and multifaceted role
in the global energy transition,” said Byung Soo Lee, Executive
Vice President and Head of Business Development Division of Samsung
C&T. “We are excited to continue to support NuScale during this
important next phase of opportunity and growth.”
“U.S. and international momentum continues to build for nuclear.
Whether it’s the European energy crisis or retirement of U.S. coal
plants, the macro tailwinds are undeniable and the fundamental
benefits of SMRs and NuScale are clear,” said John Hopkins,
President and Chief Executive Officer of NuScale. “We are grateful
to have such a strong and experienced partner in Samsung C&T
Corporation as we work to bring our trailblazing SMR technology to
more customers around the world.”
NuScale is the provider of a proprietary and innovative advanced
nuclear power solution, the NuScale Power Module™ (“NPM”), which is
the only viable, near-term deployable SMR technology. Capable of
generating 77 megawatts electric (“MWe”) of electricity, the NPM is
safe, reliable and scalable – NuScale’s VOYGR™ power plant design
can accommodate configurations of four, six and 12 modules that can
provide up to 924 megawatts of electricity.
NuScale’s NPM can serve as a reliable, carbon-free source of
power that complements renewable sources such as wind, solar and
hydropower generation. The NPM can provide consistent baseload
power with available load-following, no matter the time of day,
weather or season. Its unique design and safety features allow it
to be easily integrated into electric grids or used in a variety of
industrial applications such as water desalination,
commercial-scale hydrogen production and carbon-capture
technology.
Samsung C&T is joined by several other global financial and
strategic investors committed to the PIPE, including DS Private
Equity and Segra Capital Management, with participation by Spring
Valley’s sponsor, Pearl Energy.
The transaction is expected to close in the second quarter of
2022 and is subject to approval by Spring Valley’s shareholders as
well as other customary closing conditions.
About NuScale
NuScale is poised to meet the diverse energy needs of customers
across the world. It has developed a new modular light water
reactor nuclear power plant to supply energy for electrical
generation, district heating, desalination, hydrogen production and
other process heat applications. The groundbreaking NuScale Power
Module™, a small, safe pressurized water reactor, can generate 77
MWe of electricity and can be scaled to meet customer needs. The
VOYGR™-12 power plant is capable of generating 924 MWe, 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, a global
engineering, procurement and construction company with a 70-year
history in commercial nuclear power.
NuScale is headquartered in Portland, OR and has offices in
Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and
London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale
Power, LLC, LinkedIn: NuScale-Power and Instagram: nuscale_power.
Visit NuScale's website.
About Spring Valley Acquisition Corp.
Spring Valley Acquisition Corp. (NASDAQ: SV) 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, LLC, a Dallas,
Texas based investment firm that focuses on partnering with
best-in-class management teams to invest in the North American
energy industry.
About Samsung C&T’s Engineering & Construction
Group
Samsung C&T’s Engineering & Construction Group with 45
years of engineering and construction experience in commercial and
residential buildings, civil infrastructure and plant construction
throughout the world, is also a total technology solution provider
which covers entire value chains for the overall advancement and
transformation of building environments with safety and
sustainability as its core value. Its notable projects include Burj
Khalifa, the world’s tallest building, Riyadh Metro Project in
Saudi Arabia and the UAE’s 5,600MW Barakah Nuclear Power Plant
Project.
Find out more about Samsung C&T NewsroomSamsung
C&T Official Website
No Offer or Solicitation
This release does not constitute an offer to sell or a
solicitation of an offer to buy, or the solicitation of any vote or
approval in any jurisdiction in connection with a proposed
potential business combination among Spring Valley and NuScale or
any related transactions, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction where, or to any person
to whom, such offer, solicitation or sale may be unlawful. Any
offering of securities or solicitation of votes regarding the
proposed transaction will be made only by means of a proxy
statement/prospectus that complies with applicable rules and
regulations promulgated under the Securities Act of 1933, as
amended (the “Securities Act”), and Securities Exchange Act of
1934, as amended, or pursuant to an exemption from the Securities
Act or in a transaction not subject to the registration
requirements of the Securities Act.
Forward Looking Statements
This release may contain “forward-looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target” or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical facts. These
forward-looking statements are inherently subject to risks,
uncertainties and assumptions. Such forward-looking statements
include, but are not limited to, information concerning the timing
and anticipated results of the proposed Business Combination.
Actual results may differ materially as a result of a number of
factors, including those factors discussed in Spring Valley’s final
prospectus dated November 25, 2020 and in the Registration
Statement under the heading “Risk Factors,” and other documents
Spring Valley has filed, or will file, with the SEC. Caution must
be exercised in relying on these and other forward-looking
statements. Due to known and unknown risks, NuScale’s results may
differ materially from its expectations and projections. While
Spring Valley and NuScale may elect to update these forward-looking
statements at some point in the future, Spring Valley and NuScale
specifically disclaim any obligation to do so. These
forward-looking statements should not be relied upon as
representing Spring Valley’s and NuScale’s assessments of any date
subsequent to the date of this release. Accordingly, undue reliance
should not be placed upon the forward-looking statements.
Additional Information and Where to Find It
The proposed Business Combination will be submitted to
shareholders of Spring Valley for their approval. The Registration
Statement that Spring Valley has filed with the SEC includes a
proxy statement/prospectus, which will be distributed to Spring
Valley’s shareholders in connection with Spring Valley’s
solicitation of proxies for the vote on the proposed Business
Combination. After the Registration Statement has been declared
effective, Spring Valley will mail the proxy statement/prospectus
to Spring Valley shareholders as of the record date established for
voting on the proposed Business Combination and other matters to be
presented at the special meeting of Spring Valley shareholders.
Spring Valley’s shareholders and other interested persons are
advised to read the preliminary proxy statement/prospectus and any
amendments thereto because these documents contain important
information about Spring Valley, NuScale and the proposed Business
Combination. Shareholders may also obtain a copy of the proxy
statement/prospectus, as well as other documents filed with the SEC
regarding the proposed Transaction and other documents filed with
the SEC by Spring Valley, without charge, at the SEC’s website
located at www.sec.gov. A link to the Registration Statement, as
well as other information related to the transaction, can be found
on the “Investors” section of NuScale’s website at
www.nuscalepower.com/about-us/investors.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220202005294/en/
Spring Valley Acquisition Corp.: www.sv-ac.com Robert Kaplan
Investors@sv-ac.com
Investor inquiries: Gary Dvorchak, The Blueshirt Group for
NuScale ir@nuscalepower.com
Media inquiries: Diane Hughes, NuScale
media@nuscalepower.com
Sinovac Biotech (NASDAQ:SVA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sinovac Biotech (NASDAQ:SVA)
Historical Stock Chart
From Apr 2023 to Apr 2024