Total committed PIPE investment increased from
$211 million to $221 million
Additional institutional investment
demonstrates strong investor support for NuScale’s technology and
business combination
SailingStone Capital Partners and Pickering
Energy Partners merged in 2021 to form a leading global natural
resources financial services firm
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, SVSVW) (“Spring Valley”), a publicly
traded special purpose acquisition company, today announced that
SailingStone Capital Partners (“SailingStone”), a subsidiary of
Pickering Energy Partners LP, has committed to a $10 million
private investment in public equity (“PIPE”) in furtherance of the
NuScale-Spring Valley merger transaction, increasing the total PIPE
commitment for this transaction up to $221 million.
SailingStone provides investment solutions in the global natural
resource space with a specific focus on the industrial businesses,
commodities and infrastructure assets, which will enable the energy
transition. This latest commitment further demonstrates the breadth
and strength of investor interest in NuScale’s SMR technology and
the multifaceted role the company is poised to play in the global
energy transition. It also follows NuScale and Spring Valley’s
announcement in February of the satisfaction of contingencies
securing a $30 million PIPE commitment from Samsung C&T
Corporation which ensured that, pending satisfaction of remaining
closing conditions, the minimum cash threshold for the business
combination can be met.
“As a first mover in this space, NuScale is developing
pioneering SMR technology that is crucial to achieving net zero GHG
emissions targets,” said Ken Settles, Managing Director with
SailingStone. “SailingStone is excited to partner with NuScale to
bring this important technology to market and help shape the future
of the energy sector.”
“We are excited to welcome another excellent institutional
partner in SailingStone,” said John Hopkins, President and Chief
Executive Officer of NuScale. “This additional commitment further
solidifies our already strong financial position as we prepare to
become a public company. The need for safe, reliable and affordable
carbon-free energy is clear and urgent, and we are proud to receive
yet another endorsement in our company and the significant role we
can play in de-carbonizing the global energy industry.”
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.
The $221 million in total PIPE proceeds, along with more than
$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.
SailingStone is joined by several other global financial and
strategic investors committed to the PIPE, including DS Private
Equity, Samsung C&T Corporation and Segra Capital Management,
with participation by Spring Valley’s sponsor, Pearl Energy
Investment Management, LLC.
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 Power
NuScale Power 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. This groundbreaking small modular
reactor (SMR) technology is offered in scalable sizes, including a
VOYGR™-12 power plant, which includes 12 (77 MWe) NuScale Power
Modules™ (NPM), using a safer, smaller, and scalable version of
pressurized water reactor technology. NuScale also offers smaller
power plant solutions, the four-module VOYGR-4 (308 MWe) and
six-module VOYGR-6 (462 MWe), though others will be possible. With
an array of flexible power options, NuScale is poised to meet the
diverse energy needs of customers across the world. The majority
investor in NuScale is Fluor Corporation, a global engineering,
procurement, and construction company with more than 70 years
supporting nuclear projects.
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 Power's
website.
On December 14, 2021, NuScale announced a definitive business
combination agreement with Spring Valley Acquisition Corp. (Nasdaq:
SV, SVSVW). Upon the closing of the business combination, NuScale
will become publicly traded under the new ticker symbol “SMR.”
Additional information about the transaction can be viewed here:
https://www.nuscalepower.com/about-us/investors
About Spring Valley Acquisition Corp.
Spring Valley Acquisition Corp. (NASDAQ: SV, SVSVW) 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 SailingStone Capital Partners
SailingStone Capital Partners, a subsidiary of Pickering Energy
Partners, is a dedicated global natural resource investment advisor
focused on providing institutional investors access to a broad
array of solutions related to the energy transition across the
upstream natural resource space. SailingStone offers strategies
which span evergreen public equity funds, opportunistic return of
capital strategies and unique access to direct investments in
private companies. As an engaged owner with a five-to ten-year
investment horizon, SailingStone has always held its portfolio
companies to a high ESG standard, with many investments posting
industry-leading performance on methane capture, carbon
sequestration, water recycling and community engagement/development
initiatives. For more information, please visit
www.SailingStoneCapital.com or
www.PickeringEnergyPartners.com.
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/20220329005410/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
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