Following NuScale’s landmark announcement
with Spring Valley, new investment partners reaffirm NuScale’s
world-changing promise for clean energy
NuScale welcomes a new investment from world-class partners in
the Japan NuScale Innovation, LLC (JNI). Japan Bank for
International Cooperation (JBIC) has joined JNI in making a
strategic investment of $110 million in NuScale through a purchase
of equity from Fluor Corporation, who remains the majority owner in
NuScale. This investment in NuScale represents an expansion in
U.S.-Japanese cooperation to progress the deployment of advanced
nuclear energy technology.
In 2021, NuScale secured significant investments from Japanese
companies, JGC Corporation (JGC) and IHI Corporation (IHI),
signaling Japanese and global growing interest in NuScale as the
premier climate solution. JGC and IHI formed JNI as the conduit for
its NuScale investments. With this new announcement, the investment
will solidify JNI’s position as the single second largest investor
in NuScale Power.
JBIC is a policy-based financial institution of the Government
of Japan that conducts lending, investment and guarantee operations
while complementing private sector financial institutions, and the
organization has a priority to invest in businesses that will
protect the global environment.
In December 2021, the Japanese government announced it started
discussions on new clean energy strategy to reach net-zero by 2050,
and development of nuclear technology will play a crucial role in
achieving this carbon-neutral vision. JNI’s investment in NuScale
can deliver on turning this vision into reality.
“NuScale looks forward to having JNI as a significant NuScale
investor to move the world closer toward our goals of
decarbonization, while improving lives by supplying clean,
affordable, reliable energy,” said John Hopkins, NuScale President
and Chief Executive Officer. “This partnership capitalizes on
NuScale’s ongoing momentum to bring America’s first SMR to market
and to secure a better future for all.”
Replicating the successful public-private partnership with
NuScale, Fluor, and the U.S. Department of Energy, this investment
provides a robust platform to facilitate the rapid deployment of
NuScale’s safe, affordable and carbon-free energy around the globe.
Fluor Corporation continues to serve as an important partner by
providing NuScale and its clients with leading expertise in
international engineering, procurement, project management and
construction of complex energy projects.
This announcement continues the momentum from NuScale’s
definitive business combination agreement with Spring Valley
Acquisition Corp. (NASDAQ: SV, SVSVW) (“Spring Valley”) to create a
first-of-its-kind energy company that will deliver safe, scalable
and reliable carbon-free nuclear power. With this support, NuScale
is positioned to power the global energy transition and help
nations around the globe deliver on their clean energy goals.
About NuScale Power
NuScale Power 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™ (NPM), 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) plants and other configurations based
on customer needs. 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, Ore. and has offices in
Corvallis, Ore.; Rockville, Md.; Charlotte, N.C.; Richland, Wash.;
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. (“Spring
Valley”) (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
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. Actual results may differ materially
as a result of a number of factors. 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 NuScale may elect to update
these forward-looking statements at some point in the future
NuScale specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220404005295/en/
Diane Hughes, Vice President, Marketing & Communications,
NuScale Power dhughes@nuscalepower.com (C) (503) 270-9329
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