Investment from the preeminent U.S. steel
manufacturer increases total committed PIPE investment to $236
million
In total since the merger announcement in
December, $165 million of NuScale equity has been secured in PIPE
commitments or sold at ~$10 per share, including $55 million in
PIPE commitments and Fluor’s $110 million secondary sale to
JBIC
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
Nucor Corporation (NYSE: NUE) (“Nucor”) has committed to a $15
million private investment in public equity (“PIPE”) in furtherance
of the NuScale-Spring Valley business combination. This increases
the total PIPE commitment for this transaction to $236 million.
Nucor is the largest and most diversified steel and steel
products company in North America. Headquartered in Charlotte,
North Carolina, Nucor has more than 300 operating facilities and is
also North America’s largest recycler, processing approximately 20
million tons of ferrous scrap annually to produce new steel that is
100% recyclable at the end of its useful life.
“The world’s need for a diverse mix of clean energy has never
been more apparent, and we are thrilled to welcome Nucor and look
forward to exploring potential opportunities with utilities across
Nucor’s steelmaking footprint,” said John Hopkins, President and
Chief Executive Officer of NuScale. “NuScale continues to build an
impressive and diverse group of investors and strategic partners
who recognize the compelling value of our carbon-free energy
solution and our leading position in the global SMR race.”
Nucor President and Chief Executive Officer Leon Topalian said,
“Sustainability is driving the business decisions of leading
companies around the world. As America’s largest steel producer and
a significant energy consumer, we are looking for safe and reliable
sources of power generation that are consistent with our
sustainability goals. The continued development of small modular
nuclear reactors is critical to ensure our nation has carbon-free,
baseload power, which is why we are making this investment in
NuScale.”
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. 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.
With this additional $15 million PIPE commitment from Nucor,
NuScale and Spring Valley have secured $55 million in additional
PIPE funding since announcing their initial business combination
agreement in December 2021. In March, SailingStone Capital Partners
committed to a $10 million PIPE investment, following the February
announcement of the satisfaction of the previously disclosed
contingency with respect to $30 million of the 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. Including
Fluor’s $110 million secondary sale to JBIC, $165 million of
NuScale equity has been secured in PIPE commitments or sold by
Fluor at approximately $10 per share since the announcement in
December.
The $236 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.
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 Nucor
Nucor and its affiliates are manufacturers of steel and steel
products, with operating facilities in the United States, Canada
and Mexico. Products produced include: carbon and alloy steel -- in
bars, beams, sheet and plate; hollow structural section tubing;
electrical conduit; steel racking; steel piling; steel joists and
joist girders; steel deck; fabricated concrete reinforcing steel;
cold finished steel; precision castings; steel fasteners; metal
building systems; insulated metal panels; steel grating; and wire
and wire mesh. Nucor, through The David J. Joseph Company, also
brokers ferrous and nonferrous metals, pig iron and hot briquetted
iron / direct reduced iron; supplies ferro-alloys; and processes
ferrous and nonferrous scrap. Nucor is North America's largest
recycler.
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/20220406005439/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: Ryan Dean, NuScale media@nuscalepower.com
Max Gross, Finsbury Glover Hering for NuScale max.gross@fgh.com
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