Fluor-Backed NuScale Power Signs Agreement to Accelerate Small Modular Reactor Commercialization

Fluor Corporation (NYSE: FLR) announced today that NuScale Power, LLC, in which Fluor is the majority investor, has signed a merger agreement with Spring Valley Acquisition Corp. (NASDAQ: SV) (Spring Valley). Fluor has invested more than $600 million in NuScale Power since 2011 to help bring its technology to market. The proposed transaction is anticipated to close in the first half of 2022 subject to customary closing conditions. Upon completion of the transaction, Fluor projects to own approximately 60 percent of the combined company, based on the PIPE investment commitments received and the current equity and in-the-money equity equivalents of NuScale Power and Spring Valley.

“Fluor expects that the proposed transaction will bolster and accelerate the path to commercialization and deployment of NuScale Power’s unique small modular nuclear reactor technology,” said Alan Boeckmann, executive chairman, Fluor. “This is the next step in Fluor’s plan, first outlined 10 years ago, to work closely with NuScale Power, Congress, and the Department of Energy to commercialize this unique carbon-free energy technology.

“Today’s announcement is further evidence that cost-shared government funding to build first-of-a kind commercial scale technology can attract private investment and yield results. Fluor will continue to serve as an important partner by providing NuScale Power and its clients with world-class expertise in engineering services, project management and supply chain support,” Boeckmann said.

NuScale Power is the developer of the only SMR technology that has received Standard Design Approval from the U.S. Nuclear Regulatory Commission (NRC). After merging with Spring Valley, the combined company will become the first and only publicly-traded company focused on the development of advanced SMR technology.

NuScale Power’s innovative, carbon-free nuclear power solution offers clients safe, scalable, and deployable 77-megawatt modules in configurations of four, six, or 12 modules. The SMR technology can be integrated into electric grids to complement existing renewable energy sources and provide ongoing, consistent, and reliable baseload power.

Fluor, together with NuScale Power, continues to advance the first SMR cost-reimbursable services contract with Utah Associated Municipal Power Systems (UAMPS). UAMPS awarded Fluor a contract in January 2021 to provide estimating, development, design, and engineering services for its Carbon-Free Power Project.