Upon completion of this SPAC transaction, the combined entity will be valued at almost $2 billion and will leave NuScale with over $400 million in cash proceeds, in part from a further PIPE fundraise. Fluor Corporation, currently a majority owner of NuScale, will hold about 60% of the company upon completion.
NuScale has been able to tout their NRC safety approval to begin lining up SMR customers around the world. According to a Bloomberg article, the company is fielding interest for 19 deals in 11 countries and may potentially complete a development in Romania before evening completing their first in the U.S. Given that NuScale can expect to see revenue even prior to when a new plant is complete, the company anticipates seeing meaningful revenue as early as 2024.
For more on NuScale’s plans, see Bloomberg’s Small Nuclear Developer NuScale to Go Public Through SPAC Deal, by Will Wade, December 14, 2021 and MarketWatch’s Fluor’s NuScale Power to Combine with SPAC Spring Valley, by Collin Kellaher, Dec. 14, 2021