NuScale Power Raises $192M in Strategic Funding

NuScale Power, a Portland, Oregon-based nuclear technology company, raised $192m in strategic funding.

The company intends to use the funds to accelerate the commercialization of its advanced nuclear technology.

The funding came from a diverse base of strategic investors and totalled $152m, closing out NuScale’s A-5 round of investments, bringing the companyÔÇÖs total funding year to date to approximately $192m. Backers in the $152m round included GS Energy,┬áDoosan Heavy Industry and Construction,┬áIHI Corporation,┬áSamsung C&T Corporation,┬áSargent & Lundy┬áand┬áSarens. This funding follows a $40m investment from┬áJGC Holdings Corporation┬áraised earlier this year.

Led by John Hopkins, Chairman and Chief Executive Officer, NuScale is a developer of a small modular reactor (SMR) that delivers carbon-free nuclear power. The company has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, and other process heat applications. This small modular reactor (SMR) design features a fully factory-fabricated power module capable of generating 77 MW of electricity using a scalable version of pressurized water reactor technology. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with a 70-year history in commercial nuclear power.

Since 2007, the company has invested hundreds of millions in the development and commercialization of its SMR technology, which includes both private investments and cost-sharing awards from the U.S. Department of Energy (DOE). In August 2020, NuScale received design approval from the U.S. Nuclear Regulatory Commission (NRC), and in July of 2021, the Commission published the proposed rule that would certify the NuScale design ÔÇô a step towards the construction and deployment of this SMR technology.

NuScale is headquartered in Portland, OR, and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK.

FinSMEs

03/08/2021