NUSCALE POWER Corp (SMR)

NuScale Power Corporation (formerly Spring Valley Acquisition Corp., which became NuScale Corp following its merger with NuScale Power, LLC) is developing proprietary small modular reactor (SMR) technology intended to deliver safe, scalable, cost-effective, and reliable carbon-free power. Its core product, the NuScale Power Module (NPM), leverages established light water reactor principles with simplified, passive safety systems, and can generate up to 77 MWe per module. The company's flagship VOYGR power plant designs are scalable, ranging from four to twelve modules (VOYGR-4, VOYGR-6, and VOYGR-12), with the largest configuration producing up to 924 MWe.

Since 2007, NuScale and the U.S. Department of Energy (DOE) have invested over $1.4 billion in developing this technology, resulting in 469 issued patents and 186 pending applications. In 2020, NuScale's 12-module VOYGR-12 design became the first SMR to receive a Standard Design Approval (SDA) from the U.S. Nuclear Regulatory Commission (NRC), with final rulemaking effective February 2023; the company applied in December 2022 for an SDA to increase NPM output from 50 MWe to 77 MWe, expected in 2024, and anticipates module delivery readiness by 2028. Beyond reactor and plant sales, NuScale offers a suite of recurring services including licensing support, testing, training, fuel supply, and program management, expected to generate revenue beginning roughly eight years before a plant's commercial operation and continuing throughout its operating life.

The company's first customer is Utah Associated Municipal Power Systems (UAMPS), which plans to deploy a six-module VOYGR-6 plant (462 MWe) as part of the Carbon Free Power Project (CFPP) at Idaho National Laboratory, with construction targeted for 2025 and commercial operation by 2029; this project depends on a $1.355 billion DOE cost-share award subject to congressional appropriations. NuScale has also signed a teaming agreement with Romania's S.N. Nuclearelectrica for potential deployment as early as 2029, and reports a sales pipeline of over 120 active customer opportunities and 17 signed memoranda of understanding globally. The company has incurred significant losses since inception and expects continued losses as it works toward commercialization, facing risks including reliance on NuScale LLC and Fluor Enterprises (a strategic partner and significant investor), dependence on regulatory approvals in the U.S. and abroad, competitive pressure from established SMR operators in China and Russia, supply chain scalability, public perception of nuclear energy, and the uncertain, evolving market for SMR technology.

Additional risks relate to its corporate structure, including obligations under a Tax Receivable Agreement, its status as a controlled company and emerging growth company under NYSE and SEC rules, potential dilution from outstanding warrants, and volatility in its Class A common stock price following the Merger with Spring Valley.