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Small Nuclear Developer NuScale to Go Public Through SPAC Deal

  • Combining with Spring Valley has $1.9 billion enterprise value
  • NuScale is only company to win NRC approval for SMR technology
John Hopkins, chairman and chief executive officer of NuScale Power.

John Hopkins, chairman and chief executive officer of NuScale Power.

Photographer: Aaron M. Sprecher/Bloomberg

NuScale Power LLC, a nuclear technology company that’s majority-owned by Fluor Corp., is planning to go public through a deal with blank-check company Spring Valley Acquisition Corp. 

The combination of Portland, Oregon-based NuScale and the special purpose acquisition vehicle will have an estimated pro-forma enterprise value of $1.9 billion and Fluor will have a 60% stake, according to a statement Tuesday. NuScale anticipates gross proceeds of as much as $413 million.