NuScale Power has agreed to merge with blank check company Spring Valley Acquisition (NASDAQ: SV) in a transaction that would take the Fluor-backed (NYSE: FLR) company public and help commercialize its small modular reactor technology.
Fluor said Tuesday it has invested over $600 million in NuScale since 2011 and expects to own about 60 percent of the combined entity upon the deal’s closing, which is expected in the first half of 2022.
Alan Boeckmann, executive chairman of Fluor, said the transaction marks the next step in Fluor’s plan to collaborate with NuScale, the Department of Energy and Congress to commercialize the carbon-free SMR nuclear power technology.
He added that Fluor will continue to partner with NuScale to provide its customers expertise in project management, supply chain support and engineering.
NuScale has secured the Nuclear Regulatory Commission’s Standard Design Approval for SMR, which can provide 77-megawatt modules and can supplement renewable energy sources by integrating the technology into electric grids.