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NuScale Power Closes Merger With Spring Valley Acquisition; John Hopkins Quoted

NuScale Power will begin trading Tuesday, May 3, on the New York Stock Exchange after it completed its merger with blank check company Spring Valley Acquisition (Nasdaq: SV) that was first announced in December.

Shareholders at special purpose acquisition company Spring Valley approved the business combination Thursday and the combined entity will operate as NuScale Power and list its stock and warrants on NYSE using the ticker symbols “SMR” and “SMR WS,” respectively, the companies said in a joint release Monday.

The combined company will have an enterprise value of about $1.9 billion and the capital to bring to market its nuclear small modular reactor technology.

NuScale President and CEO John Hopkins will take the helm of the publicly listed company.

Today marks a historic moment for NuScale as we become the first publicly traded company focused on the design and deployment of SMR technology. As a public company, we can accelerate our efforts to help meet the world’s urgent clean energy needs,” Hopkins said.

Joining Hopkins on NuScale’s leadership team are Chief Financial Officer Chris Colbert, Chief Technology Officer Jose Reyes and Dale Atkinson, chief operating officer and chief nuclear officer.

Spring Valley CEO Christopher Sorrells will serve on NuScale’s board of directors.

Fluor (NYSE: FLR) will continue to own a majority interest in the combined entity and provide engineering, supply chain, project management and administrative support services for NuScale.

The combination generated approximately $380 million, including $235 million from private investment in public equity investors, including Nucor, DS Private Equity, Samsung C&T, SailingStone Capital Partners and Segra Capital Management.

In addition to Fluor, other existing investors that have placed 100 percent of their equity into the new entity are Doosan Enerbility, Samsung C&T, JGC Holdings, IHI, Japan Bank for International Cooperation, GS Energy, Enercon Services, Sargent & Lundy and Sarens.

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