Japanese Partners to Invest USD 110mln in NuScale
Bringing America’s First SMR to Market
NuScale announced a new investment from world-class partners in the Japan NuScale Innovation, LLC (JNI). Japan Bank for International Cooperation (JBIC) has joined JNI in making a strategic investment of USD 110 million in NuScale through a purchase of equity from Fluor Corporation, who remains the majority owner in NuScale. This investment in NuScale represents an expansion in U.S.-Japanese cooperation to progress the deployment of advanced nuclear energy technology.
In 2021, NuScale secured significant investments from Japanese companies, JGC Corporation (JGC) and IHI Corporation (IHI), signaling Japanese and global growing interest in NuScale as the premier climate solution. JGC and IHI formed JNI as the conduit for its NuScale investments. With this new announcement, the investment will solidify JNI’s position as the single second largest investor in NuScale Power.
JBIC is a policy-based financial institution of the Government of Japan that conducts lending, investment and guarantee operations while complementing private sector financial institutions, and the organization has a priority to invest in businesses that will protect the global environment.
In December 2021, the Japanese government announced it started discussions on new clean energy strategy to reach net-zero by 2050, and development of nuclear technology will play a crucial role in achieving this carbon-neutral vision. JNI’s investment in NuScale can deliver on turning this vision into reality.
“NuScale looks forward to having JNI as a significant NuScale investor to move the world closer toward our goals of decarbonization, while improving lives by supplying clean, affordable, reliable energy,” said John Hopkins, NuScale President and Chief Executive Officer. “This partnership capitalizes on NuScale’s ongoing momentum to bring America’s first SMR to market and to secure a better future for all.”
Replicating the successful public-private partnership with NuScale, Fluor, and the U.S. Department of Energy, this investment provides a robust platform to facilitate the rapid deployment of NuScale’s safe, affordable, and carbon-free energy around the globe. Fluor Corporation continues to serve as an important partner by providing NuScale and its clients with leading expertise in international engineering, procurement, project management and construction of complex energy projects.
This announcement continues the momentum from NuScale’s definitive business combination agreement with Spring Valley Acquisition Corp. to create a first-of-its-kind energy company that will deliver safe, scalable, and reliable carbon-free nuclear power. With this support, NuScale is positioned to power the global energy transition and help nations around the globe deliver on their clean energy goals.
About NuScale Power
NuScale Power is poised to meet the diverse energy needs of customers across the world. It has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, hydrogen production and other process heat applications. The groundbreaking NuScale Power Module™ (NPM), a small, safe, pressurized water reactor, can generate 77 MWe of electricity and can be scaled to meet customer needs. The VOYGR™-12 power plant is capable of generating 924 MWe, and NuScale also offers the four-module VOYGR-4 (308 MWe) and six-module VOYGR-6 (462 MWe) plants and other configurations based on customer needs. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with more than 70 years supporting nuclear projects.
On December 14, 2021, NuScale announced a definitive business combination agreement with Spring Valley Acquisition Corp. Upon the closing of the business combination, NuScale will become publicly traded under the new ticker symbol ‘SMR.’
