HomePOWER GENERATIONNuScale gets a...

NuScale gets a boost in project investment to over $220MM

NuScale Power, LLC, the industry-leading provider of proprietary and innovative advanced nuclear small modular reactor technology, and Spring Valley Acquisition Corp., a publicly traded special purpose acquisition company, announced that SailingStone Capital Partners, a subsidiary of Pickering Energy Partners LP, has committed to a $10 million private investment in public equity in furtherance of the NuScale-Spring Valley merger transaction, increasing the total PIPE commitment for this transaction up to $221 million.

SailingStone provides investment solutions in the global natural resource space with a specific focus on the industrial businesses, commodities and infrastructure assets, which will enable the energy transition. This latest commitment further demonstrates the breadth and strength of investor interest in NuScale’s SMR technology and the multifaceted role the company is poised to play in the global energy transition. It also follows NuScale and Spring Valley’s announcement in February of the satisfaction of contingencies securing a $30 million PIPE commitment from Samsung C&T Corporation which ensured that, pending satisfaction of remaining closing conditions, the minimum cash threshold for the business combination can be met.

“As a first mover in this space, NuScale is developing pioneering SMR technology that is crucial to achieving net zero GHG emissions targets,” said Ken Settles, Managing Director with SailingStone. “SailingStone is excited to partner with NuScale to bring this important technology to market and help shape the future of the energy sector.”

“We are excited to welcome another excellent institutional partner in SailingStone,” said John Hopkins, President and Chief Executive Officer of NuScale. “This additional commitment further solidifies our already strong financial position as we prepare to become a public company. The need for safe, reliable and affordable carbon-free energy is clear and urgent, and we are proud to receive yet another endorsement in our company and the significant role we can play in de-carbonizing the global energy industry.”

NuScale is the provider of a proprietary and innovative advanced nuclear power solution, the NuScale Power Module™, which is the only viable, near-term deployable SMR technology. Capable of generating 77 megawatts electric of electricity, the NPM is safe, reliable and scalable – NuScale’s VOYGR™ power plant design can accommodate configurations of four, six and 12 modules that can provide up to 924 megawatts of electricity.

NuScale’s NPM can serve as a reliable, carbon-free source of power that complements renewable sources such as wind, solar and hydropower generation. The NPM can provide consistent baseload power with available load-following, no matter the time of day, weather or season. Its unique design and safety features allow it to be easily integrated into electric grids or used in a variety of industrial applications such as water desalination, commercial-scale hydrogen production and carbon-capture technology.

The $221 million in total PIPE proceeds, along with more than $232 million in Spring Valley’s trust account subject to redemptions by Spring Valley’s shareholders, will be used to bolster and accelerate the commercialization of NuScale’s SMR technology.

SailingStone is joined by several other global financial and strategic investors committed to the PIPE, including DS Private Equity, Samsung C&T Corporation and Segra Capital Management, with participation by Spring Valley’s sponsor, Pearl Energy Investment Management, LLC.

The transaction is expected to close in the second quarter of 2022 and is subject to approval by Spring Valley’s shareholders as well as other customary closing conditions.

Continue reading

De Nora completes one of the world’s largest produced water recycling projects

e Nora, a global leader in the delivery of sustainable technologies, is pleased to announce the completion of phase one of its Delaware Basin Wastewater Recycling Project, achieving aspirational produced water rates exceeding 140,000 barrels per day – a...

Wärtsilä to help modernise leading Nigerian food company power generation facilities

he technology group Wärtsilä will supply fuel-flexible dual-fuel engines to extend, improve, and modernise power generation for a captive power plant at Nigeria’s oldest and largest food and agro allied company, Flour Mills Nigeria. The company’s Lagos-based power plant is...

Reverse engineering: More than a practical and cost-effective solution

n the world of high-tech machinery, software or hardware for that matter, it often happens that purchasing a replacement part or component from an original equipment manufacturer (OEM) is not an option. Also, amidst the persisting Covid-19 pandemic situation, many...