Spring Valley I raised $230 million in its November 2020 initial public offering to pursue a business combination in the Sustainability industry.
The team identified an opportunity at the intersection of energy security, sustainability and advanced technology: NuScale Power’s small modular reactor platform.
NuScale is developing a fundamentally different approach to nuclear energy—factory-fabricated, modular reactors designed to deliver reliable, carbon-free power with applications extending beyond electricity generation to hydrogen production and desalination.
For Spring Valley, the opportunity was about more than taking a company public. It was about helping accelerate the commercialization of a technology with the potential to reshape how the world generates clean baseload power.
On December 14, 2021, Spring Valley I announced a definitive agreement to combine with NuScale Power.
The transaction made NuScale Power the first publicly traded pure-play small modular reactor company, giving investors direct access to its next-generation nuclear platform – a significant milestone for both NuScale and the broader nuclear energy industry.
The business combination closed on May 2, 2022, creating the first pure-play SMR company listed on U.S. exchange. The company trades under the ticker SMR.
The transaction generated approximately $380 million in gross proceeds, including $235 million from strategic and financial investors.
Investors included DS Private Equity, Nucor, Samsung C&T, SailingStone Capital, Segra Capital Management, and Spring Valley’s sponsor, Pearl Energy.
The PIPE was the fifth-largest PIPE of 2022.
The capital provided NuScale with resources to advance commercialization and scale its flagship VOYGR™ small modular reactor platform.
Mr. Sorrells is the Founder, Chairman, and Chief Executive Officer of Spring Valley and has led the Spring Valley platform since its inception. He spent more than 30 years helping innovative, first-of-their-kind technology companies to access the public markets and scale into industry leaders. Through the Spring Valley platform, Sorrells has raised approximately $920 million across four public offerings and helped bring pioneering companies, including NuScale Power, General Fusion, and Eagle Nuclear Energy, to the public markets.
Sorrells has served on the boards of 14 companies, including nine publicly traded companies. He was Lead Independent Director and Chair of the Compensation Committee of Renewable Energy Group until its $3.1 billion acquisition by Chevron in 2022 and previously served as Vice Chair of the Board.
Prior to Spring Valley, Sorrells was a Managing Director at NGP Energy Technology Partners, an affiliate of Natural Gas Partners, a $25 billion private equity fund where he helped build one of the leading private equity platforms focused on energy innovation and decarbonization. Additionally, he served as Chief Operating Officer and Director of GSE Systems. He began his career in investment banking at Salomon Smith Barney and Banc of America Securities, where he helped establish one of the first investment banking practices focused on clean energy and decarbonization.
Mr. Sorrells holds a Master of Accounting from the University of Southern California, an M.B.A. from the College of William & Mary, and a B.A. from Washington and Lee University.
Ms. Frodl served as a member of the board of directors of Spring Valley I from its inception in November 2020 until the closing of the NuScale merger in May 2022, served as a member of the board of directors of Spring Valley III until the closing of the General Fusion merger in July 2026, and currently serves as a member of the boards of directors of Spring Valley IV and Spring Valley V. Ms. Frodl has more than 38 years of international business experience and was a senior executive with General Electric Company. From 2012 to 2017, Frodl served as the Global Executive Director of EcoImagination, repositioning the sustainable technology strategy into one of multi-faceted innovation and expansive global growth. From 2010 to 2012, Frodl served as GE’s Chief Strategy Officer and Global Alternative Fuels Leader where she pioneered the business strategy to decarbonize the commercial fleet industry through alternative fuel vehicles and infrastructure technologies. From 2005 to 2010, Frodl served as Chief Commercial Officer of GE Capital Fleet Services, from 2004 to 2005, as Chief Marketing Officer of GE Capital Commercial Equipment Finance, and from 2002 to 2004, as Chief Executive Officer of GE Capital Dealer Finance. From 1999 to 2004, she served as Chief Executive Officer of GE Capital Public Finance.
Currently, Frodl serves on the board of directors for ITC Holdings Corp. and is an operating partner for Greenbelt Capital Partners. She has also served on the board of directors for Renewable Energy Group, Inc., Spring Valley Acquisition Corporation, and Spruce Power Holdings Corporation where she was Chair of the Board. In 2024, Frodl was recognized by Board Prospects as a “100 Women Leaders in the Boardroom”, in 2023 by Twin Cities Business as an “Outstanding Director” and in 2019 by Directors & Boards as a “Director to Watch”. Ms. Frodl has been recognized by Green Building & Design as 2017 “Woman in Sustainability Leadership,” Women’s Council on Energy and the Environment as 2014 “Woman of the Year,” Connected World Magazine as 2013 “Top Women in M2M.”
Frodl holds an MBA from the University of St. Thomas and BSBA from Minnesota State University.
Thompson served as a member of the board of directors of Spring Valley I from its inception in November 2020 until the closing of the NuScale merger in May 2022 and served as a member of the board of directors of Spring Valley II from its inception in October 2022 until the closing of the Eagle merger in February 2026. Thompson served as a member of the board of directors of Spring Valley III from its inception until the closing of the General Fusion merger in July 2026, and currently serves as a member of the boards of directors of Spring Valley IV and Spring Valley V since their respective inceptions. Thompson has more than 35 years of international business experience in renewable energy, power electronics and semiconductors, including several billion-dollar public exits in the sustainability industry. Currently, he is a strategic adviser to Sumeru Equity Partners, a technology-focused private equity firm, where he has served since 2015. From 2014 to 2016, he was Executive Chairman of AVI-SPL, an approximately $700 million privately held, global leader in video communications.
From 2008 to October 2014, Thompson was President, Chief Executive Officer and a Director of Power-One, Inc. (formerly Nasdaq: PWER), a leading provider of renewable energy and power conversion solutions. During his tenure, he successfully led the company through restructuring to become one of the largest renewable energy inverter suppliers worldwide, generating over $1 billion in sales in 2012, along with its sale to ABB (NYSE: ABB) for approximately $1 billion in equity value. Prior to joining Power-One, Inc., Thompson was Chief Financial Officer of American Power Conversion Corporation (Nasdaq: APCC) from 2005 to 2007, which was acquired in March 2007 by a French competitor, Schneider Electric SA (Paris: SU.PA), in an auction for approximately $5.5 billion in enterprise value. From 1990 to 2005, Thompson was Chief Financial Officer of Artesyn Technologies, Inc. (Nasdaq: ATSN) and was instrumental in creating one of the leading power component companies in the industry which was later sold to Emerson (NYSE: EMR) for $500 million. In addition to his role at Artesyn, he was General Manager of Spider Software and led the company’s merger with Zytec Inc. that created a robust power component and computer board business.
Thompson received a BBA in Accounting from Lamar University.
Mr. Wood has more than 25 years of experience in the development, financing, regulation, and the legal and policy issues of energy infrastructure. Currently, he serves as Executive Chairman of the Hunt Energy Network, a distributed energy platform company since February 2019. Known for his role in setting up competitive energy markets in Texas and across the country, Wood served as Chairman of both the Public Utility Commission of Texas (1995-2001) and the Federal Energy Regulatory Commission. (2001-2005). Since leaving public service, he focuses on developing energy infrastructure projects and companies. He currently serves as a director of SunPower (Nasdaq: SPWR) and of Quanta Services, Inc. (NYSE: PWR), including his recent appointment to Luma Energy, overseeing the Quanta-ATCO joint venture to operate the Puerto Rico utility system. Wood served as Board Chairman of independent power producer Dynegy from its emergence from bankruptcy in 2012 to its merger with Vistra Energy in 2018 for $1.7 billion in an all stock deal, creating a $10 billion publicly traded equity valued company upon closing. He was a strategic advisor to Natural Gas Partners from 2005 until 2014 when he became an independent director of Memorial Resources Development (Nasdaq: MRD) upon its IPO in 2014. MRD was sold to Range Resources in 2016 for $4.4 billion enterprise value. He is also a past director of TPI Composites (NASDAQ: TPIC) and has past affiliations with InfraREIT (NYSE: HIFR), Airtricity, First Wind, Texas Genco, The Texas A&M Smart Grid Council, the American Council on Renewable Energy, and remains a member of the National Petroleum Council.
As one of the key architects of the nation’s competitive power markets, Wood has been on the forefront of the transformation of the power sector. His regulatory leadership at the Public Utility Commission of Texas and at the Federal Energy Regulatory Commission during the transition to a cleaner, more flexible power system created an attractive investment climate for innovative companies and technologies across the United States. As Chairman of independent power producer (IPP) Dynegy, Wood led a small company emerging from bankruptcy in 2012 through four significant mergers, including two simultaneous ones with Energy Capital Partners and Duke Energy, and Dynegy’s fifth merger in 2018 with Vistra Energy (NYSE: VST), creating the nation’s largest IPP with an equity value of $10 billion at the time of closing.
He served as a member of the board of directors of Spring Valley I from its inception in November 2020 until the closing of the NuScale merger in May 2022
Mr. Quinn is the founder and Managing Partner of Pearl Energy Investments and is responsible for all aspects of managing the firm. He currently sits on the board of the majority of Pearl portfolio companies, including Permian Resources, SLANT Energy, Infinity Natural Resources, and served as a member of the board of directors of Spring Valley I from its inception in November 2020 until the closing of the NuScale merger in May 2022.
Prior to founding Pearl, Quinn served as Co-Managing Partner of Natural Gas Partners (NGP) for approximately 20 years. In his capacity as Managing Partner, he co-managed NGP’s investment portfolio and played an active role in the full range of NGP’s investment process. Additionally, Quinn gained valuable investment experience working for Rainwater, Inc. and Hicks, Muse, Tate and Furst, Inc. He also worked as an analyst in the investment banking divisions of Bear Stearns & Co. and BT Securities Corporation.
Outside his investing activities, Quinn serves as a guest lecturer on private equity investing at Stanford University’s Graduate School of Business.
Quinn received a B.S.E. in Finance, with honors, from the Wharton School of the University of Pennsylvania, and an M.B.A. from the Stanford University Graduate School of Business.