In November 2020, Spring Valley I raised $230 million in its initial public offering to pursue a business combination in the Sustainability industry. On December 14, 2021, Spring Valley I entered into a definitive agreement to merge with NuScale Power, LLC (“NuScale”). The merger between Spring Valley I and NuScale marked a pivotal milestone in the energy sector, establishing the world’s first publicly traded company focused exclusively on Small Modular Reactor (“SMR”) technology. This groundbreaking move represented a significant leap forward for both clean energy and nuclear innovation. NuScale’s modular, factory-fabricated reactors deliver carbon-free, dispatchable baseload power and have broad applications—including electricity generation, hydrogen production, and desalination. By going public through a SPAC transaction, NuScale gained access to critical growth capital, elevated its visibility among institutional investors, and accelerated the global deployment of its SMR solutions.
Upon its debut on the New York Stock Exchange on May 3, 2022, under the ticker symbol “SMR,” the combined company had an enterprise value of approximately $1.9 billion. The transaction generated $380 million in gross proceeds, including $235 million from strategic and financial investors such as DS Private Equity, Nucor, Samsung C&T, SailingStone Capital, Segra Capital Management, and Spring Valley’s sponsor, Pearl Energy. The PIPE was the 5th largest PIPE of 2022. These funds were earmarked to advance the commercialization and scaling of NuScale’s flagship VOYGR SMR platform.
