Investing in What Powers
What’s Next

In February 2026, Spring Valley IV (NASDAQ: SVIV) raised $230 million in its initial public offering to pursue a business combination in the Power Infrastructure and Decarbonization sectors.

Spring Valley IV seeks to merge or acquire a privately held business with an equity value approximately $1 billion or more that capitalize on the expertise and ability of Spring Valley’s management team, Board of Directors, and Sponsor.

Our objective is to acquire a privately held business that can benefit from our financial acumen, operational expertise and industry network to grow into a leading publicly traded bellwether.

We plan to leverage our team’s unique experience and partnership approach to investing to create a growth plan for a target company that delivers superior shareholder value.

Corporate Governance

Spring Valley IV Announcement

Audit Committee Charter

Code of Business Conduct and Ethics

Compensation Committee Charter

Nominating Committee Charter

Clawback Policy

Board of Directors

Chris Sorrells

CEO

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.

Chris Sorrells

CEO

David Buzby

Independent Director

Mr. Buzby has more than 30 years of business experience in decarbonization and technology, including forming multiple billion-dollar public companies in the decarbonization industry. He’s also raised more than $1 billion of co-investment from institutional investors over a 30 year period. Currently, Buzby is Chairman of the board of directors of Stem, Inc. (NYSE: STEM), a leading energy storage and grid services company in North America, where he has served since 2010 and as Chairman since 2021. He currently serves as the Chairman of Wondrwall Holdco Ltd., a UK-based provider of software that integrates hardware and grid systems needed to electrify and decarbonize homes. Buzby served on the board of directors of Spring Valley II from the completion of its initial public offering in October 2022 until the completion of the merger with Eagle in February 2026, served on the board of directors of Spring Valley III until the closing of the General Fusion merger in July 2026, and currently serves on the boards of directors of Spring Valley IV and Spring Valley V.

Additionally, he was an early investor and board member in Sunrun Inc. (Nasdaq: RUN) from 2008 through 2012, leading the company to complete its initial public offering in 2015. He also played key roles as an early investor and a board member for Leading Edge Equipment Technologies, a major renewable energy company. Buzby is also a founding investor, Chairman and Chief Executive Officer of SunEdison (Nasdaq: SUNE), creating one of North America’s leading solar developers before selling the company to MEMC Electronic Materials, Inc. (NYSE: WFR) in 2009 for approximately $323 million. Buzby is also a founding investor and board member and chair of the audit committee of ValueClick (Nasdaq: VCLK) which conducted its initial public offering in 2000 and, subsequently, sold to Alliance Data Systems Corporation (NYSE: ADS) in 2014 for approximately $2.3 billion. Buzby has held other board seats of both public and private companies and held various senior executive roles in numerous companies, including Chairman, Chief Executive Officer, Chief Operating Officer and Chief Financial Officer.

Buzby received his MBA from Harvard Business School and a BA from Middlebury College.

David Buzby

Independent Director

Deborah Frodl

Independent Director

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.

Deborah Frodl

Independent Director

Rich Thompson

Independent Director

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.

Rich Thompson

Independent Director

Spring Valley's
Track Record

Four Vehicles. One Evolving Thesis.

Spring Valley IV builds on a growing track record of identifying transformative opportunities across energy, technology and infrastructure.

Investing in What PowersWhat’s Next

Corporate Governance

Board of Directors

Spring Valley's Track Record

Four Vehicles. One Evolving Thesis.

Investing in What Powers
What’s Next

Spring Valley's
Track Record