CORRECT and REPLACE NuScale Power Completes Merger with Spring Valley Acquisition Corp. to create the world’s first and only publicly listed provider of transformational small modular nuclear reactor technology

PORTLAND, Ore.–(BUSINESS WIRE)–In the first subheading and first sentence of the second paragraph, the expected enterprise value should be around $1.9 billion (instead of over $2.2 billion).

The updated version reads as follows:

NUSCALE POWER COMPLETES MERGER WITH SPRING VALLEY ACQUISITION CORP. TO CREATE THE WORLD’S FIRST AND ONLY PROVIDER OF TRANSFORMATIONAL PUBLICLY LISTED SMALL MODULAR NUCLEAR REACTOR TECHNOLOGY

The combined company is expected to have an enterprise value of approximately $1.9 billion; will begin trading on the New York Stock Exchange under the symbols “SMR” and “SMR WS” on May 3, 2022

Transaction generates gross proceeds of approximately $380 million, including $235 million in PIPE capital from leading financial and strategic investors

NuScale’s proprietary and innovative baseload power and load following solution, the NuScale Power Module™ (“NPM”), is the only viable and deployable U.S. Small Modular Nuclear Reactor (“SMR”) technology at short term

Gross proceeds from the transaction will be used to strengthen and accelerate the commercialization of NuScale’s SMR technology

NuScale Power, LLC (“NuScale” or the “Company”), the industry-leading provider of proprietary and innovative small modular nuclear reactor (“SMR”) technology, today announced that it has finalized its previously announced business combination with the acquisition of Spring Valley Corp. (NASDAQ: SV, SVSVW) (“Spring Valley”), a publicly traded special purpose acquisition company. The combined company will operate as NuScale Power Corporation and its shares and warrants will begin trading on the New York Stock Exchange (“NYSE”) on May 3, 2022, under the symbols “SMR” and “SMR WS” respectively. .

The business combination, which is expected to have an enterprise value of approximately $1.9 billion, will provide the company with significant capital to scale and accelerate the commercialization of NuScale’s advanced SMR technology. Spring Valley shareholders approved the transaction at a special meeting on April 28, 2022.

“Our mission at NuScale has always been simple: to develop a safer, smarter and more cost-effective form of advanced nuclear power capable of meeting a wide range of future electrical and thermal energy needs – from replacing coal-fired power plants to carbon-free power plants, dispatchable baseload electricity to power commercial-scale water desalination and clean hydrogen production,” said John Hopkins, NuScale President and CEO. “Today marks a Historic moment for NuScale as we become the first publicly traded company focused on designing and deploying SMR technology.As a public company, we can accelerate our efforts to meet the world’s urgent clean energy needs.

Christopher D. Sorrells, Managing Director of Spring Valley, said, “Spring Valley is thrilled to have partnered with NuScale, and we look forward to embarking on this exciting new phase of our collaboration. NuScale’s diverse business model is designed to drive exceptional financial results and create long-term value, monetizing its intellectual property through NPM sales and collection fees while generating recurring revenue through services. essential maintenance throughout the life cycle of a plant. We look forward to continuing to partner with NuScale as it grows its business and continues to help revolutionize the energy industry. »

NuScale will continue to be led by John Hopkins as President and CEO alongside its highly experienced management team, including Chris Colbert as Chief Financial Officer, José N. Reyes, Ph.D. of Technology and Dale Atkinson as Chief Operating Officer and Chief Nuclear Officer. Mr. Sorrells will join the new public company’s board of directors, adding to a wide range of advisors with extensive experience in energy, engineering, supply and construction .

“Fluor Corporation and NuScale were the only consortium, which began in 2013, to continue its partnership with the Department of Energy and deliver U.S. Nuclear Regulatory Commission design approval, as well as a broad coalition of strategic investors to accelerate the path to commercialization,” said Alan Boeckmann, Executive Chairman of Fluor Corporation and member of the NuScale Board of Directors. “Today’s milestone marks another very important step in this green energy journey.”

As a result of the business combination, NuScale received proceeds of approximately $380 million, before transaction costs, which includes $235 million from private equity investment (“PIPE”) investors. ), including DS Private Equity, Nucor, SailingStone Capital Partners, Samsung C&T Corporation and Segra Capital Management, with participation from sponsor Spring Valley which is backed by Pearl Energy Investment Management, LLC.

NuScale’s existing strategic investors including Fluor, Doosan Enerbility, Samsung C&T Corporation, JGC Holdings Corporation, IHI Corporation, Japan Bank for International Cooperation, Enercon Services, Inc., GS Energy, Sarens and Sargent & Lundy have transferred 100% of their capital in the newly created company. Fluor will continue to hold a controlling interest in the company and will provide NuScale with engineering, project management, administrative support and supply chain services.

Advisors

Guggenheim Securities, LLC acted as financial advisor to NuScale and Fluor. Cowen acted as Financial Advisor and Senior Capital Markets Advisor for Spring Valley. Wells Fargo Securities acted as capital market advisor for Spring Valley. Guggenheim Securities, LLC and Cowen acted as placement agents for Spring Valley in connection with the PIPE offering.

Stoel Rives LLP acted as legal counsel to NuScale, Gibson, Dunn & Crutcher LLP acted as legal counsel to Fluor, White & Case LLP acted as legal counsel to the placement agents and Kirkland & Ellis LLP acted as acted as legal counsel to Spring Valley.

About NuScale Power

NuScale Power (NYSE: SMR) is ready to meet the diverse power needs of customers around the world. It has developed small modular reactor (SMR) nuclear technology to provide power for power generation, district heating, desalination, commercial-scale hydrogen production and other heat applications. industrial. The revolutionary NuScale Power Module™ (NPM), a small, safe pressurized water reactor, can generate 77 megawatts of electricity (MWe) and can be scaled to meet customer needs. NuScale’s 12-module VOYGR™-12 power plant is capable of generating 924 MWe, and NuScale also offers four-module VOYGR-4 (308 MWe) and six-module VOYGR-6 (462 MWe) power plants, as well as other configurations according to customer needs.

Founded in 2007, NuScale is headquartered in Portland, Oregon, with offices in Corvallis, Oregon; Rockville, Maryland; Charlotte, North Carolina; Richland, Washington; and London, UK. To learn more, visit NuScale Power’s website or follow us on Twitter, Facebook, LinkedIn and instagram.

About Fluor Corporation

Fluor Corporation (NYSE:FLR) builds a better future by applying world-class expertise to solve its customers’ biggest challenges. Fluor’s 41,000 employees provide professional and technical solutions that help deliver safe, well-executed, and capital-efficient projects to clients around the world. Fluor had 2021 revenue of $12.4 billion and is ranked 196 among Fortune 500 companies. Headquartered in Irving, Texas, Fluor provides engineering, procurement and building for over 110 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and Youtube.

About Spring Valley Acquisition Corp.

Spring Valley Acquisition Corp. (NASDAQ: SV, SVSVW) is a special purpose acquisition company formed for the purpose of entering into a merger or similar business combination with one or more businesses or entities focused on sustainability, including clean energy and storage, smart grid/energy efficiency, environmental services and recycling, mobility, water and wastewater management, advanced materials and technological services. The Spring Valley sponsor is backed by Pearl Energy Investment Management, LLC, a Dallas, Texas-based investment firm with $1.7 billion in committed capital under management, which is focused on partnering with the best teams management to invest in North American energy and sustainability. sectors.

Forward-looking statements

This release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “estimate”, ” plan”, “project”, “expect”, “intend”, “will”, “expect”, “anticipate”, “believe”, “seek”, “target” or other expressions like that predict or indicate future events or trends or are not statements of historical fact. These forward-looking statements are inherently subject to risks, uncertainties and assumptions. Actual results may differ materially due to a number of factors. Caution should be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, NuScale’s results may differ materially from its expectations and projections. Although NuScale may choose to update these forward-looking statements at some time in the future, NuScale expressly disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing NuScale’s assessments of any date subsequent to the date of this release. Accordingly, undue reliance should not be placed on forward-looking statements.

THE INVESTMENT IN THE SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY, NOR HAS ANY AUTHORITY APPROVED OR APPROVED THE MERITS OF THE OFFER OR THE ACCURACY OR RELEVANCE OF INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.