NuScale Power Completes Merger with Spring Valley Acquisition Corp. to Create World’s First and Only Publicly Traded Provider of Transformational Small Modular Nuclear Reactor Technology

NuScale Power, LLC (“NuScale” or the “Company”), the industry-leading provider of proprietary and innovative advanced nuclear small modular reactor (“SMR”) technology, today announced that it completed its previously announced Business Combination with Spring Valley Acquisition 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 of stock and warrants will start trading on the New York Stock Exchange (“NYSE”) May 3, 2022, under the ticker symbols “SMR” and “SMR WS” respectively.

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The Business Combination, which is expected to have an enterprise value of greater than $2.2 billion, will provide significant capital for the Company 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 spectrum of future electric and thermal energy needs – from replacing coal-fired plants with carbon-free, dispatchable baseload electricity to powering commercial scale water desalination and clean hydrogen production,” said John Hopkins, President and Chief Executive Officer of NuScale. “Today marks a historic moment for NuScale as we become the first publicly traded company focused on the design and deployment of SMR technology. As a public company, we can accelerate our efforts to help meet the world’s urgent clean energy needs.”

Christopher D. Sorrells, Chief Executive Officer of Spring Valley, said, “Spring Valley is pleased to have partnered with NuScale, and we look forward to embarking on this exciting next phase of our work together. NuScale’s diversified business model is designed to drive exceptional financial results and create long-term value, monetizing its intellectual property through NPM sales and recovery fees while driving recurring revenues through critical maintenance services over the lifecycle of a plant. We look forward to continuing to partner with NuScale as it grows its business and continues to help revolutionize the energy sector.”