Client Spotlight: NuScale Power Announces Plans to Go Public through Merger with Spring Valley Acquisition Corp.

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PORTLAND, Ore. — Stoel Rives is pleased to announce that it acted as legal advisor to NuScale Power, LLC (NuScale) in entering into a business combination agreement with Spring Valley Acquisition Corp, a special purpose acquisition company (SPAC). The combined company, which will be named NuScale Power Corporation, will have an estimated value of $1.9 billion, including debt. Gross proceeds of the deal of as much as $413 million will be used by NuScale to accelerate the commercialization of its small modular reactor (SMR) technology.

The Stoel Rives team that represented NuScale was led by Portland partner Jason Brauser and included William Goodling, Steve Hull, James Kearney, Daniel Kubitz, Kevin Pearson, and Sten Eccles-Irwin, among others.

Portland-based nuclear power company NuScale is the provider of the NuScale Power Moduletm (NPM), the first reactor design using SMR technology to receive Standard Design Approval from the U.S. Nuclear Regulatory Commission. The NPM can be used to complement renewable sources of energy by providing consistent baseload power and available load following at any time of the year.

Spring Valley Acquisition Corp is a SPAC that was formed to enter into a merger or similar business combination with one or more businesses or entities that are focused on sustainability in the areas of energy and environment. A SPAC is an increasingly popular financial vehicle that involves forming a shell corporation that can then be used to take companies public without going through the traditional IPO process. Following the business combination of NuScale and Spring Valley, it is expected that the Class A Common Stock of NuScale Power Corporation will be listed on The Nasdaq National Market.

For more on the deal, please see the NuScale press release and an OregonLive article.

Key Contributors

Jason M. Brauser
Sten S. Eccles-Irwin
William J. Goodling
Steven H. Hull
Kevin T. Pearson
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