NuScale Power and Spring Valley Acquisition announced that a $30 million PIPE investment from of Samsung C&T Corporation has been secured in support of the two companies’ busines combination.
NuScale develops proprietary advanced nuclear small modular reactor technology.
The deal carries a $1.9 billion pro forma enterprise value.
If approved, NuScale expects up to $413 million of gross cash proceeds, including PIPE funding anchored by Samsung C&T, DS Private Equity, Segra Capital Management and Pearl Energy. The SPAc raised $230 million in a November 2020 IPO.
Spring Valley terminated an earlier merger agreement with vertical farming company AeroFarms. Although the SPAC’s shareholders approved the merger last year, redemptions drained the trust account below the minimum cash requirement AeroFarms expected to close the deal. Read more.
