NuScale Power and Spring Valley Acquisition today announced that SailingStone Capital Partners has committed to a $10 million PIPE in support of their proposed merger. This increases the PIPE commitment to $221 million.
NuScale develops proprietary advanced nuclear small modular reactor technology. In addition to the PIPE funding, the company is slated to receive the $230 million in the SPAC’s trust.
The deal carries a $1.9 billion pro forma enterprise value.
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 had expected to close the deal. Read more.
