Fluor-held NuScale Equity Purchased by Japanese Partner

Following NuScale’s landmark announcement with Spring Valley, new investment partners reaffirm NuScale’s world-changing promise for clean energy

NuScale welcomes a new investment from world-class partners in the Japan NuScale Innovation, LLC (JNI). Japan Bank for International Cooperation (JBIC) has joined JNI in making a strategic investment of $110 million in NuScale through a purchase of equity from Fluor Corporation, who remains the majority owner in NuScale. This investment in NuScale represents an expansion in U.S.-Japanese cooperation to progress the deployment of advanced nuclear energy technology.

In 2021, NuScale secured significant investments from Japanese companies, JGC Corporation (JGC) and IHI Corporation (IHI), signaling Japanese and global growing interest in NuScale as the premier climate solution. JGC and IHI formed JNI as the conduit for its NuScale investments. With this new announcement, the investment will solidify JNI’s position as the single second largest investor in NuScale Power.

JBIC is a policy-based financial institution of the Government of Japan that conducts lending, investment and guarantee operations while complementing private sector financial institutions, and the organization has a priority to invest in businesses that will protect the global environment.

In December 2021, the Japanese government announced it started discussions on new clean energy strategy to reach net-zero by 2050, and development of nuclear technology will play a crucial role in achieving this carbon-neutral vision. JNI’s investment in NuScale can deliver on turning this vision into reality.

“NuScale looks forward to having JNI as a significant NuScale investor to move the world closer toward our goals of decarbonization, while improving lives by supplying clean, affordable, reliable energy,” said John Hopkins, NuScale President and Chief Executive Officer. “This partnership capitalizes on NuScale’s ongoing momentum to bring America’s first SMR to market and to secure a better future for all.”

Replicating the successful public-private partnership with NuScale, Fluor, and the U.S. Department of Energy, this investment provides a robust platform to facilitate the rapid deployment of NuScale’s safe, affordable and carbon-free energy around the globe. Fluor Corporation continues to serve as an important partner by providing NuScale and its clients with leading expertise in international engineering, procurement, project management and construction of complex energy projects.

This announcement continues the momentum from NuScale’s definitive business combination agreement with Spring Valley Acquisition Corp. (NASDAQ: SV, SVSVW) (“Spring Valley”) to create a first-of-its-kind energy company that will deliver safe, scalable and reliable carbon-free nuclear power. With this support, NuScale is positioned to power the global energy transition and help nations around the globe deliver on their clean energy goals.

About NuScale Power

NuScale Power is poised to meet the diverse energy needs of customers across the world. It has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, hydrogen production and other process heat applications. The groundbreaking NuScale Power Module™ (NPM), a small, safe, pressurized water reactor, can generate 77 MWe of electricity and can be scaled to meet customer needs. The VOYGR™-12 power plant is capable of generating 924 MWe, and NuScale also offers the four-module VOYGR-4 (308 MWe) and six-module VOYGR-6 (462 MWe) plants and other configurations based on customer needs. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with more than 70 years supporting nuclear projects.

NuScale is headquartered in Portland, Ore. and has offices in Corvallis, Ore.; Rockville, Md.; Charlotte, N.C.; Richland, Wash.; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram: nuscale_power. Visit NuScale Power's website.

On December 14, 2021, NuScale announced a definitive business combination agreement with Spring Valley Acquisition Corp. (“Spring Valley”) (NASDAQ: SV, SVSVW). Upon the closing of the business combination, NuScale will become publicly traded under the new ticker symbol "SMR.” Additional information about the transaction can be viewed here: https://www.nuscalepower.com/about-us/investors

No Offer or Solicitation

This release does not constitute an offer to sell or a solicitation of an offer to buy, or the solicitation of any vote or approval in any jurisdiction in connection with a proposed potential business combination among Spring Valley and NuScale or any related transactions, nor shall there be any sale, issuance or transfer of securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful. Any offering of securities or solicitation of votes regarding the proposed transaction will be made only by means of a proxy statement/prospectus that complies with applicable rules and regulations promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and Securities Exchange Act of 1934, as amended, or pursuant to an exemption from the Securities Act or in a transaction not subject to the registration requirements of the Securities Act.

Forward Looking Statements

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