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Steel News April 07, 2022 01:50:55 PM

Nucor To Invest in Developing New Nuclear Energy Technology

Paul Ploumis
ScrapMonster Author
Accordingly, Nucor will fund the company by way of private placement in the Special Purpose Acquisition Company, Spring Valley Acquisition Corp., which will merge with NuScale.

Nucor To Invest in Developing New Nuclear Energy Technology

SEATTLE (Scrap Monster): Charlotte, N.C.-based Nucor Corporation announced its decision to invest a sum of $15 million in NuScale Power, LLC (NuScale), a company that develops small modular reactor (SMR) nuclear plants.

Accordingly, Nucor will fund the company by way of private placement in the Special Purpose Acquisition CompanySpring Valley Acquisition Corp., which will merge with NuScale. The capital investment by Nucor will help in commercialization of NuScale's proprietary and innovative SMR technology known as the NuScale Power Module, which hjas already been approved by the Nuclear Regulatory Commission.

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Leon Topalian, President & Chief Executive Officer of Nucor Corporation said that the company, being a significant consumer of energy, has been looking for safe and reliable sources of power generation that are consistent with its sustainability goals. The investment in NuScale follows the realization that continued development of small modular nuclear reactors is critical to ensure that the nation has ample carbon-free, baseload power, Topalian added.

The investment complements the recent agreements signed by the company over the past two years in support of development of solar and wind energy projects. It will support the nation’s efforts to develop new sources of clean power.

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