NuScale Power, LLC (“NuScale” or the “Company”), the
industry-leading provider of proprietary and innovative advanced
nuclear small modular reactor (“SMR”) technology, and Spring Valley
Acquisition Corp. (Nasdaq: SV) (“Spring Valley”), a publicly-traded
special purpose acquisition company, announced today that Spring
Valley has filed with the U.S. Securities and Exchange Commission
(“SEC”) a registration statement on Form S-4 (the “Registration
Statement”), which includes a preliminary proxy
statement/prospectus of Spring Valley in connection with the
proposed business combination (the “Business Combination”) with
NuScale. The Registration Statement contains information about the
proposed Business Combination, including an overview of NuScale’s
business, terms of the transaction, pro-forma financial information
and risk factors.
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Closing this transaction will result in NuScale Power
Corporation being the first publicly traded company focused on
design and deployment of SMR technology. The transaction is
expected to close in the first half of 2022 and is subject to
approval by Spring Valley’s shareholders as well as other customary
closing conditions.
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) and other configurations based on
customer needs. The majority investor in NuScale is Fluor
Corporation, a global engineering, procurement, and construction
company with a 70-year history in commercial nuclear power.
NuScale is headquartered in Portland, OR and has offices in
Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; 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.
About Spring Valley Acquisition Corp.
Spring Valley Acquisition Corp. (NASDAQ: SV) is a special
purpose acquisition company formed for the purpose of entering into
a merger or similar business combination with one or more
businesses or entities focusing on sustainability, including clean
energy and storage, smart grid/efficiency, environmental services
and recycling, mobility, water and wastewater management, advanced
materials and technology enabled services. Spring Valley’s sponsor
is supported by Pearl Energy Investment Management, LLC, a Dallas,
Texas based investment firm that focuses on partnering with
best-in-class management teams to invest in the North American
energy industry.
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
This release may contain “forward-looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target” or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical facts. These
forward-looking statements are inherently subject to risks,
uncertainties and assumptions. Such forward-looking statements
include, but are not limited to, information concerning the timing
and anticipated results of the proposed Business Combination.
Actual results may differ materially as a result of a number of
factors, including those factors discussed in Spring Valley’s final
prospectus dated November 25, 2020 and in the Registration
Statement under the heading “Risk Factors,” and other documents
Spring Valley has filed, or will file, with the SEC. Caution must
be exercised in relying on these and other forward-looking
statements. Due to known and unknown risks, NuScale’s results may
differ materially from its expectations and projections. While
Spring Valley and NuScale may elect to update these forward-looking
statements at some point in the future, Spring Valley and NuScale
specifically disclaim any obligation to do so. These
forward-looking statements should not be relied upon as
representing Spring Valley’s and NuScale’s assessments of any date
subsequent to the date of this release. Accordingly, undue reliance
should not be placed upon the forward-looking statements.
Additional Information and Where to Find It
The proposed Business Combination will be submitted to
shareholders of Spring Valley for their approval. The Registration
Statement that Spring Valley has filed with the SEC includes a
proxy statement/prospectus, which will be distributed to Spring
Valley’s shareholders in connection with Spring Valley’s
solicitation of proxies for the vote on the proposed Business
Combination. After the Registration Statement has been declared
effective, Spring Valley will mail the proxy statement/prospectus
to Spring Valley shareholders as of the record date established for
voting on the proposed Business Combination and other matters to be
presented at the special meeting of Spring Valley shareholders.
Spring Valley’s shareholders and other interested persons are
advised to read the preliminary proxy statement/prospectus and any
amendments thereto because these documents contain important
information about Spring Valley, NuScale and the proposed Business
Combination. Shareholders may also obtain a copy of the proxy
statement/prospectus, as well as other documents filed with the SEC
regarding the proposed Transaction and other documents filed with
the SEC by Spring Valley, without charge, at the SEC’s website
located at www.sec.gov. A link to the Registration Statement, as
well as other information related to the transaction, can be found
on the “Investors” section of NuScale’s website at
www.nuscalepower.com/about-us/investors.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
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version on businesswire.com: https://www.businesswire.com/news/home/20220110005319/en/
Spring Valley Acquisition Corp.: www.sv-ac.com Robert Kaplan
Investors@sv-ac.com
Investor inquiries: Gary Dvorchak, The Blueshirt Group for
NuScale ir@nuscalepower.com
Media inquiries: Diane Hughes, NuScale
media@nuscalepower.com
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