Fluor's NuScale to merge with Spring Valley, become public SMR company; Fluor to own ~60%

FLUOR CORP

NuScale Power, a Fluor subsidiary, signs merger agreement with Spring Valley Acquisition Corp.; closing expected H1 2022.
Spring Valley will rename to NuScale Power Corporation, trading on Nasdaq under ticker SMR.
PIPE investment of $211M from investors; Fluor projects ~60% ownership in combined company after close.
Fluor has invested over $600M in NuScale since 2011; will continue as exclusive engineering and project management partner until 2041.
NuScale's SMR technology is the only one with NRC Standard Design Approval; modules produce 77 MW each.

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