Fluor Corporation said on Tuesday its nuclear energy unit NuScale Power plans to go public by merging with a blank-check firm in a deal that values the combined entity at $1.9 billion, including debt.
NuScale, which offers nuclear technology solutions for the production of electricity, heat and clean water, is the latest firm looking to cash in on the spurt in clean energy demand amid a rising awareness about climate change.
Footprint, a company that provides plant-based alternatives to plastic, said earlier on Tuesday it would go public by merging with a blank-check firm led by billionaire Alec Gores.
Fluor said the deal with Spring Valley Acquisition Corp, a special purpose acquisition company, would provide NuScale with $413 million in gross proceeds. That includes a private investment in public equity (PIPE) of about $181 million anchored by Samsung C&T Corporation, DS Private Equity, Segra Capital Management and Pearl Energy.
Special purpose acquisition companies, or SPACs, are publicly-traded shell companies that merge with an unlisted company to take it public.
NuScale intends to use the funds from the deal to scale up its commercial products, including small modular nuclear reactor technology. It also expects the proceeds to help it become cash flow positive.
After the deal closes, the new company named NuScale Power Corporation will list on the Nasdaq under the ticker symbol "SMR". Fluor expects to own 60% of the combined company.
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