NuScale Power Positions Company for Next Phase of Growth

Steps Will Reduce Cost Base, Refocus Company Resources on Key Strategic Areas

PORTLAND, Ore.--(BUSINESS WIRE)--NuScale Power Corporation (NuScale or the Company) (NYSE: SMR), the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, announced certain strategic actions to better position itself commercially, financially, and strategically.

“Our U.S. Nuclear Regulatory-approved, industry-leading SMR technology is already many years ahead of the competition,” said John Hopkins, NuScale President and Chief Executive Officer. “Today, commercialization of our SMR technology is our key objective, which includes near-term deployment and manufacturing.”

Currently, NuScale is taking steps to transition from R&D to commercialization and aims to focus resources in key strategic areas as part of its growth and to strengthen its position going forward.

These strategic actions reinforce NuScale’s business as the leading SMR technology provider and align resources with core priorities, which include advancing revenue-generating projects, securing new orders and positioning NuScale towards long-term success. NuScale’s strategic actions are projected to result in approximately $50-60 million in annualized savings, which includes a workforce reduction of 154 full-time employees, representing approximately 28 percent of full-time staff. The Company anticipates first quarter severance costs to be approximately $3 million.

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Hopkins concluded, “We continue to invest in our future, including work needed for the near-term deployment of our SMR power plants powered by our 77 MWe NuScale Power Modules™.”

NuScale remains the only technology provider and producer of small modular nuclear reactors that has obtained U.S. regulatory approval and is ready for commercial deployment. NuScale is years ahead of the competition with SMRs currently in production at a world-class, dedicated manufacturing facility.

NuScale continues to be deeply committed to its mission of delivering safe, clean, and cost-effective nuclear energy solutions.

About NuScale Power

NuScale Power Corporation (NYSE: SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. The company’s groundbreaking SMR technology is powered by the NuScale Power Module™, a small, safe, pressurized water reactor that can each generate 77 megawatts of electricity (MWe) or 250 megawatts thermal (gross), and can be scaled to meet customer needs through an array of flexible configurations up to 924 MWe (12 modules) of output.

As the first and only SMR to have its design certified by the U.S. Nuclear Regulatory Commission, NuScale is well-positioned to serve diverse customers across the world by supplying nuclear energy for electrical generation, district heating, desalination, commercial-scale hydrogen production, and other process heat applications.

Founded in 2007, NuScale is headquartered in Portland, Ore.