NuScale Power Reaffirms Financial Outlook and Provides Business Update

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PORTLAND, Ore. – NuScale Power Corporation (“NuScale Power” or the “Company”) (NYSE: SMR), the leading provider of proprietary Small Modular Nuclear Reactor (“SMR”) technology, today provided an update business and reaffirms its financial outlook.

“We are extremely proud of our recent IPO, which builds on decades of innovation, investment and the expertise of our talented team, many of whom have dedicated their careers to building and bringing to market our revolutionary technology. At NuScale Power, we have built a strong competitive position, won customer mandates, and firmly established ourselves as pioneers in the vast and largely untapped global SMR market,” said John Hopkins, President and CEO. from NuScale Power. “NuScale Power is well positioned and well capitalized to lead the broader energy industry into the future, an industry in which nuclear power is increasingly recognized as a critically important solution for basic power. profitable and 100% carbon free.”

UPDATE HIGHLIGHTS:

  • Customer Pipeline Growth four active relationships around the world. These customers include NuScale Power’s anchor relationship with Utah Associated Municipal Power Systems (UAMPS) and new agreements with Dairyland Power Cooperative in the United States, SN Nuclearelectrica SA in Romania and KGHM in Poland.
  • Made substantial progress with its primary customer UAMPS towards deployment in 2029. The company recently completed field investigation activities at the project site located in the Idaho National Laboratory near Idaho Falls, Idaho. In parallel, NuScale Power has continued to develop a Combined License Application (COLA) and is currently analyzing the data gathered from the comprehensive site investigation and two-year monitoring process, which will be presented in the COLA for meet key safety and environmental considerations. COLA will also provide additional project-specific facility design information that will support the Nuclear Regulatory Commission’s (“NRC”) safety and environmental reviews, as well as public consultations.
  • Creation of new strategic partnerships. NuScale Power has partnered with steelmaker Nucor in the United States and the Japan Bank for International Cooperation (“JBIC”) in Japan, and strengthened a partnership with Doosan Enerbility in Korea. All of these partnerships are emblematic of the growing importance of nuclear power in these regions and globally, and will play a key role in driving the commercialization of NuScale Power’s SMR.

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  • Made significant progress on the commercialization process including the development of technology and production processes. The Company is currently ordering long-lead equipment, which it believes is an important competitive advantage. NuScale Power is simultaneously working with its business partners and suppliers on various testing and validation campaigns, while initiating the production process through initiatives such as the FXM-19 forging trials with domestic and international forging sources.
  • Reaching Additional Licensing Milestones with the NRC in addition to its COLA associated with the UAMPS project. This includes the recent approval of the Building Design and Analysis Thematic Report and the acceptance of three other Thematic Reports for review, including the revision of the Building Ejection Accident Methodology Licensing Thematic Report. stem, the Framatome Fuel Applicability Thematic Report Supplement and the Critical Heat Flux Thematic Report. extra charge.

FINANCIAL UPDATE:

  • Total capital available remains strong at $383.7 million. This includes $42.7 million in cash or cash equivalents as of March 31, 2022 and $341 million from trust assets and the PIPE upgrade, net of transaction fees, raised as part of the combination recently closed with Spring Valley Acquisition Corp. (“Spring Valley”).
  • Revenue of $2.4 million and net loss of ($23.4) million for the three-month period ended March 31, 2022, compared to revenues of $0.7 million and a net loss of ($22.7) million, respectively, for the same period in 2021.
  • Research and development costs of $24.4 million for the three-month period ended March 31, 2022, compared to $18.8 million for the same period in 2021.

FINANCIAL OUTLOOK:

  • NuScale Power reaffirms its financial outlook including $16 million in cash revenue for the whole of 2022, as first announced in its merger announcement with Spring Valley.
  • Sufficient capital to support longer term business development plans, thanks in part to a $54 million increase in PIPE proceeds from $181 million to $235 million. Actual merger proceeds of $341 million exceeded projected $200 million cash requirement through 2024 in projections shared in its Spring Valley merger announcement

“We are excited to be off to a strong start as the premier publicly traded SMR technology provider,” said Chris Colbert, CFO of NuScale Power. “By reaffirming our financial outlook, we believe the capital generated from our successful merger can be successfully deployed to support our near-term business development initiatives while driving our long-term growth plan. We remain in a unique position to capitalize on the growing and urgent demand for cleaner energy worldwide, and we look forward to demonstrating the value of our cutting-edge technology and asset-light business model to a wider universe. wide of investors, customers and others. overtime.”

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CONFERENCE CALL:

NuScale Power will host a conference call at 11:00 a.m. EST on Friday, June 3, which will be webcast live and can be accessed by logging into the Events section at ir.nuscalepower.com or registering at https ://events.q4inc.com/attendee/580415941. The call will also be accessible by phone at 888-660-6537 (US/Canada). The conference ID is 1436219.

A replay of the webcast will be available for 30 days. A replay of the call will be available by phone for one week.

About NuScale Power Corporation

NuScale Power Corporation (NYSE: SMR) is ready to meet the diverse power needs of customers around the world. It has developed small modular reactor (SMR) nuclear technology to provide power for power generation, district heating, desalination, commercial-scale hydrogen production and other heat applications. industrial. The revolutionary NuScale Power Module™ (NPM), a small, safe pressurized water reactor, can generate 77 megawatts of electricity (MWe) and can be scaled to meet customer needs. NuScale’s 12-module VOYGR™-12 power plant is capable of generating 924 MWe, and NuScale also offers four-module VOYGR-4 (308 MWe) and six-module VOYGR-6 (462 MWe) power plants, as well as other configurations according to customer needs.

Founded in 2007, NuScale is headquartered in Portland, Oregon, with offices in Corvallis, Oregon; Rockville, Maryland; Charlotte, North Carolina; Richland, Washington; and London, UK. To learn more, visit the NuScale Power website or follow us on Twitter, Facebook, LinkedIn and Instagram.

Forward-looking statements: This release contains forward-looking statements, including financial guidance and other statements regarding future performance, developments or events. The words “will”, “believe”, “expect”, “anticipate”, “plan” or other similar expressions may identify forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause actual results or events to differ materially from anticipated results or events. The Company describes the risks and uncertainties in its filings with the Securities and Exchange Commission, including the discussion under the heading “Risk Factors” in Form S-1 filed on May 13, 2022, that you are encouraged to read. These include risks related to the Company’s corporate structure; its ability to compete with existing SMR producers in China and Russia; that it may be required to reimburse UAMPS, its first customer, for development costs if the Company fails to meet specified performance measures; delays in the development and manufacture of NMPs and related technologies, failure of any trade or demonstration missions, or failure to deliver NMPs to customers on a timely basis; the marketability and acceptance of the Company’s SMR, and its ability to capitalize on strategic relationships and pipeline opportunities to generate sales; developments in the energy industry, including increasing the efficiency of non-nuclear sources of electricity generation; maintaining competitive advantages; manufacturing and construction delays and supply chain issues; the Company’s ability to protect its intellectual property; government regulations and regulatory approvals, including site-specific approvals that customers must obtain; liabilities associated with the provision of nuclear services; and public perception and political risks regarding nuclear energy. The Company disclaims any intention or obligation other than that required by law to update its forward-looking statements in light of new information or future events.

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Additional information regarding these and other factors may be found in periodic public filings by the Company with the Securities and Exchange Commission, including the discussion under the heading “Item 1A. Risk Factors” in the company’s Form S-1 filed March 13, 2022. These documents are publicly available or upon request from NuScale’s Investor Relations Department: [email protected] The Company disclaims any intention or obligation other than that required by law to update its forward-looking statements in light of new information or future events.

NuScale Power Corporation Summary of Financial Statements

Summary of income statement data

Three months completed
March, 31st,

(in thousands)

2022

2021

Revenue

$

2,445

$

664

Net loss

(23,373

)

(22,666

)

Summary of balance sheet data

March 31, 2022

December 31, 2021

(in thousands)

Total assets

$

91,072

$

121 197

Total responsibilities

45 149

52,799

Total mezzanine and have members

45,923

68,398

Cash flow statement summary

Three months completed
March, 31st,

(in thousands)

2022

2021

Operating cash flow

$

(33,151

)

$

(29,787

)

Cash flow investment

(1,187

)

(111

)

Cash flow financing

(73

)

63,211

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220603005088/en/

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contacts

Investor and media contacts
NuScale Investor Requests:
Gary Dvorchak, the Blueshirt band for NuScale
[email protected]

Media inquiries:
Diane Hughes, NuScale
[email protected]

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