NuScale Power
An American nuclear technology company developing small modular reactors for electricity, heat, desalination, and hydrogen production.
Last updated August 31, 2026
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Overview
NuScale Power Corporation is a publicly traded American nuclear technology company focused on small modular reactors (SMRs). Its technology descends from research conducted at Oregon State University and supported by the United States Department of Energy. The company was established in 2007 around work led by nuclear engineer José N. Reyes Jr., whose team developed a compact pressurized-water reactor concept intended to deliver nuclear power with a smaller physical and financial footprint than conventional reactors. NuScale’s core product is the NuScale Power Module, an integral pressurized-water reactor that places the reactor core, steam generators, and primary coolant loop inside a single factory-manufactured vessel. The module uses natural circulation rather than powered primary coolant pumps. In an accident or loss-of-power scenario, passive systems are designed to shut down the reactor and remove residual heat using gravity, convection, and a large below-ground water reservoir. Modules are intended to be transported to a site by conventional heavy transport and installed in shared pools, allowing a plant to add capacity in stages. The company’s first NRC-certified configuration was the 50 MWe module used in the VOYGR plant design. In 2022, the U.S. Nuclear Regulatory Commission certified the associated design, making it the first SMR design to complete that certification process in the United States. NuScale subsequently developed a 77 MWe module and submitted the VOYGR-4 and VOYGR-6 configurations for regulatory review. The NRC approved those configurations in May 2025. NuScale has also pursued review of a larger VOYGR-12 arrangement, which could provide up to 924 MWe across twelve modules. NuScale’s business model has evolved from developing complete demonstration plants toward supplying reactor modules and associated technology to project developers. The company’s partnership with ENTRA1 Energy is intended to support commercial deployment, while project partners and utilities undertake site development, financing, construction, and operation. Proposed or investigated projects have included the Carbon Free Power Project in Idaho, a six-module project at Doicești in Romania, a potential deployment in Poland, and projects under discussion in Ghana and other markets. The company’s most important commercial setback was the cancellation in 2023 of the Carbon Free Power Project, which had been planned by Utah Associated Municipal Power Systems. The project’s estimated cost rose substantially, and participating utilities were unable to secure sufficient subscription at the revised projected electricity price. The cancellation led to staff reductions and highlighted the financing and construction-cost challenges facing first-of-a-kind SMR projects. NuScale nevertheless continues to market its technology for grid generation and non-electric applications, including industrial heat, desalination, reverse osmosis, and hydrogen production.
History
NuScale Power originated in research at Oregon State University supported by the U.S. Department of Energy. Beginning in 2000, researchers investigated a small light-water reactor using natural circulation and passive safety principles. The university’s Multi-Application Small Light Water Reactor test facility provided an experimental basis for the concept, while larger-scale testing was later conducted at Idaho National Laboratory. José N. Reyes Jr. and other researchers developed the reactor concept that became the foundation of NuScale’s commercial design. NuScale Power was founded in 2007. The company began raising outside capital in early 2008 and soon initiated discussions with the U.S. Nuclear Regulatory Commission. Its early development was difficult. In 2011, the company’s largest investor, Kenwood Group, became subject to an SEC investigation unrelated to its dealings with NuScale; the freezing of Kenwood assets disrupted expected financing. NuScale reduced staffing and compensation while seeking replacement capital. Fluor Corporation acquired a majority interest in October 2011, supplied working capital, and obtained rights connected with construction of NuScale-based plants. The investment enabled the company to continue its regulatory and engineering program. NuScale received commercial-development support from several organizations. Rolls-Royce announced support in 2012, and John Hopkins replaced co-founder Paul G. Lorenzini as chief executive that year. The Department of Energy selected NuScale in 2013 for up to $226 million in cost-sharing support under its SMR Licensing Technical Support program. A further agreement in 2014 provided for up to $217 million over five years in matched funding. By 2020, the DOE reported that more than $400 million had been provided to support NuScale and other domestic SMR development efforts. The company pursued an early reference project through the Carbon Free Power Project, a proposed plant for Utah Associated Municipal Power Systems at Idaho National Laboratory. A twelve-module, 570 MWe concept was submitted to the NRC in 2017. The project later shifted to six modules, but its projected cost and electricity price increased. Although the DOE approved a major cost-share award in 2020, participating communities withdrew over time. In 2023, the projected construction cost reached approximately $9.3 billion for 462 MWe, compared with earlier estimates of $3.6 billion. UAMPS and NuScale canceled the project in November 2023, and NuScale subsequently reduced its workforce as it shifted from research and development toward commercialization. NuScale’s regulatory progress continued in parallel. The NRC issued a final safety evaluation report in 2020 and certified the initial 50 MWe design in 2022. After a 2022 merger with Spring Valley Acquisition Corp., NuScale began trading on the New York Stock Exchange under the symbol SMR. The company later submitted its newer 77 MWe module and VOYGR-4 and VOYGR-6 plant configurations for review. The NRC approved those configurations in May 2025. NuScale has also sought approval for VOYGR-12, a twelve-module configuration with potential capacity of up to 924 MWe. International development has become a major part of NuScale’s strategy. In Romania, RoPower Nuclear contracted for front-end engineering and design for a proposed project at the former Doicești power station, followed by a second-stage FEED agreement with Fluor in 2024. NuScale and KGHM announced plans for a possible Polish deployment in 2022, while project discussions and cooperation agreements have also involved Ghana and other countries. NuScale has partnered with ENTRA1 Energy as a commercialization and project-development platform. Beyond electricity, the company promotes its modules for industrial heat, desalination, clean-water production, and hydrogen, seeking markets where flexible nuclear energy could complement or replace fossil-fuel generation.
- 2025
77 MWe configurations approved
[2]The NRC approves the VOYGR-4 and VOYGR-6 configurations based on NuScale’s 77 MWe module.
- 2023
Idaho project canceled
[3]The Carbon Free Power Project is terminated after major cost increases and insufficient utility subscriptions.
- 2022
Initial design certified and company goes public
[2]The NRC certifies NuScale’s initial design, and the company lists on the NYSE after merging with Spring Valley Acquisition Corp.
- 2020
NRC final safety evaluation issued
[2]The NRC completes a final safety evaluation of NuScale’s initial design.
- 2013
DOE licensing support awarded
[5]NuScale receives up to $226 million in DOE cost-sharing support for licensing and development.
- 2007
NuScale Power founded
[1]NuScale is established around research led by Oregon State University nuclear scientists, including José N. Reyes Jr.
- 2000
DOE-supported SMR research begins
[1]Oregon State University researchers begin small light-water reactor research with support from the U.S. Department of Energy.
Products and positioning
Passive-safety nuclear technology designed for scalable, factory-manufactured, low-carbon power and industrial applications.
Small modular reactor
NuScale Power Module
A factory-fabricated integral pressurized-water reactor module. The design places the reactor core, steam generators, and primary coolant system inside one vessel and uses natural circulation for heat transfer. Modules are intended to be installed in a shared below-ground pool and combined into plants of different capacities. The newer approved module produces 77 MWe gross, with refueling based on low-enriched uranium fuel assemblies.
Modular nuclear power plant · 2023
VOYGR-4
A four-module NuScale plant configuration using the 77 MWe module. Its nominal gross capacity is approximately 308 MWe. The configuration is intended for staged deployment and can support grid generation or selected industrial applications.
Modular nuclear power plant · 2023
VOYGR-6
A six-module configuration with nominal gross capacity of approximately 462 MWe. It is designed to provide a larger dispatchable generation block while retaining the modular architecture and passive safety systems of the NuScale technology.
Modular nuclear power plant · 2023
VOYGR-12
A proposed twelve-module configuration that could provide up to approximately 924 MWe. The design is intended for larger utility-scale deployments and remains subject to regulatory review.
Controversies
2023
Carbon Free Power Project cost escalation and cancellation
The planned Idaho SMR project faced substantial increases in projected construction cost and electricity price. UAMPS and NuScale canceled it after concluding that sufficient utility subscriptions were unlikely. The episode underscored the commercial and financing risks of first-of-a-kind SMR projects, but the available reference does not establish misconduct by NuScale.
Brand decisions
2023
Cancellation of the Carbon Free Power ProjectStrategyBackground
The Idaho project’s projected cost increased sharply, and participating utilities were unlikely to subscribe to the revised output.
Action taken
NuScale and UAMPS jointly terminated the project and NuScale reduced staffing while moving from research and development toward commercialization.
Aftermath
The cancellation delayed a potential first commercial U.S. deployment and intensified scrutiny of SMR economics.
Projected project cost. $3.6 billion → $9.3 billion (2020–2023)
2022
Merger with Spring Valley Acquisition Corp.M&ABackground
NuScale sought public-market capital to support commercialization of its SMR platform.
Action taken
NuScale completed a merger with the special-purpose acquisition company Spring Valley Acquisition Corp. and began trading on the New York Stock Exchange.
Aftermath
The transaction raised approximately $380 million and gave NuScale the public ticker SMR.
Capital raised. $380 million (May 2022)
2011
Fluor acquires majority interestM&ABackground
NuScale’s expected financing was disrupted after assets of a major investor were frozen in an unrelated SEC case.
Action taken
Fluor acquired a majority interest and committed working capital while obtaining rights related to construction of NuScale-based plants.
Aftermath
The investment allowed NuScale to continue its technical and regulatory program.
Fluor investment and working capital commitment. $3.5 million acquisition investment and nearly $30 million in promised working capital (2011)
Recent events
- Unconfirmed
NuScale Power launches $750 million at-the-market equity offering[6]
Reported:
NuScale Power filed for a follow-on equity offering of up to $750 million in Class A common stock through an at-the-market program, amid a volatile stretch for its shares.
NuScale, Prodigy and Kinectrics agree to work on MPS deployment[7]
Reported:
NuScale, Prodigy and Kinectrics agreed to produce technical specifications and a regulatory considerations document for Prodigy's Marine Power Station and evaluate commercial deployment opportunities.
NuScale Power wins Rushlight Nuclear Energy Award[8]
Reported:
NuScale Power announced that Rushlight Events honored it with the Nuclear Energy Award for a technological advancement recognized for its contribution to improving environmental impacts through nuclear power generation.
- Unconfirmed
NuScale Power wins Emerging Technology of the Year[9]
Reported:
NuScale Power was selected as the winner of the Emerging Technology of the Year award at the S&P Global Platts Global Energy Awards for its small modular reactor technology.
Sources9 sources
- 1NuScale Poweren.wikipedia.org
- 2NuScale licensing activitiesnrc.gov
- 3Carbon Free Power Projecten.wikipedia.org
- 4NuScale Power investor relationsir.nuscalepower.com
- 5DOE licensing support awardedenergy.gov
- 6NuScale Power启动7.5亿美元按市价股权发行foreignpolicyjournal.com
- 7NuScale、Prodigy与Kinectrics达成海上电站部署合作world-nuclear-news.org
- 8NuScale Power获得Rushlight核能奖finanznachrichten.de
- 9NuScale Power 获年度新兴技术奖financialpost.com
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