According to an official company press release, Nucor said it has entered into an agreement to fund NuScale via a private placement in the special purpose acquisition company Spring Valley Acquisition Corp., which intends to merge with NuScale.
 
The capital will bring to market NuScale's proprietary SMR technology, the NuScale Power Module™. SMRs are nuclear reactors capable of producing carbon-free electric power on a smaller scale and at a lower cost than traditional nuclear power.
 
"Sustainability is driving the business decisions of leading companies around the world,” said Leon Topalian, president and chief executive officer of Nucor Corp.
 
“As America's largest steel producer and a significant energy consumer, we are looking for safe and reliable sources of power generation that are consistent with our sustainability goals. The continued development of small modular nuclear reactors is critical to ensure our nation has carbon-free, baseload power, which is why we are making this investment in NuScale," Topalian said.
 
The Nuclear Regulatory Commission has approved NuScale's technology.
 
Read more here.