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Spring Valley Acquisition Corp. (SV) Adds $10M PIPE to NuScale Deal
by Nicholas Alan Clayton on 2022-03-29 at 7:34am

Spring Valley (NASDAQ:SV) has added $10 million to its PIPE from investment firm SailingStone Capital Partners at $10 per share for its combination with small-scale nuclear fission reactor-maker Nuscale.

This amount brings its total PIPE proceeds to $221, which is more than enough to fulfill the deal’s $200 million minimum cash condition, adding to Spring Valley’s roughly $232 million in trust before redemptions. In fact, Spring Valley had that covered even before this announcement, but it does provide additional security as a $30 million investment in the original PIPE from Samsung C&T (KSE:028260) is currently under CFIUS review. CFIUS is “The Committee on Foreign Investment in the United States”, and it is an interagency committee authorized to review certain transactions involving foreign investment in the United States.

It seems unlikely regulators would take issue with a company like Samsung, but investments involving foreign cash and nuclear technology are sure to add an extra layer of scrutiny.

The parties continue to expect to close their $1.9 billion combination in the second quarter. Portland, Oregon-based NuScale has designed and is working to deploy a uniquely flexible nuclear power plant design with its first project scheduled for installation in Utah. It uses modular designs combining small 77 MW reactors that can be combined for larger projects or kept small to provide power to remote areas.

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