NuScale Power Enhances Nuclear Position with Warrant Redemption and New Board Appointment

NuScale Power Strengthens Position in Nuclear Sector with Board Appointment and Successful Warrant Redemption

NuScale Power Corporation, a frontrunner in the advanced small modular reactor (SMR) industry, demonstrates significant operational advancements following its recent successful redemption of outstanding warrants. As of December 19, 2024, approximately 97% of these warrants were exercised at an exercise price of $11.50 per share, resulting in the issuance of 19,800,548 shares of Class A Common Stock. This strategic move generates approximately $227.7 million in cash proceeds for the company. The redemption process culminates in the cessation of trading of these warrants on the New York Stock Exchange, marking a pivotal moment in NuScale's financial maneuvering as it seeks to bolster its resources in support of its innovative nuclear technology initiatives.

The proceeds from the warrant redemption are expected to further enhance NuScale's ability to deploy its groundbreaking NuScale Power Module™, which has garnered recognition as the first SMR design certified by the U.S. Nuclear Regulatory Commission. Each module generates 77 megawatts of electricity (MWe) or 250 megawatts of thermal power, and they can be configured in arrays of up to 12 modules, yielding a total output of 924 MWe. This scalable technology positions NuScale as a critical player in the nuclear energy landscape, catering to diverse applications such as electrical generation, district heating, desalination, and commercial-scale hydrogen production. The company’s commitment to delivering safe, reliable, and carbon-free energy solutions aligns with global efforts to transition to sustainable energy sources.

In tandem with the warrant redemption, NuScale announces the appointment of Diana J. Walters to its Board of Directors, effective December 20, 2024. With over 35 years of experience in the natural resources sector, Walters’ expertise is expected to enhance the company’s governance and strategic direction as it advances its NRC-approved SMR technology. Her previous roles, including President of Liberty Metals and Mining LLC and CFO of Tatham Offshore, Inc., coupled with her current board memberships, equip her with the financial and operational knowledge necessary to support NuScale's ambitious goals. President and CEO John Hopkins expresses optimism about Walters’ contributions, emphasizing the value her background brings to the company as it continues to pioneer advancements in nuclear energy.

As NuScale Power positions itself at the forefront of the nuclear energy sector, the successful redemption of warrants and strategic board appointments signify a robust commitment to innovation and governance. By leveraging its cutting-edge SMR technology, NuScale aims to play an essential role in the global energy transition, paving the way for a more sustainable future. Stakeholders are encouraged to stay informed about the company’s developments through its official website and social media channels.