Spring Valley Acquisition Corporation (SV) Adds $30M to NuScale PIPE

Spring Valley (NASDAQ:SV) has added $30 million more to the PIPE for its combination with nuclear power developer NuScale, bringing total PIPE proceeds to $211 million.

This additional financing ensures that the SPAC will meet the transaction’s $200 million minimum cash condition regardless of redemptions as the parties work towards a close in the second quarter of 2022. NuScale, its parent Fluor (NYSE:FLR) and Samsung C&T (KSE:028260) recently entered into a commercial agreement, the terms of which have not yet been made public.

But, the new money comes as a part of a contingency that an agreement would be reached, and it adds to a $20 million investment made by Samsung’s engineering and subsidiary into NuScale in June 2021.

Spring Valley closed yesterday at $10.01, which is still slightly below its pro rata trust value of $10.10 because it overfunded its trust at IPO. It has not yet set a vote date and has until May 27 to complete a transaction, but can further extend this deadline by six months for a $0.10 per share contribution to its trust.

The parties initially announced their $1.9 billion combination on December 14, 2021. 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.