Spring Valley (NASDAQ:SV) has added $15 million to the PIPE for its combination with nuclear power company NuScale, bringing the deal’s total PIPE proceeds to $236 million.
The transaction’s PIPE now exceeds Spring Valley’s $232 million trust and the parties had already secured the deal’s $200 million minimum cash condition with previous PIPE additions. But, a $30 million addition to the PIPE announced in February from Samsung C&T (KSE:028260) is currently under review by the Committee on Foreign Investment in the United States (CFIUS), which may give it extra scrutiny due to the sensitivity of nuclear technology.
This latest investment ensures the minimum cash threshold will be met even if the parties need to forgo the Samsung cash. Steelmaker Nucor (NYSE:NUE) has stepped up as the new investor and it hopes to collaborate with NuScale on future projects.
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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