Nucor announces $15M investment to develop new nuclear energy technology

Nucor Corporation has announced an investment of $15 million in NuScale Power, LLC, a leading producer of small modular reactor (SMR) nuclear plants.

As per sources, Nucor has made a deal to provide funds to NuScale through a private placement in Spring Valley Acquisition Corp., a Special Purpose Acquisition Firm, that intents to integrate with NuScale.

Leon Topalian, Chief Executive Officer and President, Nucor Corporation, stated that sustainability is shaping the business decisions of topmost firms across the world. And as America’s largest significant energy consumer and steel producer, the Nucor team is looking for reliable and safe sources of power generation that are consistent with its sustainability mission.

Leon mentioned that the constant expansion of small modular nuclear reactors is critical to make sure that the country has carbon-free, baseload power, because of which they are making the investment.

As per reports, SMRs are nuclear reactors which function in tandem with other modules or independently to produce carbon-free electric power on a small scale and low cost as compared to conventional nuclear power.

Apparently, the Nuclear Regulatory Commission has given a green signal to NuScale’s technology, representing a vital benchmark that none of the SRM developers have achieved.

Nucor has also supported the development of wind and solar energy projects via three Power Purchase Agreements it has been a part of in the last two years. This will allow the construction of 600 megawatts renewable power generation.

Reportedly, the NuScale funding complements these efforts to assist the United States develop new sources of clean power.

For the record, an effective electric grid requires both intermittent power sources and baseload, due to which both renewable and nuclear energy must be part of the solution to achieve carbon reduction while upholding grid reliability. 

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