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NuScale Power
NuScale Power holds the only US NRC-approved small modular reactor design, led by CEO John Hopkins and targeting utility-scale carbon-free generation.
NuScale Power
NuScale Power formed in 2007 as a research partnership at Oregon State University before receiving early backing from the US Department of Energy. The company spent its first 15 years advancing its small modular reactor design through regulatory approval, completing the NRC's design certification rulemaking in 2023 — a first for any SMR technology globally. John Hopkins, who joined in 2022, now leads the commercialization effort after the company went public via a SPAC merger in May 2022, trading as SMR on the New York Stock Exchange. The company's engineering centers on the NuScale Power Module, a 77 MWe pressurized-water reactor that fits inside a containment vessel 15 feet in diameter. Twelve modules combine into a single VOYGR plant for a total 924 MWe of output, though smaller configurations exist. NuScale's primary off-take is utility-scale baseload power, distinct from the microreactor developers targeting remote mining or military applications. The Carbon Free Power Project in Idaho — a planned 462 MWe deployment with the Utah Associated Municipal Power Systems — serves as the firm's lead commercial reference, though UAMPS reduced the project scope in 2023 after cost projections rose (per Reuters, 2023). International pipeline discussions center on Poland, Romania, and South Korea. Fluor Corporation remains NuScale's majority shareholder and engineering, procurement, and construction partner, providing balance-sheet depth that pure start-ups lack. As of mid-2025, NuScale operates as a publicly traded technology developer rather than a family office, with an enterprise value driven by regulatory milestones, not assets under management. The company announced layoffs affecting roughly 28% of its workforce in January 2024 to preserve cash for regulatory and licensing priorities (per CNBC, January 2024), signaling a shift from R&D expansion to focused commercial execution. NuScale's structural differentiator is its regulatory head start — the only SMR design fully certified by the US NRC, a multi-decade engineering and licensing undertaking that creates an effective barrier to domestic competitors. While other SMR developers pursue alternative coolants or molten salt chemistries, NuScale relies on proven light-water technology, which shortens the utility licensing learning curve but limits thermal efficiency relative to advanced concept designs.
General information
Firm type
Asset Manager
Year founded
2007
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Portland
Corporate office
Portland, OR, United States
Principals
John Hopkins
President and Chief Executive Officer
Sector focus
Frequently asked questions
What distinguishes NuScale's SMR design from other advanced nuclear concepts?
NuScale uses light-water reactor technology — the same physics as the existing large-scale nuclear fleet — rather than pursuing molten salt, sodium, or high-temperature gas-cooled designs. Its 77 MWe modules are factory-fabricated and shipped to site, enabling phased construction that reduces upfront capital at risk. The US Nuclear Regulatory Commission certified the design in 2023, making it the only SMR with a completed full design certification to date.
Who are NuScale's primary financial and strategic backers?
Fluor Corporation, the global engineering and construction firm, is NuScale's majority shareholder and provides EPC services under a multi-decade partnership. The United States Department of Energy has provided cost-share funding for NuScale's development, including through the Carbon Free Power Project. The company became publicly traded in May 2022 after a business combination with Spring Valley Acquisition Corp., a SPAC.
Where does the Utah Associated Municipal Power Systems Carbon Free Power Project stand?
UAMPS and NuScale have worked toward deploying a 462 MWe VOYGR plant at the Idaho National Laboratory site. In 2023, UAMPS reduced the planned number of modules from six to a smaller configuration after updated cost estimates showed a higher target price per megawatt-hour. The project remains the lead domestic commercial reference for the technology, contingent on final investment decisions and further cost assessment.
Which international markets is NuScale actively pursuing?
NuScale has memoranda of understanding and early-stage licensing engagement with utilities in Poland, Romania, and South Korea. In Romania, the firm has worked with Nuclearelectrica on deployment studies for a preferred site. South Korea's regulatory engagement reflects NuScale's attempt to enter a market with a robust domestic nuclear supply chain and export ambitions.
Why did NuScale reduce its workforce in early 2024?
In January 2024, NuScale announced a restructuring that eliminated roughly 28% of jobs. The company cited the need to focus capital on securing commercial contracts and advancing regulatory milestones, transitioning from a research-heavy organization to a leaner commercialization structure. The move followed the exit of a prior CEO in 2022 and increased investor pressure on cash preservation.
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