Spring Valley Acquisition Corp. III

Spring Valley Acquisition Corp. III

Spring Valley Acquisition Corp. III is the third iteration of a special purpose acquisition company (SPAC) platform founded by CEO Chris Sorrells, who built the franchise after a career in energy investment banking and private equity. The first Spring Valley vehicle closed its initial public offering in 2020, raising $230 million, and the second followed in 2021 with a $230 million raise. Each SPAC is structured as a publicly traded shell that seeks a private company to merge with, effectively offering an alternative route to public markets outside a traditional IPO process. The platform's target universe is undisguised: companies at the intersection of sustainability, infrastructure, and industrial transformation. The first Spring Valley SPAC completed a business combination in May 2022 with NuScale Power, a developer of small modular nuclear reactors, in a deal that valued the combined entity at roughly $1.9 billion (per NuScale Power, 2022). The second vehicle subsequently announced a merger with a precision agriculture technology company, before the transaction was terminated. The vehicles scan globally for assets, though execution has concentrated on North American technology and infrastructure — spanning advanced nuclear, clean hydrogen, carbon capture, and precision farming systems. The franchise is lean, with a small Dallas-based team that oversees a network of advisors and operating partners. Chris Sorrells serves as CEO across the platform vehicles, supported by a consistent set of financial, legal, and technical advisors. In June 2024, Spring Valley Acquisition Corp. III priced its $230 million initial public offering on Nasdaq, the third time Sorrells has raised an identical amount in a public vehicle (per the firm's IPO prospectus, 2024). The capital is held in trust pending identification of a merger target, typically with an 18-to-24-month deadline, placing constant pressure on the team to originate, diligence, and close. The structural differentiator is the serial SPAC stack itself. While many asset managers have dabbled in one-off blank-check vehicles, Spring Valley has institutionalized repeat issuance — each SPAC beginning fresh with the identical $230 million trust, the same management team, and the same sustainability thesis. This creates a reusable origination engine whose reputation with selling shareholders and PIPE investors compounds with each completed deal, a pattern less common in a format dominated by celebrity sponsors and one-off vehicles.