Operations stalled for small modular nuclear reactor developer NuScale

Source: NuScale Power, Inc.

A Securities & Exchange Commission civil action against affiliates of the Michael Kenwood Group, NuScale Power, Inc.’s principal investor, has prevented the firm from meeting fund obligations to NuScale and has forced NuScale to reduce its spending.

Due to the uncertainty surrounding the outcome of these proceedings, NuScale is stopping work on contract activities and taking other precautionary actions pending decisions by the Court hearing the complaint.

The SEC has not made any allegations of improper activities by NuScale, and NuScale is not a party in the SEC action.

NuScale Power is developing an inherently safe, modular, scalable light water reactor technology for use in nuclear power plants. Its standard design is for a power plant that can produce up to 540 megawatts of electricity using 12 NuScale reactor modules. The technology is being widely-embraced by industry and the US Department of Energy. The company currently has operations in Corvallis and Portland, OR, and Richland WA.

"NuScale has made phenomenal progress and achieved tremendous momentum," said Paul Lorenzini, PhD, president and chief executive officer. "The company has assembled the best talent in the industry and our people have made unbelievable progress developing the technology and working with the US Nuclear Regulatory Commission to secure Federal approval for the design," he said.

Lorenzini said that since NuScale’s formation in 2007, it has met or exceeded every milestone. "It is tragic that we have been forced to suspend operations and it is a tremendous setback for efforts to bring clean energy systems to the market," he added.

Lorenzini said NuScale is pursuing alternative financing strategies and hopes the company can resume operations as soon as possible. NuScale has raised approximately $35 million in venture capital to date.

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