NuScale Power

What NuScale Power does

NuScale Power (NYSE: SMR) is a U.S. nuclear-energy technology company that has developed the NuScale Power Module (NPM), a factory-built small modular reactor (SMR) based on pressurized water reactor technology. Each module generates 77 MWe (250 MWt), and plants are configurable in 4, 6, or 12-module layouts up to 924 MWe. The NPM is the first and only SMR to receive U.S. Nuclear Regulatory Commission design certification (Standard Design Approval in 2020, Design Certification in 2023, and a second SDA for the uprated module in 2025), and features a passively safe architecture that enables indefinite self-cooling without operator action, AC/DC power, or additional water. Manufacturing partners include Doosan Enerbility (forgings, reactor pressure vessels, steam generators), BWXT Canada (upper reactor pressure vessel fabrication), and Framatome (fuel assemblies), with supply contracts covering at least 444 fuel assemblies for U.S. customers by 2030. Over 800 patents are granted or pending across 21 countries.

NuScale monetizes its technology through four primary streams: (1) SMR technology licensing and royalties (illustrated by a $7.3 million license payment from Romania's RoPower project in Q1 2025), (2) Front-End Engineering and Design (FEED) and engineering services, (3) plant lifecycle services across licensing, construction, commissioning, and O&M, and (4) fuel assembly sales via Framatome. Pricing is project-specific and not publicly disclosed; transactions are structured as long-term power purchase agreements (PPAs), customer-operator leases, or customer-owner builds, channeled through ENTRA1 Energy, NuScale's exclusive global commercialization partner that finances, owns, and operates the plants. Direct enterprise sales target regulated utilities (TVA), state-backed nuclear operators (SN Nuclearelectrica/Romania), industrial process-heat users (petrochemicals, hydrogen), and hyperscale data center operators via behind-the-meter PPAs.

The company was founded in 2007 as an Oregon State University spin-out led by CTO Dr. José Reyes, with Fluor Corporation as founding investor from 2011. It went public in May 2022 via a SPAC merger with Spring Valley Acquisition Corp. at an enterprise value of approximately $1.9 billion (~$380 million in proceeds) under NYSE ticker SMR. Headquartered in Corvallis, Oregon with a new Houston operations center (opened April 2026), the company had $1 billion in liquidity and no long-term debt as of Q1 2026. Fluor fully divested its stake by April 2025 for cumulative proceeds of ~$2.43 billion. NuScale targets utilities replacing retiring coal capacity, AI data centers needing 24/7 carbon-free baseload, industrial process heat, and international SMR deployments across the U.S., Romania, Japan, and South Korea.

Name

NuScale Power

Legal name

NuScale Power, LLC

Website

https://nuscalepower.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

251–500 employees

Short description

NuScale Power develops the NuScale Power Module, the first and only NRC-certified small modular reactor (SMR). The 77 MWe pressurized water reactor serves utilities, AI data centers, and industrial customers via technology licensing, FEED services, and its exclusive commercialization partner ENTRA1 Energy.

Ownership category

akta.pro rank

Product category

Small Modular Reactor (SMR) Nuclear Power Technology

NAICS

Nuclear Electric Power Generation (221113), Turbine and Turbine Generator Set Units Manufacturing (333611), Electric Power Generation (22111)

SIC

Special Industry Machinery, Nec (3559), Services-Commercial Physical & Biological Research (8731), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Small Modular Reactor (SMR) Platforms & Balance-of-Plant Integration (EUAKADAA)

akta.pro secondary industries

Small Modular Reactor (SMR) Power Generation (EUACADAF), Reactor Protection, Safety Systems & Engineered Safeguards (ECCS, Containment Isolation) (EUAKADAI), Reactor Vessel, Internals & Primary Circuit Components (RPV, piping, pumps, valves) (EUAKADAE), Quality Assurance / Quality Control (QA/QC) & Nuclear Codes Compliance (ASME, RCC-M, etc.) (EUAKAAAI)

Keywords

• Small modular reactor
• Nuclear power technology
• SMR design licensing
• Baseload power generation
• Nuclear plant services

Headquarters

HQ city

Corvallis

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. SMR Technology Licensing and Royalties: NuScale licenses its proprietary SMR technology to project developers and operators. Revenue derived from technology licensing agreements, engineering fees, and ongoing royalties from deployed modules. Previous notable license: $7.3 million technology license payment from Romania's RoPower project in Q1 2025.
2. Engineering and FEED Services: Front-End Engineering and Design (FEED) services for project development. Phase 1 and Phase 2 FEED work completed for Doicești SMR plant in Romania. Engineering services covering licensing, construction and commissioning, and plant operations support.
3. Plant Services: 11 services covering the full plant lifecycle including: startup and testing, ITAAC management, COLA management, mechanical handling and initial fuel load, initial training, design engineering management, O&M engineering, requalification training, procurement and spare parts, nuclear fuels and refueling, and system verification/validation.
4. Fuel Fabrication: Revenue from fuel assembly supply through Framatome partnership. Expanded agreement includes at least 444 fuel assemblies for U.S. customer by 2030. Fuel assemblies use standard light water reactor (LWR) fuel in 17x17 configuration, 2 meters in length.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

NuScale Power designs, licenses, and supports deployment of its NuScale Power Module (NPM), a factory-built small modular nuclear reactor (SMR) that generates 77 MWe (250 MWt) per module and scales in 4-, 6-, or 12-module configurations up to 924 MWe. The company sells SMR technology licenses to utilities and project developers, delivers engineering and FEED services, supplies fuel assemblies through partners, and provides 11 plant lifecycle services covering licensing, construction, commissioning, operations, and maintenance.

Product overview

NuScale Power offers a single unified SMR technology product—the NuScale Power Module (NPM)—supplemented by training services (E2 Centers) and comprehensive plant lifecycle services. The NPM is the company's core offering: a pressurized water small modular reactor generating 77 MWe per module, scalable from 4 to 12 modules in standardized plant configurations. E2 Centers provide educational simulators for workforce training, while Plant Services offers 11 distinct service modules covering licensing, construction, commissioning, and operations & maintenance.

Differentiator

Problem solved

Functional benefit

Products and services

• NuScale Power Module (NPM) First and only NRC-approved small modular reactor design. Each module is a self-contained, factory-built pressurized water reactor producing 77 MWe (250 MWt) with passive walk-away safe safety systems. Deployed in 4-, 6-, or 12-module plant configurations up to 924 MWe. Sold via licensing to utilities and project developers.
• Energy Exploration (E2) Centers 12 hands-on SMR control room simulators located at universities worldwide that train students, researchers, and future operators on a 12-module plant simulator. Network includes Oregon State University, Texas A&M, University of Idaho, Ohio State, George Mason, South Carolina State, Rensselaer Polytechnic, UNLV, Ghana Atomic Commission, Seoul National University, University Politehnica of Bucharest, and UVA College at Wise.
• Plant Services 11 services covering the full plant lifecycle, including pre-COD offerings (startup and testing, ITAAC management, COLA management, mechanical handling and initial fuel load, initial training) and post-COD offerings (design engineering management, O&M engineering, requalification training, procurement and spare parts, nuclear fuels and refueling, system verification and validation).
• SMR Technology Licensing Licensing of proprietary SMR technology to project developers and operators. Revenue derived from technology licensing agreements, engineering fees, and ongoing royalties from deployed modules (e.g., $7.3 million technology license payment from Romania's RoPower project in Q1 2025).
• Engineering and FEED Services Front-End Engineering and Design (FEED) services for project development, covering licensing, construction and commissioning, and plant operations support.
• Nuclear Fuel Assemblies Fuel assembly supply through Framatome partnership, using standard light water reactor fuel in 17x17 configuration, 2 meters in length, with fuel enriched at less than 5%.

Quantifiable outcome

• >95% capacity factor with continuous 24/7 power generation
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Eleven partnerships are on record, tiered major, core and minor.

• Paragon Energy Solutions (Mirion Technologies)majorTechnology or Integration · 17 June 2026Contract for final design of Highly Integrated Protection System (HIPS) covering Module Protection System (MPS), Safety Display and Indication System (SDIS), and Plant Protection System (PPS). Includes IV&V services for safety-critical nuclear software.
• Ebara Elliott EnergymajorStrategic or Co-development Partner · 19 March 2026R&D program to develop high-temperature steam compressors for industrial process heat applications in petrochemical settings. Field testing of commercial-scale compressor targeted for completion by 2027.
• ENTRA1 EnergycoreChannel Partner/ Reseller/ Distributor · 2 May 2022Exclusive global commercialization partner for distribution and deployment of NuScale SMR technology. ENTRA1 develops, finances, owns, and operates SMR plants. Provides customized plant financing and operating structures including PPA, Customer Operator, and Customer Owner models. Leading TVA 6 GW program and Romania RoPower project.
• Doosan EnerbilitycoreOEM/ Whitelabel/ Licensing PartnerInvestor and strategic supplier. Part of manufacturing team building NPM sub-assemblies. Completed manufacturability review in 2021 establishing manufacturing sequence and processes. Began forging production for first NPMs in 2023. Supplying reactor pressure vessels and steam generators for TVA project.
• FramatomecoreTechnology or IntegrationLongstanding partnership for fuel assembly design, testing, and manufacturing. Expanded agreement includes 444+ fuel assemblies for U.S. customer by 2030. Testing completed at KATHY facility in Germany and Richland Test Facility in Washington.
• Samsung C&T CorporationmajorImplementation/ SI/ Consulting PartnerInvestor and EPC contractor. Providing nuclear plant construction expertise. Participating in future power plant construction projects in Europe and Asia. EPC partner for TVA SMR program.
• Sargent & LundymajorImplementation/ SI/ Consulting PartnerArchitect-engineer support and development of standard plant design. Provided preliminary feasibility study for Armenia SMR deployment in cooperation with U.S. officials.
• BWXT CanadamajorOEM/ Whitelabel/ Licensing PartnerModule fabrication partner. Design for manufacturing contract for NPM upper reactor pressure vessel and steam generator since 2019. Developing fabrication process for NuScale Power Module.
• JGC Holdings CorporationmajorImplementation/ SI/ Consulting Partner$40 million investor and EPC partner with Fluor for deployment of NuScale technology in Asia and other agreed locations.
• Oak Ridge National LaboratoryminorStrategic or Co-development PartnerCollaboration announced February 2026 to explore AI-guided nuclear fuel management. Utilizes AI-enabled nuclear design capabilities.
• Xcel EnergyminorChannel Partner/ Reseller/ DistributorExploring feasibility of Xcel Energy serving as plant operator at facilities powered by NuScale technology. No formal operating agreement yet in place.

Scale indicators14 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• TerraPower: Bill Gates-founded advanced nuclear developer pursuing the Natrium sodium-cooled fast reactor with integrated energy storage. Direct peer to NuScale as a next-generation reactor developer targeting utility-scale carbon-free power with both pursuing NRC engagement and similar customer profiles.
• X-energy: Developer of the Xe-100 high-temperature gas-cooled SMR with Dow and Energy Northwest deployments. Direct peer competing for the same utility and industrial customers with a differentiated reactor technology but comparable NRC certification pathway.
• Rolls-Royce SMR: UK-based SMR developer with a 470 MWe pressurized water reactor design targeting UK deployment and international export. Direct competitor in the global SMR race with comparable factory-built modular approach and similar utility customer base.
• Holtec International: Developer of the SMR-160 small modular reactor leveraging Holtec's existing nuclear manufacturing and spent fuel storage capabilities. Direct peer in SMR development with overlapping customer interest in U.S. utility and industrial markets.

Broad incumbents

• GE Hitachi Nuclear Energy: Joint venture developing the BWRX-300 boiling water SMR within GE Vernova's broader nuclear portfolio. Broader incumbent leveraging established nuclear operations and large installed base to compete with NuScale in utility SMR market.
• Westinghouse Electric Company: Established nuclear OEM with AP1000 large reactor and eVinci microreactor in development. Broad incumbent with deep utility relationships and global EPC capability serving as both competitor and potential partner in SMR deployment.
• BWX Technologies (BWXT): Established nuclear components manufacturer and microreactor developer with naval nuclear fuel and component expertise. BWXT Canada already manufactures NPM upper reactor pressure vessels for NuScale, making it both a partner and a competitor in advanced reactor components.

Emerging players

• Last Energy: Early-stage developer of micro-scale SMRs targeting European industrial customers and behind-the-meter applications. Emerging player with similar go-to-market thesis to NuScale but smaller module size and different regulatory pathway.
• Oklo: Publicly traded advanced fission developer pursuing compact fast reactors for data center and remote site power. Emerging competitor targeting the same behind-the-meter and hyperscale data center opportunity that NuScale is pursuing through ENTRA1.

Others

• Centrus Energy: U.S. supplier of HALEU enrichment and uranium fuel for advanced reactors. Strategic enabler for the SMR industry (including NuScale) without directly competing in reactor design, supplying critical fuel inputs needed for advanced reactor deployment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/watch?v=5LVLImWGCQQ
• Xx.com/nuscale_power
• Facebookfacebook.com/nuscalepowerllc
• LinkedInlinkedin.com/company/nuscale-power

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Funding overview

Funding rounds7 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NuScale Power