NuScale Power, a leading provider of small modular reactor (SMR) technology, saw a significant increase in its stock price, rising 20% to $5.60, following an announcement of a new partnership. Standard Power has chosen to collaborate with NuScale Power and ENTRA1 Energy to develop two SMR-powered facilities.
Despite experiencing a decline of 52% over the past year, with Tuesday marking a 52-week low at $4.47, NuScale Power’s positive news has provided a much-needed boost. The company’s focus on SMR technology has positioned them as a key player in the energy industry.
The two facilities, set to be located in Ohio and Pennsylvania, aim to generate a combined 2 gigawatts of clean and carbon-free energy. This significant contribution will contribute to the ongoing efforts in combating climate change and transitioning to sustainable energy sources.
NuScale Power will supply its proven NuScale SMR Technology for these projects, further solidifying its position as a leading provider of innovative and reliable power solutions. The company’s commitment to technological advancement and environmental sustainability has made it an attractive partner for such endeavors.
In line with its commitment to collaboration, NuScale formed an exclusive global partnership in 2022 with ENTRA1 Energy. This partnership aims to commercialize NuScale’s SMR Technology on a global scale. As part of the agreement, ENTRA1 Energy has been granted the rights to develop, manage, own, and operate energy production plants leveraging NuScale’s approved SMR technology.
The partnership between NuScale Power, Standard Power, and ENTRA1 Energy marks an important milestone in advancing clean energy solutions. The company’s continued dedication to innovation and sustainability will undoubtedly contribute to a greener and more sustainable future.