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Japan NuScale Innovation (JNI) and Japan Bank for International Corp. (JBIC) bought $110 million in NuScale Power equity from Fluor Corp.

Fluor remains the majority owner of NuScale, the Oregon-based small modular reactor (SMR) developer intent on reigniting the country’s nuclear power development sector.

In 2021, NuScale received investments from Japanese companies, JGC Corporation (JGC) and IHI Corporation (IHI), which together formed JNI. With this latest announcement, JNI becomes the second-largest investor in NuScale Power and will hold approximately 8 to 9 percent of the company.

JBIC is a policy-based financial institution of the Japanese government that conducts lending, investment and guarantee operations while complementing private sector financial institutions. The country recently began discussions on a new clean energy strategy to reach net-zero by 2050, with development of nuclear technology seen as playing a key role.

In December, NuScale Power and Spring Valley Acquisition Corp. reached a merger agreement with an estimated enterprise value of $1.9 billion. Under the agreement, NuScale would receive up to $413 million of gross cash proceeds, including a $181 million private investment anchored by Samsung C&T Corp., DS Private Equity, Segra Capital Management and Pearl Energy. NuScale said it would use the proceeds to fund its path to commercialization and expected no additional capital requirements between closing and achieving positive free cash flow.

Following that merger, Fluor was projected to control around 60% of the combined company.

Fluor will continue to provide NuScale with engineering, procurement, project management and construction of its energy projects.


NuScale touts its reactors as “smarter, cleaner, safer and cost competitive,” adding that the SMRs are well suited for placement at retiring coal plant sites, preserving critical jobs in the energy industry and helping communities decarbonize.

In 2020, NuScale received U.S. Nuclear Regulatory Commission approval on its SMR design, the first design approval for a small commercial nuclear reactor. SMRs have a smaller footprint, capacity and anticipated cost than traditional high-capacity nuclear power plants.

NuScale is manufacturing its SMR for the Carbon Free Power Project, which is to be located at the U.S. Department of Energy’s Idaho National Laboratory. The project’s first module is projected to come online in 2029, with all six modules online by 2030. In March, we reported that Xcel Energy could operate the plant.

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