Acquirer: Doosan Heavy Industries and Construction Company, Ltd. (South Korea); Next Tech 3 New Technology Investment (South Korea); and Samsung C&T Corporation (South Korea)
Acquired: NuScale Power, LLC (U.S.)
Value: $80 million
Industry Tags: Energy; Nuclear
In July 2021, NuScale Power, LLC, a “provider of a proprietary and innovative advanced nuclear [power solutions]” (see Press Release, Spring Valley Acquisition Corp. Form 8-K, Ex-99.1, Dec. 13, 2021, SEC Filing), “entered into a Preferred Units Purchase Agreement (or an amendment to an existing agreement) with the following investors:” Doosan Heavy Industries and Construction Company, Ltd. (for a $25 million investment); Next Tech 3 New Technology Investment Fund (for a $35 million investment); Sarens Nuclear & Industrial Services, LLC (for a $4 million investment); Sargent & Lundy, LLC (for a $8 million investment); and Samsung C&T Corporation (for a $20 million investment). (Spring Valley Acquisition Corp. Form S-4, Jan. 7, 2022, SEC Filing.) Investments, totally $80 million, from Doosan Heavy Industries and Construction Company, Next Tech 3 New Technology Investment Fund, and Samsung C&T Corporation, “required review by CFIUS, with that review pending as of September 30, 2021.” (Id.) NuScale and its majority shareholder, Fluor Enterprises Inc., “established a jointly controlled account to hold funds received as a result of certain investments from non-United States companies pending Committee on Foreign Investment in the United States (“CFIUS”) review of such investments. CFIUS completed its reviews and all NuScale funds were paid out of the escrow account by December 31, 2021.” (Id.)
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