Nuscale Power (NYSE:SMR) is getting a lot of love from the market after Blockchain firm Standard Power said it will work with the company to procure power for two data sites in the U.S. Nuscale, which designs and markets small modular reactors, will provide its small modular reactor technology to the two locations.
Earlier this week, Standard Power announced it plans to develop two facilities backed by nearly 2GW of energy from 24 SMRs. The data sites are located in Ohio and Pennsylvania. NuScale is expected to provide 24 units of 77MWe modules totaling 1,848MWe across the two locations. However, no disclosure was made about the timeline for delivery. Per the details of the announcement, another company, ENTRA1 Energy, will support work on the two sites.
Is NuScale a Good Buy?
A look at the past five trading days for SMR stock highlights the level of impact today’s news had on it. Indeed, shares jumped over 18% at the time of writing. As a result, investors are now up 16.15% during this timeframe. However, NuScale stock has not been a good buy on a year-to-date basis, as shares are down over 45%.
