Nuscale Power announces 28% workforce reduction, other strategic actions

NuScale Power announced certain strategic actions to better position itself commercially, financially, and strategically. “Our U.S. Nuclear Regulatory-approved, industry-leading SMR technology is already many years ahead of the competition,” said John Hopkins, NuScale President and CEO. “Today, commercialization of our SMR technology is our key objective, which includes near-term deployment and manufacturing.” Currently, NuScale is taking steps to transition from R&D to commercialization and aims to focus resources in key strategic areas as part of its growth and to strengthen its position going forward. These strategic actions reinforce NuScale’s business as the leading SMR technology provider and align resources with core priorities, which include advancing revenue-generating projects, securing new orders and positioning NuScale towards long-term success. NuScale’s strategic actions are projected to result in approximately $50M-$60M in annualized savings, which includes a workforce reduction of 154 full-time employees, representing approximately 28% of full-time staff. The company anticipates first quarter severance costs to be approximately $3M. Hopkins concluded, “We continue to invest in our future, including work needed for the near-term deployment of our SMR power plants powered by our 77 MWe NuScale Power Modules.”