Nuscale Power comments on inaccurate short seller report

NuScale Power issued a statement in response to a short-seller report on October 19: “The inaccurate and deceptive “research” is riddled with speculative statements with no basis in fact and demonstrates a limited understanding of small modular nuclear reactors – SMRs – and the nuclear power industry. Factually inaccurate statements include and are not limited to NuScale’s former CFO’s equity holdings and NuScale’s sources of income, which are principally revenues from customers. NuScale cautions investors not to rely on this baseless and self-interested attack designed solely to drive down the company’s stock price…it is important to set the record straight on the following key points: We know our customers and partners. NuScale has known and worked with Standard Power, ENTRA1 Energy, RoPower and the Utah Associated Municipal Power Systems for years…Contrary to what was reported, Adam Swickle has not worked with Standard Power since May 2020…We are proud that developers and customers are selecting NuScale SMRs as their technology of choice to power their projects and meet their carbon-free energy objectives…We expect NuScale’s customer agreements to drive revenue next year…We have a solid balance sheet. NuScale has $197M in total cash and no debt as of September 30, 2023…NuScale has not provided any forecast for the expected value of the agreement with Standard Power and ENTRA1 Energy…The U.S. Department of Energy support for the Carbon-Free Power Project has advanced our SMR technology to the point of commercialization.”