NUSCALE POWER Business Summary

NuScale Power Corporation (NYSE: SMR) is a leading developer of advanced small modular reactor (SMR) technology, primarily generating revenue through the licensing of its proprietary VOYGR™ power plant designs, the provision of front-end engineering and design (FEED) services, and the sale of factory-fabricated NuScale Power Modules. The company’s business model is structured around three primary segments: technology licensing, technical and engineering services, and long-term operation and maintenance (O&M) agreements. As of early 2026, NuScale maintains a unique competitive moat as the first and only SMR developer to receive Standard Design Approval from the U.S. Nuclear Regulatory Commission (NRC), positioning it as a first-mover relative to direct competitors such as GE Vernova (BWRX-300), Oklo Inc., and X-energy. While peers are racing toward initial commercialization, NuScale’s light-water reactor technology is currently being deployed in high-profile international projects, including the RoPower site in Romania, which serves as a critical commercial proof-of-concept for the firm’s scalable 77 MWe modules. The company was co-founded by Dr. José N. Reyes, a former Oregon State University professor and IAEA expert who serves as Chief Technology Officer, alongside a leadership team led by President and CEO John L. Hopkins, who brings over three decades of global infrastructure experience from his tenure as a corporate officer at Fluor Corporation. The executive suite is further strengthened by CFO Robert Ramsey Hamady, an expert in special situations and corporate finance, and COO Carl Fisher, who oversees the transition from R&D to industrial manufacturing. NuScale is supported by a robust network of strategic investors and board members, including majority shareholder Fluor Corporation, alongside industrial partners such as Doosan Enerbility, Samsung C&T, and Nucor Corporation. The board, chaired by Alan Boeckmann, includes veteran energy leaders and international experts like Dr. Bum-Jin Chung and Shinji Fujino, reflecting the company’s focus on global regulatory alignment and large-scale capital project execution.