Nuscale Power Corporation (NYSE: SMR) saw its stock price drop by 1.5% today, closing at $2.58 per share. The company has announced strategic actions aimed at positioning itself for the next phase of growth.
John Hopkins, President and CEO of Nuscale, emphasized the company's focus on commercializing its small modular reactor (SMR) technology, stating, "Our U.S. nuclear regulatory-approved, industry-leading SMR technology is already many years ahead of the competition. Today, commercialization of our SMR technology is our key objective, which includes near-term deployment and manufacturing."
As part of the strategic actions, Nuscale is transitioning from research and development to commercialization, with a focus on advancing revenue-generating projects, securing new orders, and strengthening its position for long-term success. These actions are projected to result in approximately $50-60 million in annualized savings, including a reduction of 154 full-time employees, representing about 28% of the full-time staff. The company anticipates first-quarter severance costs to be approximately $3 million.
Hopkins underscored the company's commitment to investing in the future, particularly in the near-term deployment of its SMR power plants powered by the 77 MWe Nuscale Power Modules™, highlighting Nuscale's position as the only technology provider and producer of small modular nuclear reactors with U.S. regulatory approval and readiness for commercial deployment.
Nuscale continues to be dedicated to its mission of delivering safe, clean, and cost-effective nuclear energy solutions.
Nuscale Power Corporation, founded in 2007 and headquartered in Portland, Ore., is the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy.
For more information, the full 8-K submission from Nuscale Power Corporation is available here.