Oregon nuclear reactor company NuScale begins trading on Wall Street
Shares in Oregon nuclear energy company NuScale Power began trading Tuesday on the New York Stock Exchange, part of a deal with an investment fund that raised $380 million for its modular reactor technology.
NuScale, founded in 2007 with technology developed at Oregon State University, says its reactor design is safer to operate and less expensive than conventional nuclear reactors. Now headquartered in Portland, the company hopes to capitalize on renewed enthusiasm for nuclear energy as a carbon-free alternative to coal and natural gas.
“We’ve worked very hard to develop an energy source that is smarter, safer, cleaner and cost competitive,” said José Reyes, NuScale’s co-founder and chief technology officer.
While NuScale has talked with several utilities and foreign governments about its reactors, though, it’s years away from deploying one. The company still needs key approvals from federal regulators, and to demonstrate that its technology delivers on its promise.
NuScale had been owned by a Texas energy company, Fluor Corp., which paid $30 million for a majority stake in 2011. Fluor has spent $600 million developing NuScale’s technology in the intervening years and retains 60% ownership after Tuesday’s deal.