Major Shareholder Exit Casts Shadow Over NuScale Power’s European Milestone

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NuScale Power, a developer of small modular reactor (SMR) technology, is experiencing a seismic shift in its ownership base. This comes even as the company announces a critical step forward for its European ambitions. The dual developments highlight a period of significant transition, marked by a key investor's retreat and revised project timelines overseas.

Over the weekend, Romanian nuclear energy company Nuclearelectrica reached a final investment decision to proceed with a NuScale SMR project at the Doicesti site. The planned facility is slated to incorporate six reactor modules with a combined capacity of 462 megawatts.

However, this approval is conditional. The project will commence with the construction of a single, initial demonstration module. A subsequent decision will be required to greenlight the remaining five units. Furthermore, the operational schedule has been substantially pushed back. Commercial operation is now targeted for July 2033, representing a three-year delay from the original 2030 goal. Analysts at TD Cowen have pointed to this revised timeline as a source of increased execution risk and a slower path to revenue generation.

Fluor Corporation Executes Substantial Divestment

The project news is juxtaposed against a major change in NuScale's shareholder registry. Fluor Corporation, a primary backer, is dramatically reducing its stake. According to a filing released yesterday, Fluor intends to sell up to 27 million Class A shares in NuScale Power. This block, with an estimated market value of approximately $386 million, will be offered through the New York Stock Exchange.

This planned sale follows an even larger divestment completed just days prior. This past Friday, Fluor disposed of 71 million shares, generating gross proceeds exceeding $1.35 billion. In total, the majority shareholder is parting with 98 million shares within a matter of days, constituting one of the most significant shifts in the company's recent ownership history. The upcoming sale of the 27 million shares is being coordinated by BofA Securities.

Technology Development Continues Amidst Market Scrutiny

On the innovation front, NuScale continues to focus on enhancing its reactor designs. Last Thursday, the company publicized a new collaborative effort with the Oak Ridge National Laboratory (ORNL). Part of a U.S. Department of Energy initiative, the partnership aims to employ an AI-driven design framework to optimize fuel management for plants utilizing twelve-module configurations.

The central question for investors is whether these technological advancements can sufficiently boost the economic viability of NuScale's offerings to offset concerns arising from project delays and the departure of a major investor. While the research supports the long-term roadmap, the market's immediate focus is squarely on the implications of Fluor's exit and the adjusted European schedules.

With the commercial operation date in Romania now set for July 2033, that milestone stands as the next critical reference point for the company's long-term financial trajectory. Market participants will be watching closely to see if operational progress and design optimizations can rebuild confidence following the anchor shareholder's withdrawal.