NuScale Power

Type: Company — Public SMR developer (iPWR)

NuScale Power is the only SMR developer to have received NRC Standard Design Approval in the US — first for its 50 MWe module (2023) and subsequently for its uprated 77 MWe design (May 2025). It is the furthest along in the US regulatory process for SMRs. However, its first commercial project (UAMPS Carbon Free Power Project, Utah) was cancelled in November 2023 due to escalating costs — from $5.3B to ~$9.3B, with electricity prices climbing beyond competitive levels.

Key Status

• NRC design approved: 77 MWe module (uprated from 50 MWe, May 2025)
• TVA MOU: ENTRA1 (commercialization partner) signed non-binding agreement with Tennessee Valley Authority to deploy up to 6 GW of NuScale capacity across TVA's 7-state service region
• UAMPS cancellation (Nov 2023): Cost escalation killed the first project; significant reputational and financial damage
• Current focus: Targeting utility-scale deployments with TVA as anchor customer

Technology

• iPWR (integral Pressurized Water Reactor): Self-contained module (reactor + steam generators + pressurizer in one vessel)
• 6-module plant: 6 × 77 MWe = 462 MWe total; passive safety (no active cooling required)
• VOYGR plant: scales to 924 MWe (12 modules) at full configuration (nuscale-q1-2026-context)
• Coolant: Light water (conventional LWR fuel, not HALEU)

Key Claims (new sources)

• NuScale remains the only SMR design with full NRC design certification (standard design approval granted Jan 2023) — a competitive moat among US SMR developers, and the reference point against which Oklo and other advanced reactors are measured. Evidence: moderate (SEC 8-K, summary-derived, nuscale-q1-2026-context)
• The NuScale Power Module is 77 MWe per unit, scalable to 924 MWe (12 modules) in a VOYGR plant. Evidence: moderate (SEC 8-K, summary-derived, nuscale-q1-2026-context)
• Lead deployment lens is international (e.g., RoPower / Romania) plus US data-center interest amid the hyperscaler nuclear-procurement rush. Evidence: moderate (SEC 8-K, summary-derived, nuscale-q1-2026-context)
• Q1 2026 financials (revenue, net loss, cash, backlog) were NOT read full-text — the 8-K fetch was blocked (HTTP 403); re-ingest via an authenticated path to populate.

Outstanding Questions

• Can NuScale economics work at 6-module plant scale, or does the UAMPS cost experience repeat?
• Will TVA actually proceed with a multi-GW deployment?
• What is the timeline to first NuScale commercial power? (Not before 2030)
• Does NuScale's conventional LWR fuel (not HALEU) give it a supply chain advantage over sodium/gas-cooled designs?
• What were Q1 2026 revenue, net loss, cash & equivalents, and order backlog? (8-K not read full-text — fetch blocked)
• What are the latest customer/PPA commitments and module-order count? (RoPower/Romania status; US data-center orders)

Changelog

• 2026-06-24 — Compiled new sources (nuscale-q1-2026-context)