Spring Valley Acquisition Corp. Shareholders Approve Business Combination with NuScale Power

Transaction envisioned to close on May well 2, 2022, generating around $380 million in gross proceeds

NuScale Power Corporation will begin investing on the New York Stock Exchange beneath the ticker symbols “SMR” and “SMR WS”

DALLAS, April 28, 2022–(Enterprise WIRE)–Spring Valley Acquisition Corp. (Nasdaq: SV, SVSVW) (“Spring Valley”), a publicly-traded distinctive goal acquisition business, declared nowadays that in a special conference (the “Distinctive Assembly”) on April 28, 2022, its shareholders voted to approve the proposed business enterprise mix (“the Enterprise Blend”) with NuScale Energy, LLC (“NuScale” or the “Organization”).

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The transaction is expected to elevate roughly $380 million from a combination of Spring Valley have faith in proceeds and private expenditure in public equity (“PIPE”) commitments.

The Organization Blend is predicted to close on May possibly 2, 2022, subject to the gratification or waiver of all closing circumstances. As part of the Company Mix, Spring Valley will adjust its name to NuScale Power Company (“NuScale Corp.”). Investing is envisioned to start on the New York Inventory Trade on May perhaps 3, 2022, beneath the ticker symbols “SMR” for NuScale common stock and “SMR WS” for NuScale warrants. Until finally the transfer is total, the Spring Valley common inventory, warrants and models will continue to trade below the ticker symbols “SV”, “SVSVW” and “SVSVU”, respectively, on NASDAQ.

A Type 8-K disclosing the comprehensive voting final results has been submitted with the Securities and Trade Fee (the “SEC”).

About Spring Valley Acquisition Corp.

Spring Valley Acquisition Corp. (NASDAQ: SV, SVSVW) is a specific function acquisition corporation formed for the function of coming into into a merger or identical enterprise mix with a person or far more firms or entities concentrating on sustainability, like clean up vitality and storage, smart grid/efficiency, environmental products and services and recycling, mobility, water and wastewater management, innovative products and technological know-how enabled companies. Spring Valley’s sponsor is supported by Pearl Electrical power Investment decision Management, LLC, a Dallas, Texas primarily based expense company with $1.2 billion of fully commited cash under management, which focuses on partnering with most effective-in-class management teams to spend in the North American power and sustainability sectors.

Tale proceeds

About NuScale Electricity

NuScale Electrical power is poised to satisfy the diverse electrical power demands of customers across the environment. It has created a new modular gentle drinking water reactor nuclear energy plant to provide electricity for electrical technology, district heating, desalination, hydrogen generation and other course of action warmth programs. The groundbreaking NuScale Power Module™ (NPM), a modest, safe and sound pressurized drinking water reactor, can make 77 MWe of energy and can be scaled to meet consumer wants. The VOYGR™-12 electric power plant is able of generating 924 MWe, and NuScale also presents the 4-module VOYGR-4 (308 MWe) and 6-module VOYGR-6 (462 MWe) and other configurations centered on buyer requires. The vast majority investor in NuScale is Fluor Company, a international engineering, procurement, and construction organization with a 70-year background in industrial nuclear electric power.

NuScale is headquartered in Portland, OR and has workplaces in Corvallis, OR Rockville, MD Charlotte, NC Richland, WA and London, Uk. Comply with us on Twitter: @NuScale_Energy, Fb: NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram: nuscale_electrical power. Check out NuScale Power’s website.

No Provide or Solicitation

This release does not represent an provide to market or a solicitation of an present to acquire, or the solicitation of any vote or acceptance in any jurisdiction in connection with the Enterprise Mix among the Spring Valley and NuScale or any relevant transactions, nor shall there be any sale, issuance or transfer of securities in any jurisdiction where by, or to any person to whom, this sort of give, solicitation or sale could be unlawful. Any giving of securities or solicitation of votes pertaining to the Organization Mix will be built only by signifies of a proxy assertion/prospectus that complies with applicable rules and rules promulgated below the Securities Act of 1933, as amended (the “Securities Act”), and Securities Trade Act of 1934, as amended, or pursuant to an exemption from the Securities Act or in a transaction not issue to the registration prerequisites of the Securities Act.

Forward Looking Statements

This launch may consist of “forward-seeking statements” within just the indicating of the “protected harbor” provisions of the United States Personal Securities Litigation Reform Act of 1995. Ahead-seeking statements may be identified by the use of words and phrases these kinds of as “estimate,” “prepare,” “project,” “forecast,” “intend,” “will,” “hope,” “anticipate,” “believe that,” “look for,” “goal” or other equivalent expressions that forecast or show foreseeable future occasions or developments or that are not statements of historical information. These forward-on the lookout statements are inherently subject matter to hazards, uncertainties and assumptions. Actual results may well differ materially as a consequence of a variety of things. Warning will have to be exercised in relying on these and other ahead-looking statements. Thanks to acknowledged and unknown challenges, NuScale’s final results may perhaps differ materially from its anticipations and projections. Even though NuScale may well elect to update these ahead-wanting statements at some level in the upcoming NuScale especially disclaims any obligation to do so. These ahead-wanting statements need to not be relied on as representing NuScale’s assessments of any date subsequent to the date of this launch. Accordingly, undue reliance need to not be positioned upon the forward-seeking statements.

Additional Info and Where to Find It

The Registration Assertion that Spring Valley has filed with the SEC incorporates a proxy statement/prospectus and certain other linked files, which has been distributed to holders of Spring Valley’s Class A normal shares in connection with Spring Valley’s solicitation of proxies for the vote by the Spring Valley shareholders with regard to the Company Blend and other matters as explained in the proxy assertion/prospectus. Spring Valley mailed a definitive proxy assertion/prospectus to the Spring Valley shareholders as of the shut of company on March 25, 2022, which is the record day proven in link with Spring Valley’s solicitation of proxies for the vote on the Organization Mix and other issues that had been introduced at the special conference of Spring Valley shareholders. Spring Valley shareholders and other fascinated get-togethers are urged to browse the definitive proxy assertion/prospectus, any amendments thereto and any other documents submitted with the SEC very carefully and in their entirety when they turn into available since they will incorporate crucial data about Spring Valley, NuScale and the Organization Blend. Shareholders may well also acquire a copy of the proxy assertion/prospectus, as perfectly as other documents submitted with the SEC concerning the Business enterprise Blend and other paperwork submitted with the SEC by Spring Valley, without having cost, at the SEC’s site situated at www.sec.gov. A hyperlink to the Registration Statement, as effectively as other facts linked to the transaction, can be identified on the “Investors” section of NuScale’s web-site at www.nuscalepower.com/about-us/buyers.

Expenditure IN ANY SECURITIES Explained HEREIN HAS NOT BEEN Authorised OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY Handed Upon OR ENDORSED THE Deserves OF THE Offering OR THE Precision OR ADEQUACY OF THE Info CONTAINED HEREIN. ANY Illustration TO THE Contrary IS A Felony OFFENSE.

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Contacts

Contacts concerning the Enterprise Mixture

Spring Valley Acquisition Corp.:
www.sv-ac.com
Robert Kaplan
[email protected]

Investor inquiries:
Gary Dvorchak, The Blueshirt Team for NuScale
[email protected]

Media inquiries:
Diane Hughes, NuScale
[email protected]

Barney Gimbel / Max Gross, Finsbury Glover Hering for NuScale
[email protected]
[email protected]