“NuScale has attracted the best talent in the industry and we sincerely regret that we are forced to take these actions,” said Paul Lorenzini, PhD, president and chief executive officer.
– Edited By Chris Reed –
Due to the uncertainties surrounding its ongoing funding, NuScale Power, Inc., will furlough about 30 employees and institute pay cuts for all remaining employees. The steps are effective February 1.
NuScale Power dramatically curtailed operations earlier this month after its funding was frozen as the result of a Securities & Exchange Commission civil action against affiliates of the Michael Kenwood Group, its principal investor. The SEC has not made any allegations of improper activities by NuScale, and NuScale is not a party in the SEC action.
The employees placed on furlough are at NuScale Power’s offices in Corvallis and Portland, OR. NuScale Power currently has about 100 employees. It also moved several employees to half-time.
“NuScale has attracted the best talent in the industry and we sincerely regret that we are forced to take these actions,” said Paul Lorenzini, PhD, president and chief executive officer. “We need to take every possible step to conserve our cash on hand while we secure stable, long-term financing.” Lorenzini said NuScale has raised approximately $37 million in venture capital to date.
NuScale Power is developing an inherently safe, modular, scalable, light water reactor technology for use in nuclear power plants. Its standard design is for a power plant that can produce up to 540 megawatts of electricity using 12 NuScale reactor modules. The technology is being widely-embraced by industry and the US Department of Energy.