NuScale Power learned last night that the judge hearing the SEC complaint granted a motion from NuScale that will allow the company to use the remaining funds it has on hand. The judge also agreed that PDVSA can provide NuScale with a loan of as much as $5 million loan through an existing Michael Kenwood investment fund. NuScale is in negotiations with PDVSA. It will be a few days before we know whether we are successful. The loan would allow NuScale to continue operations at the current level while it puts together stable, long-term financing.
NuScale Power is developing a modular, scalable nuclear power reactor. A power plant using NuScale’s standard design will produce 540 MWe using 12 of NuScale’s 45 MWe light water modular reactors. The company plans to apply to the Nuclear Regulatory Commission in early 2012 for design certification with a goal of bringing a plant online as early as 2018.
Background Stories:
NuScale Power Announces Layoffs – Continuing Search for Investors
NuScale Power Suspends Operations Due to Investment Firm’s Issues