NuScale Power
John Hopkins
Summary
NuScale Power is a public small modular reactor developer commercializing its NRC-approved 77 MWe NuScale Power Module through ENTRA1-led deployments. In 2025-26 it advanced a nonbinding program with TVA for up to 6 GW of NuScale capacity, secured a Final Investment Decision for the Romanian RoPower project, and launched a strategic petrochemical process-heat partnership with Ebara Elliott Energy. NuScale remains pre-deployment and ended Q1 2026 with about $1B in liquidity and capital resources, with 2026 centered on first-module manufacturing readiness, fuel supply, and converting its development pipeline into binding projects.
Main Products
Full-scale SMR power plant with 12 modules generating up to 924 MWe of carbon-free electricity.
Largest standard configuration (12 modules / 924 MWe). No committed project yet at full scale — near-term deployments such as Romania's RoPower center on the six-module VOYGR-6, with first commercial operation targeted for the early 2030s.
Self-contained 77 MWe pressurized water reactor module with integrated steam generators.
NRC Standard Design Approval (2020), Design Certification (2023), and uprated 77 MWe design approval (effective 2025) received — first physical module not yet constructed, with 2026 focused on first-module manufacturing readiness.
Mid-size SMR plant configuration with 6 modules producing up to 462 MWe.
Mid-size configuration and the basis for NuScale's lead project: Romania's six-module RoPower plant at Doicești cleared a Final Investment Decision in early 2026 and entered its ~15-month pre-EPC phase, with further interest in South Korea and Kazakhstan.
What's Next
Close a binding TVA power purchase agreement
NuScale's biggest near-term commercial milestone is converting the ENTRA1-TVA nonbinding 6 GW framework into a binding power purchase agreement. CEO John Hopkins said on the Q1 2026 earnings call that he expects the PPA to be resolved by the end of 2026, which would unlock site-specific project structures and clear the way for construction to begin.
Execute the Romania RoPower pre-EPC phase
After Nuclearelectrica shareholders approved the Final Investment Decision for the Doicești project in February 2026, NuScale's job is to support a ~15-month pre-EPC phase aimed at producing a Class 2 budget, identifying contractors, extending the technology license, and finalizing pre-EPC and environmental agreements.
Demonstrate high-temperature petrochemical process heat
Through its strategic partnership with Ebara Elliott Energy, NuScale is targeting a commercial-scale high-temperature steam compressor demonstration that would let SMRs deliver process heat above 500 °C for petrochemical customers, with the compressor build targeted for completion by 2027.
Operations & Revenue
Pre-deployment. NuScale has no operating reactors yet, but Romania's RoPower project has cleared Final Investment Decision, the ENTRA1-led TVA 6 GW program is moving toward a binding power purchase agreement that CEO John Hopkins is targeting by year-end 2026, and the company ended Q1 2026 with $1B in liquidity and capital resources while 2026 work focuses on first-module manufacturing and fuel-supply readiness.
Key Metrics
Timeline
On March 19, 2026 NuScale and Ebara Elliott Energy announce a strategic collaboration to demonstrate a high-temperature steam compressor pairing NuScale's NRC-approved SMR with adiabatic compression, targeting petrochemical process heat above 500 °C. The compressor demonstration is targeted for completion by 2027.
On May 29, 2026 NuScale's annual meeting of stockholders elects Dr. Dale E. Klein and Stuart A. Harshaw to its Board of Directors, expanding the board to nine directors with eight independent. Klein chaired the U.S. Nuclear Regulatory Commission from 2006 to 2009 and is a UT Austin professor emeritus with four decades of nuclear-industry experience; Harshaw is president and CEO of Nickel Creek Platinum Corp. and a former senior Vale Canada executive who has run nickel, copper and refining operations.
NuScale files a Form S-1 registration statement with the SEC on June 8, 2026 that would enable additional share sales, reviving investor concern about dilution and sending SMR lower; in the same stretch Citi reiterated a Sell rating and cut its price target on the stock to $7. The selloff underscores that NuScale remains pre-revenue and dependent on its roughly $1B-plus cash position to fund operations until the ENTRA1-led TVA program and other projects convert into binding contracts.
On June 10, 2026 the University of Virginia's College at Wise debuts a NuScale Energy Exploration (E2) Center — NuScale's 12th globally and its second in Virginia. Funded by a grant from the Virginia Clean Energy Innovation Bank (powered by the Virginia Department of Energy), the center provides an immersive simulation and training environment that mirrors the operation of an SMR plant built around NuScale Power Modules, part of NuScale's effort to build the SMR workforce pipeline.