PORTLAND, Ore. - NuScale Power Corporation (NYSE: SMR), a leader in small modular reactor (SMR) technology, announced a strategic realignment aimed at commercializing its nuclear technology. The company's transition from research and development to a commercial focus is expected to save approximately $50-60M annually.
NuScale's restructuring includes a workforce reduction of 154 full-time employees, about 28% of its staff, with associated severance costs around $3M expected in the first quarter. These measures underscore the company's commitment to advancing revenue-generating projects and securing new orders.
John Hopkins, NuScale President and CEO, stated that the company is concentrating on the near-term deployment and manufacturing of its SMR technology, which is already U.S. Nuclear Regulatory-approved and ahead of competitors.
The company's SMR technology, powered by the NuScale Power Module™, is versatile and scalable, with each module capable of generating 77 megawatts of electricity. NuScale is the only provider with U.S. regulatory approval for such technology, positioning it for global deployment in various applications, including electrical generation and hydrogen production.
This article is based on a press release statement.
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