NuScale Power (NYSE:SMR) CEO John Hopkins defended the corporate Tuesday, saying work continues within the U.S. and two different international locations regardless of final week’s cancellation of its first plant on the Idaho National Laboratory due to considerations about low subscription for the plant’s energy.
“We have $200M in the bank. That’s cash, no debt. So we have a healthy balance sheet,” Hopkins instructed an American Nuclear Society convention in Washington, D.C.
The CEO stated NuScale (SMR) tasks in Romania and South Korea proceed to develop, and a plan with service supplier Standard Power to develop 2 GW of nuclear energy supposed for information facilities in Pennsylvania and Ohio is on observe, with a contract for the undertaking to be accomplished “if not this week, then next.”
NuScale (SMR) was the primary U.S. firm to safe regulatory approval for its design of a small, modular reactor, however critics say such superior reactor designs are too costly to succeed.
“The termination of NuScale’s contract signals the broader challenges of developing nuclear energy” within the U.S., Edwin Lyman, director of nuclear energy security on the Union of Concerned Scientists, instructed Reuters.
NuScale (SMR) shares rose 6% in Tuesday’s buying and selling however have tumbled 25% within the week since its undertaking was canceled, and TD Cowen analysts stated the corporate might have a capital elevate because it must reimburse its buyer in Utah $50M for prices.