Why NuScale Power Stock Is Trading Higher Today
Portfolio Pulse from Shivani Kumaresan
The Biden Administration and multinational partners announced their intent to provide up to $275 million in funding for NuScale Power Corporation (NYSE:SMR) to deploy a VOYGR small modular reactor (SMR) power plant in Romania. The U.S Export-Import Bank and U.S. International Development Finance Corporation have issued Letters of Interest for support of up to $3 billion and $1 billion, respectively.
May 22, 2023 | 1:22 pm
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NuScale Power Corporation receives up to $275 million in funding for deploying a power plant in Romania, causing the stock to trade higher.
The announcement of the funding commitment from the Biden Administration and multinational partners for NuScale Power's power plant in Romania is a significant development for the company. This financial support, along with the Letters of Interest from the U.S Export-Import Bank and U.S. International Development Finance Corporation, will help advance the deployment of NuScale's VOYGR small modular reactor power plant. As a result, the stock is trading higher, indicating a positive short-term impact on the company's stock price.
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