NuScale Power (NYSE:SMR) disclosed late Wednesday that it entered into a tri-party agreement with the U.S. Department of Energy and CFPP LLC to acquire certain upper reactor pressure vessel long lead materials originally produced to support the Carbon Free Power Project for ~$32.3 million.
If the transaction does not close on or before October 1, CFPP will transfer the assets to the DoE instead of NuScale (NYSE:SMR), according to the agreement.
Two years ago, NuScale (NYSE:SMR) and the Utah Associated Municipal Power Systems terminated the Carbon Free Power Project, which was to be located at the DoE’s Idaho National Laboratory and expected to consist of six 77 MW SMRs, generating a total of 462 MW.
Separately, analysts at RBC Capital initiated coverage on NuScale (SMR) with a Sector Perform rating and $35 price target, saying they would like to see more proof of NuScale’s partnership model scalability before taking a more positive stance.