Several corporate investors have backed a series A5 round for the clean nuclear energy technology developer that leverages Oregon State University research.
NuScale Power, a US-based developer of small modular reactor (SMR) technology, raised $152m in series A5 funding yesterday from investors including conglomerates Doosan Group and GS Group.
The two took part in the round through Doosan Heavy Industries and Construction and GS Energy respectively, while engineering firms IHI Corporation and Sarens, construction group Samsung C&T and energy consultancy Sargent & Lundy invested directly.
Spun out of Oregon State University in 2007, NuScale is working on SMR-equipped nuclear power plants that it says to be cleaner and safer than their traditional counterparts. The company will use the cash to ramp up the commercialisation effort of its technology.
NuScale had collected $40m in April this year from engineering and construction group JGC Holdings.
Doosan Heavy Industries and Construction and Sargent & Lundy backed a mid-2019 round of undisclosed size through two different strategic partnerships.
Defence technology provider Ultra Electronics purchased an equity stake through a strategic alliance deal in 2015, the year after engineering and environmental services group Enercon had done the same. Risk management services firm Ares did the same in 2012.
Engineering and construction services firm Fluor Corporation had bought the majority of the company shares in 2011.
– The original version of this article appeared on our sister site, Global University Venturing.
