NUSCALE POWER Corp (SMR) Business

Item 1. Business

Unless the context otherwise requires, all references in this section to “NuScale,” the “Company,” “we,” “us” or “our” refer to the consolidated operations of NuScale Corp and NuScale LLC.

Overview

NuScale is redefining nuclear power through the development of proprietary and innovative SMR technology that the Company believes will deliver safe, scalable, cost-effective and reliable carbon-free power. The Company’s core technology, the Light Water Nuclear Reactor NuScale Power Module™ (“NPM”), can generate 77 MWe and is premised on well-established nuclear technology principles, with a focus on the integration of components, simplification or elimination of systems and use of passive safety features. The Company believes this results in a safe and highly reliable power plant suitable to be sited close to where electricity, water desalinization, hydrogen production or process heat is needed.

Since 2007, over $1.8 billion has been invested in the development of NuScale technology, including more than $578.3 million from DOE under a series of cost-share programs, and we have received 513 patents globally, with an additional 268 patent applications currently pending. In September 2020, the Company’s 12-module design (currently approved for 160 million watts of thermal power or 50 MWe per NPM) became the first and only SMR to receive an SDA from the Nuclear Regulatory Commission (“NRC”). In the U.S., the NRC oversees the licensing, permitting, and decommissioning of nuclear sites. In May 2025, the NRC finalized their review and approved the Company’s second SDA application and the associated licensing topical reports for NuScale’s 6-unit 77 MWe NPM design. Customers in the United States are now able to reference the approved design and SDA for expedited construction and operating licensing for a plant that is using the NuScale SMR technology.

NuScale’s unique SMR has several key defining characteristics, including:

•Proven. The Company’s NPM technology leverages existing light water nuclear reactor technology and conventional low-enriched uranium fuel supply that have been operating globally for over 60 years.

•Simple. NuScale’s simple NPM design, based on natural circulation, integrates the reactor core, steam generators and pressurizer in a single factory-built vessel and eliminates the need for reactor coolant circulating pumps, large bore piping and other components found in conventional large-scale nuclear reactors. This simplicity improves safety and reduces capital and operational costs.

•Scalable. The NPMs allow for scalability from one to twelve modules in a single installation, with typical scales of 12-module (924 MWe), six-module (462 MWe) and four-module (308 MWe) versions. These NuScale SMR-based configurations can commence operation with one module and scale to house up to their approved capacity of four, six or twelve modules. This scalability is expected to allow customers to right-size their up-front capital investment and economically increase installed capacity over time through the addition of NPMs.

•Safe. NuScale believes that its SMR technology design is the safest in the world for nuclear plants and that it has several industry-first advantages over conventional large-scale nuclear plants, including an unlimited “coping” period during which the NPMs can be shut down and kept in a safe condition without operator intervention, AC or DC power or any additional cooling water. As a result, the Company believes it has numerous operational and commercial advantages including a safety case that supports a small, site-boundary emergency planning zone (“EPZ”) designation by the NRC, as well as various resiliency and reliability features including the ability to start and operate a plant without AC or DC power to provide first-responder power.

In addition to the sale of NPMs, we will offer a diversified suite of services throughout the development and operating life of the power plant. The Company’s suite of services is planned to include licensing support, testing, training, fuel supply services and program management, among others. We anticipate that the Company’s service offerings will have high penetration rates across the customer base and will provide consistent, recurring revenues throughout the project deployment phase and operating lives of NPMs. We expect service revenue to begin approximately five years prior to a power plant’s commercial operation date and to extend throughout the life of the power plant.

Potential offtake customers are a mix of domestic and international governments, utilities, state-owned enterprises and technology and industrial companies in need of carbon-free, reliable energy.

As discussed in the section titled “Supply Chain and Partners”, we benefit from a global network of supply chain partners that we expect will play an integral role in bringing NuScale’s technology to market around the world, including

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engineering, procurement, design and constructions companies, and nuclear power industry experts, among other industries.

As discussed in the section titled “Customers and Prospective Customers” below, the Company has been working with one customer and one prospective customer. The customer is RoPower Nuclear S.A. (“RoPower”), which is a joint venture established by S.N. Nuclearelectrica S.A. (“Nuclearelectrica”) and Nova Power & Gas S.A. During the first phases of the project, we defined their site and specific inputs for a power plant utilizing NuScale’s 6-unit 77 MWe NPM design to be deployed at the Doicesti Power Station site in Romania.

The prospective customer, ENTRA1, is NuScale’s exclusive global strategic partner for commercialization and development of power plants utilizing NPMs. Through this strategic relationship, the Company expects to collaborate on joint development initiatives with ENTRA1. ENTRA1 is currently in negotiations with Tennessee Valley Authority (“TVA”) to deploy up to six 12-module power plants that would house the NPM design, and would be a landmark agreement in their seven-state region.

Energy Industry Outlook

According to the McKinsey & Company’s Global Energy Perspective 2025: Power Outlook (“GEP 2025”) - Global primary energy demand is projected to grow by about 10 percent by 2050 in the Continued Momentum scenario and electricity is expected to play an increasing role in the energy mix. Most of the energy demand growth is expected to come from India, Asia and Africa. In these regions, population and GDP per capita are increasing, as is energy demand per capita. Across regions, electricity demand growth is still mainly driven by the industry and building sectors, which are projected to grow 20 to 40 percent from today’s levels by 2050. In recent years, new demand drivers have emerged. Transportation has become a bigger source of electricity consumption, mainly because of the increased uptake of passenger electric vehicles. Data centers are also developing as a growth area for electricity demand, especially in the United States. In part because of these new drivers, electricity demand by 2050 could be double the 2023 level.

GEP 2025 goes on to note that renewables and energy storage technologies represent cost-competitive decarbonization solutions because of continuing cost declines and increasingly mature and robust supply chains. Solar and wind power are expected to see very strong growth in the next two decades—nearly threefold by 2030 and more than ninefold by 2050 compared with 2023 levels. This means that the share of renewable energy in the power mix could more than double in the next 20 years. However, because solar and wind energy are intermittent, firm power is essential to building a reliable system cost effectively. Clean, firm power sources (including geothermal power, hydropower and nuclear power) are expected to grow at 3 percent per year through 2050 in the Continued Momentum scenario.

In that context, GEP 2025 notes that nuclear energy has recently regained momentum, backed by governments and industry players. Since the UN Climate Change Conference in November 2024, 31 countries have pledged to triple nuclear capacity by 2050. As an emission-free, firm energy source, nuclear power complements renewables, but the final storage of nuclear waste remains an unsolved problem. Small modular reactors could have several advantages, including cost, scalability and simplicity of reactor design and construction, over full-scale plants.

Similarly, BloombergNEF’s New Energy Outlook 2025 (“NEO 2025”) projects that under their base-case Economic Transition Scenario, global demand for electric power will rise by 75% by 2050 as economic development, electric vehicles, cooling needs and power demand for data centers push up electricity use. In particular, incremental electricity demand from data centers is expected to jump to 1,200 terawatt-hours (“TWh”) globally by 2035 and 3,700TWh by 2050, which represents 4.5% and 8.7% of power demand, respectively.

This spike in demand is driven by several factors, including electricity use by data centers, reflecting the large power consumption requirements of AI, cloud computing and crypto-mining operations; the re-shoring of manufacturing in the U.S. in key sectors such as semiconductors, fueled in part by the CHIPS and Science Act; electric vehicle growth; and electrification of household goods and appliances. The power needs of data centers are expected to continue to grow significantly over the course of the decade as a result of these factors.

Market Opportunity

The U.S. Energy Information Administration (“EIA”) reports on capacity factor by energy source, which measures a power plant’s actual generation compared to the maximum amount it could generate in a given period without any interruption. In the EIA’s analysis, nuclear has the highest capacity factor of any other energy source, noting that during 2024, nuclear had a capacity factor of 92%, while coal was 42%, natural gas was 60% and both wind and solar less than 35%. The study went

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on to note that nuclear power plants had an 8% share of the total U.S. energy generation capacity in 2023 but actually produced 18% of the country’s electricity due to its high-capacity factor.

The production of nuclear energy as baseload power is imperative to maintaining carbon-free reliability in the U.S. electricity grid and is rightly viewed as a national security imperative. NuScale SMR Technology has the unique ability to provide the availability and reliability needed to secure data for national security. Strong leadership in the green economy is good for the environment and good for America and the country’s allies. It supports the Company’s geopolitical interests by reducing reliance on non-domestic energy sources. In addition, it powers U.S. economic growth and enables global competitiveness. Additional nuclear energy supply will also support onshoring trends and America’s strong growth in domestic manufacturing. Finally, management believes this clean baseload power generation provides energy at scale for large technology companies to help meet power needs for data centers and artificial intelligence (“AI”) while achieving sustainability objectives. ENTRA1’s global pipeline for prospective data center and AI customers is expanding with significant inbound inquiries from tier one hyperscale computing providers. Other baseload generation includes the repurposing of coal-fired facilities to nuclear.

In May 2025, President Trump signed an executive order and tasked the Secretary of Energy with the rapid deployment of advanced nuclear technologies to support national security objectives, including powering AI computing infrastructure and national security installations within 30 months. The executive order also notes that it is the policy of the United States to facilitate the expansion of American nuclear energy capacity from approximately 100 GW in 2024 to 400 GW by 2050. Further, this executive order will promote American nuclear exports through diplomatic engagement and negotiations for agreements under section 123 of the Atomic Energy Act to enable the U.S. nuclear industry to access new markets in partner countries.

Market Opportunity for SMRs

The four primary technologies currently being pursued in SMRs are water-cooled reactors, fast neutron reactors, high temperature gas reactors and molten salt reactors. Light water reactors, such as the NPM, are considered by the World Nuclear Association to have the lowest technological risk and are the most developed from a commercial perspective benefiting from decades of proven technology.

SMRs have a number of inherent advantages over traditional large-scale nuclear and other carbon-free power generation, including:

•Design Simplicity. Large scale nuclear plants, which typically generate 1GW or more, are complex in terms of design and construction. SMRs are simpler to manufacture, construct, operate and maintain. SMRs are also designed to eliminate many of the nuclear components needed in large-scale plants which adds to their simplicity. Water-cooled reactors represent the largest product segment in the SMR market by reactor type. Their dominance reflects a proven performance record in the nuclear sector, straightforward design and robust safety features. An established supply chain for water-cooled components reduces development costs and accelerates project schedules compared to emerging reactor technologies. Regulatory agencies possess extensive experience in licensing and supervising water-cooled reactors, which streamlines approval processes for SMR deployments.

•Enhanced Safety. Although the NPM is the only SMR with an NRC-approved safety case, according to the DOE, “small modular reactors have the potential for enhanced safety and security compared to earlier designs.” The smaller reactor core and reduced potential for off-site release from SMRs means SMRs may be located closer to population centers and industrial facilities in need of process heat. The robust design, small fuel inventory and multiple barriers preventing fission product release contribute to a low probability and consequence of radionuclide release, even under extreme upset conditions, thus simplifying the emergency preparedness and response and providing a basis for reducing the EPZ. NuScale is the only SMR company to obtain approval of its EPZ methodology from the NRC (or any other national government nuclear regulatory body) as well as the only SMR developer to have an approved regulatory basis for obtaining a site boundary EPZ. In 2022, the NRC approved a new methodology for SMR emergency planning; however, no other SMR vendor has had its methodology approved following the new criteria.

•Traditional Nuclear Economics. Traditional large-scale nuclear facilities have high upfront capital costs due to the size of the power plants as well as long construction times. These plants require significant resource planning and utilities have hesitated to deploy the capital necessary to build large-scale nuclear plants because of these high costs. SMRs are simpler, smaller and the reactors are largely factory built, leading to shorter construction times and greater cost predictability.

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•Modular and Scalable. SMRs can more easily match customer needs while avoiding surplus capacity. The modular nature of the SMR design allows for design flexibility, producing operational and serviceability advantages over other technologies. Modularity results in splitting power plant development between the factory and the field, reducing the schedule risk that has impacted large reactor construction projects. The NuScale modular design has the benefit to customers of being right-sizable upon construction and scalable over time.

•Smaller Footprint. A typical 1,000-megawatt nuclear facility in the United States needs little more than one square mile to operate, while wind farms require 360 times more land area to produce the same amount of electricity and solar photovoltaic plants require 75 times more space. Furthermore, SMRs can be sited closer to the end-user, significantly reducing the need for transmission infrastructure while also providing ancillary benefits such as process heat to end users.

NuScale Technology

The NPM is the product of approximately 18 years of research and development by NuScale and key collaborators, including Oregon State University (“OSU”) and the Idaho National Laboratory. NuScale SMR-based power plants are composed of multiple NPMs, each of which is capable of producing 77 MWe. The NPM consists of an integral reactor composed of the reactor core, helical coil steam generators and pressurizer within the reactor pressure vessel, enclosed in a steel containment vessel. The reactor core consists of an array of fuel assemblies and control rod clusters at standard enrichments. The helical coil steam generator consists of two independent sets of tube bundles with separate feedwater inlet and steam outlet lines. The integral reactor measures 65 feet tall and 9 feet in diameter. The containment vessel measures 76 feet tall and 15 feet in diameter and is much smaller and stronger than the concrete containment shells for large reactors. The NPM operates inside a stainless-steel lined, water-filled pool located below ground level.

NuScale Power ModuleTM

The Company’s NPM technology leverages existing light water nuclear reactor technology and fuel that has been operating globally for over 60 years. The reactor operates using the principles of buoyancy-driven natural circulation; hence, no pumps are needed to circulate water through the reactor. Once the heated water reaches the top of the riser, it turns downward into an annulus where the hot water flows over the steam generator tubes. Water in the reactor system is kept separate from the water inside the steam generator to prevent contamination. As the hot water in the reactor system passes over the hundreds of tubes in the steam generator, heat is transferred through the tube walls and the water inside the tubes turns to superheated steam. This innovative design eliminates the need for reactor coolant pumps, large bore piping, complex safety systems and other components found in conventional large-scale nuclear reactors. The result is a simplified system that improves safety and reduces capital and operational costs.

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Design Features and Innovations

The NPM introduces a number of key design innovations that the Company believes allows us to be the safest and most reliable provider of nuclear energy. These design features include:

•Proven Technology. The NPM design relies on well-established pressurized, light water reactor technology. As such, NuScale SMR-based power plants can be licensed within the existing regulatory framework for light water reactors, drawing on a vast body of established research and development, proven codes and methods and existing regulatory standards. Because the Company’s technology was designed based on this proven foundation, we believe that NuScale has a significant advantage over other alternative and yet unproven nuclear technologies that may come to market, both with respect to obtaining regulatory approvals and attracting customer interest.

•Single, Integrated Unit. The NPM incorporates all of the components for steam generation and heat exchange into a single integrated unit. This design eliminates all large bore interconnection piping, which is historically a potential source of failure and cause of construction complexity for large-scale reactors.

•Compact Size. Each NPM, including the containment vessel, can be entirely fabricated in a factory and shipped by rail, truck, or barge to the power plant site for assembly and installation. Fabrication of the modules in a factory environment reduces fabrication cost, improves quality, reduces construction time and increases schedule predictability. This is a distinct benefit compared to traditional large-scale nuclear plants in which reactors are built on-site and only after their completion can the balance of the plant be constructed. We can fabricate NPMs in parallel with site construction, saving time and reducing complexity, labor and construction costs.

•Natural Circulation. The reactor core of the NPM is cooled entirely by natural circulation of water. Natural circulation provides a significant advantage in that it reduces capital and operational costs by eliminating reactor coolant pumps, pipes and valves and the associated power, maintenance and potential failures of those components.

•Refueling and Maintenance Innovations. Each NPM can produce power continuously for approximately 20 months before refueling is required. Because of the multi-module design of NuScale SMR-based power plants, each NPM can be refueled in a staggered manner, reducing total plant output by only 77 MWe for approximately 10 days. This significantly reduces the cost of replacement power compared to large-scale nuclear plants (typically 1,000 MWe) that must shut down their entire capacity for any outage. Whereas large-scale nuclear plants can require as many as 1,000 or more individuals for refueling and associated outage activities, we can undergo the same refueling and outage activities with a much smaller, permanent, in-house crew made up of as few as 50 individuals.

•Multi-Module Control Room. NuScale has designed, and received NRC approval for, an innovative control room that can control up to 12 NPMs with only three licensed operators. This compares with traditional large-scale nuclear plants that require a minimum six licensed operators for three reactors. This innovation is enabled by NuScale’s proprietary platform called the Highly Integrated Protection System (“HIPS”). The HIPS platform provides a robust safety platform to monitor NPMs and help protect NuScale SMR-based power plants from potential cybersecurity attacks.

Safety Case

NuScale’s design innovations have allowed for several industry-first and best-in-class safety attributes.

•Unlimited “coping period.” The NPMs are designed with fully passive safety systems and are kept safe in a cooling condition for an unlimited time following any extreme event that renders a power plant without external power. During the span of such an event and for an unlimited amount of time, NuScale SMR-based power plants do not require any internal or external human or computer actions, AC or DC power or additional water to cool the reactors (referred to as NuScale’s Triple Crown For Nuclear Plant Safety). An unlimited coping period is unprecedented for commercial light water nuclear reactors. Historically, commercial light water nuclear reactors have maximum coping periods of 72 hours before operator action is required to keep the reactor safe.

•Site Boundary EPZ Support. NuScale SMR-based power plants have been designed to allow an NRC-approved EPZ that does not extend beyond the power plant site boundary (the restricted area controlled by the plant owner). The NRC has approved NuScale’s methodology for calculating EPZ size. This methodology, approved solely for NuScale’s unique passively safe design, demonstrates that most NuScale SMR-based plant sites in the U.S. can be approved with a 300-yard “site-boundary” EPZ. Currently operating commercial nuclear power plants in the U.S. are required to have a 10-mile radius EPZ from the reactor site and the population within the EPZ must be capable of evacuating within a specified time period. The smaller EPZ enables NuScale SMR-based power plants to be sited closer to end-users, which is of particular importance to process heat off-takers and to owners seeking to repower retiring coal-fired generation facilities.

•No Backup Power. The NRC concluded that NuScale’s safety design eliminates the need for “Class 1E” power – i.e., safety-related, backup power. This means that NuScale SMR-based power plants do not need costly emergency diesel

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generators to ensure the safety of the reactors in the event of a power loss. Today, no operating nuclear plant in the United States can make this claim.

•Resilience to Man-made and Natural Events. The NuScale SMR-based reactor building is designed to withstand the impact from man-made and natural events, including floods, earthquakes (in excess of the Fukushima event), tornados and hurricanes in excess of 280 mph winds and the impact of a large commercial airplane. The NuScale SMR-based power plant is also designed to safely shut down following an electromagnetic pulse or geomagnetic disturbance.

Technology-Enabled Operational Features

NuScale’s design innovations and best-in-class safety case create several technology-enabled operational features that no other carbon-free generation source can claim. These features address a host of critical industry needs with respect to grid resiliency and reliability and provide customers with related commercial benefits that other power generation solutions do not provide. Select features of the NuScale SMR-based power plants include:

•No Grid Connection Required. The NuScale SMR-based plant is the only commercial nuclear power plant approved by the NRC without requiring any connections to the transmission grid for safety. This allows off-grid operation such that NuScale SMR-based plants can be sited in the proximity of industries needing electricity and process heat. It also enables a NuScale SMR-based plant to replace a coal-fired power station located at the end of a single transmission line.

•First Responder Power. When the transmission grid is lost, traditional large-scale nuclear power plants automatically and rapidly shutdown. Large-scale nuclear power plants are not capable of restarting, nor are they permitted to do so, until the transmission grid is restored because power from the grid (supplied by two off-site sources) is required to power the safety systems and operate the equipment necessary to start the power plant. The NuScale SMR-based power plant would remain at power, ready to immediately sell electricity to the grid when the grid is back online, making it a first responder to the restoration of the transmission grid.

•Black-Start Capability. A NuScale SMR-based power plant can start up from cold conditions without external grid connections. This NuScale design capability is a first-of-a-kind for the nuclear industry.

•Island-Mode Power. A single NPM can supply all the “house load” electricity needs of the plant while also continuing to provide power to a local industrial customer or mission critical facility without external grid connection via a micro-grid connection.

•Highly Reliable Power. Because of the staggered refueling of modules in a 12-module power plant, that produces 924 MWe of power, the expected capacity factor is ~98%. This is significantly greater than other non-nuclear forms of electric power generation (coal, solar, wind, and natural gas). Furthermore, as the only NRC design approved without the requirement of being connected to the main transmission grid for safety, it is possible to operate a 12-module plant off-grid. The island mode feature and black start capabilities further add to the plant’s reliability. The high reliability and behind the meter capability are potentially attractive features for Data Centers and industrial end users.

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Design Validation, Testing and Manufacturing

NuScale Control Room Simulator

NuScale’s safety design has been validated through rigorous testing of critical components, such as fuel assemblies, control rod and control rod drive mechanisms and the integral helical coil steam generators. NuScale constructed an electrically-heated, one-third scale, high-pressure and temperature integral thermal-hydraulic test facility that demonstrated the operation of the entire nuclear steam supply system and safety systems. NuScale testing programs have been audited by the NRC.

In addition, we have proven the ability to safely operate 12 NPMs from a single control room by building and operating a full-scale simulated control room. Through comprehensive testing in this simulator, NuScale has shown that the demands on the reactor operators are significantly reduced compared with traditional large reactors, as a result of the simplicity of the design, advancements in digital controls and the fact that NuScale’s design requires no operator-initiated safety functions for all design basis events. Through comprehensive analyses, demonstrations and audits, the NRC has approved NuScale’s conduct of operation such that three licensed operators can safely operate a 12-module plant without the need for a Shift Technical Advisor, a key safety-related role required by the NRC for all existing large-scale nuclear plants.

We have placed orders for Long-lead items for the first twelve NPM upper reactor vessels, including forgings, tubing, tube bending machines and weld materials with Doosan Enerbility Co., Ltd, the Company’s manufacturing partner. Manufacturing of long-lead materials forgings has progressed at the manufacturing site at Doosan Enerbility Co., Ltd. Further, manufacturing trials for other key components such as steam generator tubes and vessel cladding processes have been completed.

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Products and Services

NuScale has determined that it currently operates in a single segment and will periodically reassess that determination as it nears commercialization and deployment of its NPMs.

NuScale Power Modules and Nuclear Steam Supply System (“NSSS”) Equipment

The Company’s core technology, the NuScale Power Module™ (“NPM”), can generate 77 MWe and is premised on well-established nuclear technology principles, with a focus on the integration of components, simplification or elimination of systems and use of passive safety features.

A customer seeking to deploy a NuScale SMR-based power plant will be granted a technology license from NuScale. NuScale will also provide design and nuclear regulatory licensing basis information necessary for the customer to obtain regulatory approval to construct and operate the power plant.

Sale of Equipment including NuScale Power Modules. NuScale expects to sell to the customer major nuclear-engineered equipment. This will consist of the NPMs, the reactor building crane, nuclear fuel, module assembly and handling equipment and other equipment associated with the nuclear steam supply system and nuclear fuel handling and storage. NuScale expects to provide the manufacturing and delivery of modules to the customers’ power plant site on a contracted basis. NuScale also expects to receive payment related to the fabrication of the NPMs coincident with the order of materials and commencement of manufacturing so that no working capital will be required from NuScale for work-in-progress or finished inventory.

Services

We will also offer customers a diversified suite of services throughout the life of the power plant, beginning approximately five years prior to a plant’s commercial operation date. Pre- and post-commercial operation date service offerings provide customers with critical services related to the licensing, design, development, construction, operation and maintenance of the power plant. As a first mover and developer of the power plant’s nuclear technology, we believe that we are well positioned to be a trusted service provider. As such, we anticipate that the Company’s services will have high penetration rates and will provide consistent, recurring revenues that could become significant once a large number of NuScale SMR-based plants are in operation.

NuScale’s services include:

•Regulatory licensing support, including in the United States preparation and prosecution support for the customer’s desired regulatory approval regimes under either 10 CFR, Part 50 or Part 52 pursuant to NRC regulations;

•Start-up testing and commissioning support;

•Accredited training programs to support initial and ongoing power plant operations;

•Management of all aspects of the NRC required inspections, tests, analysis and acceptance criteria process;

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•NPM mechanical handling;

•Initial and ongoing fuel bundle loading and movement;

•Design engineering management during commercial operation;

•Operations and maintenance program management, including regulatory compliance reporting support;

•Procurement and spare parts management;

•Nuclear fuel management including reload analysis; and

•Outage planning and execution support.

Competitive Strengths

Only Viable Carbon-free Baseload Power. Nuclear is believed to be the only viable carbon-free baseload power available to address the global need for carbon-free generation and to meet decarbonization targets year-round. NuScale SMR-based power plants are expected to provide highly reliable, cost-effective, carbon-free baseload power to electric grids – no other existing baseload technology can claim the same benefits on the scale needed to address the world’s growing needs.

Innovative Technology Platform and Intellectual Property Portfolio. We have 513 patents issued and an additional 268 patents pending. These 781 patents protect, or will protect if issued, key aspects of the Company’s technology, and management continues to grow the Company’s intellectual property portfolio. In addition, NuScale has a highly educated workforce of 428 employees, of whom 11 have master’s degrees in engineering and science and 22 have Ph.Ds. The Company’s intellectual property rights, as well as the Company’s highly skilled personnel are important assets necessary to maintain a competitive advantage in the market and expand on the Company’s technology platform.

First to Receive an SDA from the NRC. Although China and Russia have currently operating SMRs, NuScale’s is the first and only SMR to receive an SDA from the NRC. This is an important regulatory milestone that provides customers with certainty – knowing that the NRC approves of the plant design – before committing significant capital to develop a nuclear facility. The SDA process took NuScale 41 months to complete – including preparation, application and receipt of approval. This was the fastest any nuclear reactor company has ever received approval from the NRC. To date, no SMR or advanced reactor company other than NuScale has even applied to the NRC for SMR SDA. The fact that the NuScale design approval timeline was based on well-established light water nuclear technology, provides NuScale with a solid competitive advantage over other SMR competitors.

Unparalleled Safety Case. NuScale’s innovative, fully passive safety system design addresses the historical concerns of traditional large-scale nuclear power plants. In the event of a total loss of power to the facility, a NuScale SMR-based power plant does not require any operator or computer actions, grid connection or emergency backup power or additional water to cool the reactors and can remain safe indefinitely. All large-scale nuclear reactors require one or all three of these within a period of days. The rigorously tested safety case results in an array of applications and commercial opportunities for NuScale that traditional nuclear power plants cannot support because NuScale’s NPMs can be located closer to end-users and population centers.

Global Network of Strategic Investors and Supply Chain Partners with DOE Support. We have developed a global network of blue-chip supply chain partners, many of which are investors in NuScale. We believe these partners will play a critical role in the successful procurement of components and fuel supply, fabrication of components and manufacturing of our NPMs. In addition, we have also received significant financial and regulatory support from the DOE since the inception of NuScale.

Cost-Competitive. NuScale’s technology is cost-competitive both in the United States and globally. The Company believes that the technology’s reliability, resiliency and flexibility are key attributes that customers and regulators value highly, while the competitive cost coupled with the Company’s differentiated capabilities gives us a significant competitive advantage over other technologies.

Visionary Management Team. We have an experienced and passionate team of leaders and innovators who have developed the technology over the years and run the operations of the business today with extensive commercial and energy industry experience. The Company’s executives have extensive prior management experience in nuclear and engineering organizations, such as the NRC, United States Navy, DOE, General Electric Company, Exelon Corporation, Framatome and others. Among key members of NuScale’s executive leadership team is Dr. José N. Reyes, Ph.D., co-founder and Chief Technology Officer of the Company. Dr. Reyes is co-designer of the NuScale SMR and is an internationally recognized expert on passive safety system design, testing and operations for nuclear power plants. Dr. Reyes has served as a technical expert at the International Atomic Energy Agency and as an engineer with the Reactor Safety Division of the NRC. He is

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Professor Emeritus in the School of Nuclear Science and Engineering at Oregon State University, was inducted into the National Academy of Engineering in 2018 and holds over 237 patents granted or pending in 21 countries.

Competition

NuScale’s competitors are other power generation technologies, including traditional baseload, renewables, long duration storage and other nuclear reactors, including SMRs. The Company’s competitive strengths differentiate us from the competition globally, in part because NuScale’s SMR technology is currently the only NRC-approved SMR technology capable of meeting the growing demand for carbon-free baseload generation.

Carbon-Free Energy. According to BloombergNEF, more than 40% of the world’s electricity came from zero-carbon sources in 2023, including wind, solar, hydroelectric and large-scale nuclear. Among these technologies, only nuclear is highly reliable, cost-effective, dispatchable and land use efficient. Additionally, since renewables are weather-dependent, they are too unreliable to support certain end-use cases, including mission-critical applications or industrial applications that require extensive on-site, always-available power. Due to their innovative design, NuScale SMR-based power plants can operate as baseload generation, load-follow renewables and/or support key industrial applications.

Fossil Fuels. The majority of the world’s electricity continues to be sourced from natural gas, coal and oil. While reliable, these sources are carbon-intensive and we expect them to largely be replaced with carbon-free generation over time.

Other Advanced Nuclear Reactors. There are several reactor technologies that are in various stages of development, such as high temperature gas-cooled reactors, fast reactors, molten salt reactors, fusion technologies and others, and commercial SMRs are currently operating in China and Russia. These technologies are designed to be clean, safe and highly reliable., Moreover, while to date no SMR or advanced reactor company other than NuScale has even applied to the NRC for SMR SDA, many other technologies have different NRC applications under review and some have already received NRC approval for construction permits and are in construction phase.

Customers and Prospective Customers

RoPower/Nuclearelectrica. On November 4, 2021, NuScale and Nuclearelectrica, a national energy company in Romania that produces electricity, heat and nuclear fuel, signed a teaming agreement to advance the delivery of NuScale’s SMR technology. NuScale and RoPower, which is owned in equal shares by Nuclearelectrica and Nova Power & Gas S.A., announced on January 4, 2023, that a contract for the preliminary work required prior to beginning the Front-End Engineering and Design (“FEED”) work was signed between the parties on December 28, 2022. After completing the pre-FEED work, in July 2024, NuScale and RoPower signed a technology licensing agreement, which grants RoPower a right to use certain intellectual property of NuScale’s. In the third quarter of the 2024 fiscal year, Nuclearelectrica and RoPower signed the FEED Phase 2 contract with Fluor, a related party to NuScale. FEED Phase 2 included tasks related to the development of a Class 3 plant cost estimate, as well as support to RoPower with its regulatory and stakeholder engagements. NuScale has supported their scope of this FEED Phase 2 as a subcontractor to Fluor. On February 12, 2026 the Nuclearelectrica Shareholders approved the investment decision for the SMR Project in Doicesti, allowing for the ability to seek secured financing to further site-specific design work prior to any construction moving forward. This positive step allows the project to move forward with the next phase and is indicative of broad support from the Romanian Government. During the coming months, RoPower is authorized to advance the licensing process and complete the geotechnical work, finalize negotiation of a pre-engineering, procurement and construction contract, and begin negotiating contracts for long lead items.

ENTRA1. The Company has partnered with ENTRA1, NuScale’s global strategic partner for commercialization and development of power plants utilizing NPMs. ENTRA1 holds the exclusive rights for the worldwide commercialization, distribution, sales and development of Company products, services and power plants. Through this strategic relationship, the Company expects to collaborate on joint development initiatives with ENTRA1. To this end, on August 27, 2025, NuScale LLC and ENTRA1 executed a Partnership Milestones Agreement (“PMA”). Under the PMA, the Company will make milestone contributions (“Milestone Contribution”) to ENTRA1, or its designated affiliate, for each NPM or other NuScale product that is anticipated to be placed in a contemplated project or power plant (each, an “Energy Project”). Under the PMA, NuScale is named as the key supplier for future ENTRA1 Energy Projects with respect to the supply of SMR technology. The PMA also includes a negotiated maximum sale price for each NPM to be delivered and installed in an ENTRA1 Energy Project, subject to adjustments. It is anticipated that NuScale will enter into agreements for the delivery and installation of NPMs with ENTRA1. On September 2, 2025, TVA and ENTRA1 entered into a non-binding collaborative agreement under which ENTRA1 and TVA will collaborate to develop plants to provide TVA with up to 6-gigawatt of new nuclear power generation, with ENTRA1’s immediate strategy being the utilization of NuScale’s SMR equipment inside ENTRA1 Energy PlantsTM

Growth Strategy

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Management intends to grow the business by leveraging the Company’s competitive advantages in scalability, safety, reliability and cost. The Company has a number of avenues to achieve these growth objectives:

Traditional and New Applications. Management believes that the market for NuScale SMR-based power plants is wherever non-intermittent, reliable, carbon-free power is needed. Initially, we are focused on replacing carbon intensive coal-fired power plants and providing an alternative to new-build gas-fired generation. Additionally, we are focused on the Company’s ENTRA1 partnership positioning their ENTRA1 Energy Plants™ with NuScale SMRs inside to hyperscalers and technology, industrial and micro-grid companies in sectors that include direct air capture, water desalinization, hydrogen production and mission critical facilities.

International Customer Development. With ENTRA1, NuScale continues to develop an international customer interest as we foresee a significant customer demand over the long-term to be outside of the United States. NuScale and ENTRA1’s collective team puts significant effort into developing dialogue with foreign governments and corporations in order to educate and market the Company’s technology.

Technology Advancements. Using the Company’s innovative technology platform and robust intellectual property portfolio, NuScale is well-positioned to continue making technology advancements over time. These improvements include increasing power output, simplifying operations, reducing construction time and reducing production cost. Just as we increased power to 77 MWe per module without increasing module size or construction costs, NuScale’s R&D team is continuously researching and developing ways to improve the technology and meet the Company’s customers’ energy needs – creating top line growth opportunities and potential for increasing margins over time.

Development of New Products. Management continues to explore the development of innovative new products based on the Company’s core NPM technology. For example, we are developing a micro-reactor for niche end-markets. NuScale’s micro-reactor design is a 0.01 MWe to 10 MWe module intended to supply power to remote, off-grid and small communities. Use applications could include mining, universities, space power, military installations and disaster relief. These micro-reactors are expected to be small, compact, highly reliable, fully automated and rapidly deployable.

Supply Chain and Partners

The Company’s supply chain is ready for deployment and NuScale continues to strategically align on market disruptions and manufacturing schedules in advance of customer orders. The Company completed all identified and planned manufacturing trials associated with the most critical component, the NPM. NuScale continues to progress the NPM long lead material procurement, including forging manufacturing and steam generator tube fabrication for the first 12 modules, enabling the Company to leverage an extensive global supply chain ecosystem for all NPM components and for the construction of NuScale SMR-based power plants.

Supply Chain has strategically executed supply agreements with the Company’s critical supply partners enabling the Company to order key NPM components. Management continues to focus on partnerships with suppliers, such as Doosan Enerbility Co., Ltd.; IHI Corporation; Precision Custom Components LLC; Sarens Nuclear & Industrial Services, LLC; and Curtiss-Wright Corporation; among others we expect to build components of NPMs. Other key suppliers include Framatome (fuel assemblies), Honeywell International Inc. (control systems), Paragon Energy Solutions (protection systems), Sensia LLC, Mirion Technologies, Weed Instruments, dba Curtiss-Wright (sensors and instrumentation), ATS Industrial Automation (Automation Tooling & Remote Handling), Trillium Flow Technologies, Conval (valves) and PaR Systems, Inc. (reactor building crane). In addition, the Company’s partners include Fluor, Sargent & Lundy, LLC, JGC Holdings Corporation, GS Energy Corporation and Samsung C&T Corporation.

Intellectual Property

As of December 31, 2025, NuScale had been issued 513 patents globally and had 268 pending patents. These 781 issued or pending patents, filed across 21 jurisdictions including in the U.S., protect key aspects of the Company’s technology and demonstrate the continued growth of the Company’s intellectual property portfolio. The intellectual property rights are important assets for the Company’s success and management will aggressively protect these rights to maintain a competitive advantage in the market.

The Company owns all necessary rights to the intellectual property associated with the technology to allow any capable manufacturer the ability to fabricate or build to print all components of the NPM. We also commissioned and own the rights to a NuScale standard plant design, giving customers significant cost savings in designing and engineering the balance of plant needed for electricity generation. Approximately one-third of the Company’s patent portfolio relates to the safety system, one-third relates to power production and the remaining third to other categories such as software and to the

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reactor module, operability, modularity and inspection. NuScale’s proprietary module protection system was developed in-house and has been approved by the NRC. The Company manages the patent portfolio to maximize the lifecycle of protecting NuScale’s intellectual property, and various components and aspects of the system are protected by patents that will expire at staggered times.

Research & Development

NuScale continues to maintain active research collaborations with universities, national laboratories and industrial partners. Specifically, NuScale has benefited from independent research, peer-reviewed studies and testing conducted by and with academic institutions, including OSU, Boise State University, Colorado School of Mines, University of Houston, University of Idaho, University of Illinois Urbana-Champaign, Kansas State University, University of Maryland, Massachusetts Institute of Technology, University of Michigan, Missouri University of Science and Technology, Morgan State University, University of Nevada Las Vegas, North Carolina State University, POLIMI (Italy), University of Sheffield (U.K.), University of Tennessee, Texas A&M, Utah State University, University of Utah, University of Wisconsin and University of Wyoming.

Further, the Company is deploying its state-of-the-art Energy Exploration (“E2”) Centers at universities in the U.S., Romania, Ghana and South Korea. These NuScale control room simulators provide excellent training opportunities for the next generation of nuclear plant operators. E2 Centers are in operation in 11 facilities across the U.S., Europe, Asia and Africa.

Because the SMR industry is still in the early state of adoption, the Company’s ability to compete successfully is heavily dependent upon the ability to ensure a continual and timely flow of competitive products, services, and technologies to the marketplace. The Company’s current research and development (“R&D”) efforts are centered on innovative plant operations and services, introducing new product innovations, and lowering the lifecycle cost of the NPMs. The R&D team is also involved in developing new innovative technologies that will integrate NuScale SMR-based plants with a wide range of industrial applications, including steam compression and heating systems for industrial process heat, hydrogen production, storage and transport systems and advanced micro-reactor technologies. We believe continued investment in R&D is critical to the development and enhancement of innovative products, technologies, and services.

Human Capital

On January 8, 2024, NuScale announced a plan (the “Plan”) to reduce the Company’s workforce by 154 full time employees, or 28%. These strategic actions aligned resources with core priorities, which include advancing revenue-generating projects, securing new orders and positioning NuScale towards technology commercialization and long-term success.

As of December 31, 2025, we had 428 full-time employees with an aggregate of 159 advanced degrees, including 11 master’s degrees in engineering and science and 22 Ph.Ds. Twelve percent of the Company’s engineers are veterans. The workforce is concentrated in the Houston, Texas, and Corvallis, Oregon areas, but we have employees working in 42 states and the District of Columbia. NuScale has a seasoned leadership team with extensive experience in the nuclear industry that places significant focus and attention on matters concerning the Company’s human capital assets, particularly NuScale’s diversity, capability development and succession planning. Accordingly, we regularly review employee development and succession plans for each of the Company’s functions to identify and develop a pipeline of talent.

Nuclear Safety Regulation

The commercial nuclear industry is heavily regulated in all countries, and regulatory approval is required for the design, construction and operation of every nuclear plant. Generally, nuclear safety regulators consider (1) design safety and robustness against internal hazards (e.g., component failures and fires) and external hazards (e.g., earthquakes and weather loads such as snow, rain and wind), and (2) environmental impacts of construction and operations (e.g., water use and preservation of historical sites and animal and plant species). Regulation must be addressed on a country-by-country basis, although regulators often collaborate when a design is deployed in multiple countries.

The Company’s licensing strategy has two goals: (1) obtain approval in the shortest possible time by engaging the regulator early and developing high quality applications; and (2) maintain a common design of the NPM in as many markets as possible by leveraging the highly regarded NRC SDA during each regulatory approval process.

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Nuclear Safety Regulatory Approval in the United States

We submitted a Design Certification Application (“DCA”) in December 2016 to the NRC, comprising 12,000 pages, with approximately 2,000,000 pages of additional documentation and 100 gigabytes of test data. Development of the DCA required approximately $500 million in testing and engineering. Approval by the NRC included over 250,000 review hours at a cost of approximately $70 million. In addition to paying the NRC review fees, we incurred approximately $130 million in costs responding to numerous NRC requests for additional information, analyses and audits. Despite the intensity of the review, the NRC approved the NuScale design in 41 months—the fastest approval ever completed by the agency. We received the SDA for a 50 MWe NPM and 12-module plant design in August 2020, and the Company’s SMR design is currently the only SMR with such approval. The NRC subsequently certified the design as Appendix G to Title 10 of the Code of Federal Regulations (“CFR”) Part 52.

In January 2023, the Company submitted a second SDA Application and the associated licensing topical reports to the NRC for NuScale’s 6-module, 77 MWe NPM plant design. On July 31, 2023, the NRC formally announced that it accepted the Company’s SDA Application for review. In May 2025, the NRC finalized their review and approved the Company’s SDA application and the associated licensing topical reports for NuScale’s 6-unit 77 MWe NPM design. Customers in the United States are now able to reference the certified design and SDA for expedited construction and operating licensing of NuScale’s SMR pursuant to 10 CFR Part 52.

Customers that deploy NuScale technology can incorporate an SDA into their license applications to streamline regulatory review. The NRC does not re-review the design approved in the SDA during the customer license application review, and the review is limited to site specific design features (e.g., physical security systems, water intake structures), operational programs (e.g., maintenance, emergency preparedness) and environmental impacts.

NuScale has pursued and received NRC approval on topical reports that support customer regulatory applications. These topical reports are typically applicable to up-to-12 module configurations. Customers that intend to deploy a 12-module configuration can reference the NRC approved 77MW NPM and the topical reports in their Combined Operating License Application to de-risk regulatory review.

The ability to incorporate an SDA, topical reports, and provide site-specific information to file a license application is an improved licensing process developed by the NRC and industry and has been used by all new reactor designs and license applications since the early 1990s. This process, known as Part 52, substantially reduced regulatory and financial risk for license applicants compared to the older process, known as Part 50. NuScale’s licensing approach is a competitive advantage and that makes the NPM attractive to potential customers.

Nuclear Safety Regulatory Approval Internationally

Generally speaking, most countries limit license applications to the proposed owner and/or operator of nuclear power plants. Where appropriate in support of a customer or at the request of the regulator, we intend to engage early with regulators in each country of interest, consistent with the approach in the U.S.

The NRC has bilateral relationships with many other countries and participates in several international support organizations, including the IAEA, the Nuclear Energy Agency and the International Nuclear Regulators Association. We expect that the NRC approval will benefit the Company’s ability to obtain regulatory approvals internationally and will give foreign regulators confidence that the NuScale design is safe. We also expect to benefit from the NRC’s regulatory assistance program, through which the NRC collaborates with other countries’ regulators to understand the basis for the NRC approval of the Company’s design.

NuScale is also engaging directly with the IAEA to facilitate regulatory approval abroad. The IAEA, while not a regulator, is important because many countries’ regulatory frameworks were developed from IAEA standards, which are somewhat different from the NRC framework. NuScale completed the Technical Safety Review of Design Safety (“TSR-DS”) with the IAEA in December of 2024. The purpose of a TSR-DS is to review the design safety of a nuclear power plant against the IAEA safety standards. The TSR-DS evaluated the NuScale-based 6 plant design information along with three supplemental reports against the IAEA safety requirements. The purpose of the review was to identify strengths and potential weaknesses of the safety case to expedite licensing in countries that employ IAEA safety guidelines.

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In addition, we have had significant interaction with safety regulators and energy ministries in many of the countries where there is significant customer interest. For example: we have worked through material parts of the Vendor Design Review process with the Canadian Nuclear Safety Commission; we have completed a technology assessment conducted by the

Office of Nuclear Regulation in the U.K.; we completed a licensing gap analysis (comparing select local, IAEA and Western European Nuclear Regulators’ Association requirements against the NuScale design) with the State Nuclear Regulatory Inspectorate in Ukraine; and we have performed analysis of NuScale SMR-based plant safety, economy and maneuverability under a study funded by Japan’s Ministry of Economy, Trade and Industry.

Other Regulation

In addition to nuclear safety regulation, NuScale is subject to other nuclear regulatory controls such as export control, nuclear material safeguards and non-proliferation restrictions and liability insurance regimes (e.g., Price-Andersen Act, the 1960 Paris Convention, the 1963 Vienna Convention, and the 1997 Convention on Supplementary Compensation). NuScale plans to sell its plants only in jurisdictions where nuclear liability is exclusively channeled to the plant operator.

Customers purchasing NuScale SMR-based plants also must obtain required permits, licenses and insurance for the jurisdiction where the facility will be located. In the United States, a NuScale SMR-based plant developer must obtain an NRC construction permit and an NRC operating license issued pursuant to 10 CFR Part 50 or a combined license issued pursuant to 10 CFR Part 52. Other U.S. federal permits or licenses for a NuScale SMR-based plant may include a Section 404 Dredge & Fill Permit issued by the Army Corp. of Engineers; a Federal Aviation Administration § 77.15 Permit; a Certificate of Registration issued by the U.S. Department of Transportation; and a Spills Prevention Control and Countermeasure Plan mandated by the U.S. Environmental Protection Agency. State or local regulators may also require permits or licenses for a NuScale SMR-based plant, including a National Pollutant Discharge Elimination System Permit for Storm Water Discharges from Construction Activities and to Construct a Sanitary Wastewater, Wastewater Treatment facility; Section 401 Water Quality Certification; Well Permits; Solid Waste Handling Permit; and appropriate building permits.

Export Controls

NuScale’s business is subject to, and complies with, stringent U.S. import and export control laws, including the Export Administration Regulations (“EAR”) from the Bureau of Industry and Security which is part of the U.S. Department of Commerce, and regulations issued by the DOE. The regulations exist to advance the national security and foreign policy interests of the United States and to further its nonproliferation policies. Nuclear technology, also known as technical data, is controlled by 10 CFR Part 810, under the regulations of the DOE. Nuclear hardware and codes specifically designed or modified for use in a nuclear reactor are controlled by the NRC under 10 CFR Part 110.

The U.S. government agencies responsible for administering the EAR and other export control regulations have a degree of discretion in interpreting and enforcing these regulations. These agencies also have significant discretion in approving, denying or instituting specific conditions regarding authorizations to engage in controlled activities. Such decisions are influenced by the U.S. government’s commitments to multilateral export control regimes, particularly the Nuclear Suppliers Group, a group of nuclear supplier countries that seek to prevent nuclear proliferation by controlling the export of materials, equipment and technology that can be used to manufacture nuclear weapons.

Many different types of internal controls and measures are required to ensure compliance with such export control regulations. For example, 10 CFR Part 810, Appendix A provides a list of countries that are considered Generally Authorized, meaning they are considered to be non-sensitive. Countries not on this list are required to be specifically authorized prior to sharing any nuclear technology. Under Part 110, the NRC regulates the export or import of nuclear hardware, material and code, following similar protocols with respect to the same sensitive countries versus non sensitive countries regulatory structure embedded in 10 CFR Part 810.

Available Information

The Company’s website address is www.nuscalepower.com. You may obtain free electronic copies of the Company’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports on the “Investor” portion of the website, under the heading “SEC Filings” filed under “Financials.” These reports are available on the website as soon as reasonably practicable after we electronically file them with, or furnish them to, the SEC. These reports, and any amendments to them, are also available at the Internet website of the SEC, http://

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www.sec.gov. We also maintain various documents related to corporate governance including the Company’s Corporate Governance Guidelines, Board Committee Charters and Code of Business Ethics Program filed under “Governance.” The information found on the website is not part of, or incorporated by reference into, this or any other report we file with, or furnish to, the SEC.