ClimateTicker

NuScale Power

NYSE: SMR43Mixed / Improving· Provisional
0 followersNuclear / SMR·Corvallis, United States·Founded 2007
www.nuscalepower.com/

NuScale Power is the first SMR developer to receive NRC design certification for its modular 77 MWe VOYGR light-water reactor, targeting utilities and industrial customers globally.

43/100
Mixed / Improving· Provisional

ClimateTicker Green Score · how it's calculated

Greenwashing risk: mediumData confidence: medium

Why it's on ClimateTicker

NuScale Power's VOYGR SMR technology is genuinely carbon-free at the point of generation and holds real decarbonisation potential as a dispatchable baseload alternative to fossil fuels — something no solar or wind asset can currently replicate at scale. However, NuScale remains a pre-revenue technology licensor with zero commercial plants operating, its only U.S. flagship project (CFPP) was cancelled in November 2023 due to insufficient subscriber economics, and repeated securities-fraud class actions raise serious governance red flags that temper investor confidence. The climate promise is real but highly speculative; investors should price in substantial execution, cost, and integrity risk.

mitigationNuScale licenses its proprietary SMR reactor design (the NuScale Power Module™, 77 MWe per unit) to utilities, governments, and industrial customers, earning technology licence fees, engineering service revenues, and eventually long-term royalties once plants are built and operating; the company has not yet reached sustained commercial revenue and continues to post large net losses.

Commitments & Certifications

other: Member ↗other: NRC Design Certification (77 MWe VOYGR) ↗

Controversy & Greenwashing Watch

highSecurities-Fraud Class Action Over ENTRA1 Partnership (2026)

A new securities fraud class action was filed in April 2026 alleging NuScale misrepresented the capabilities and experience of commercialisation partner ENTRA1 Energy, triggering a 12.4% single-day stock drop and a $532 million quarterly net loss driven by a $495 million payment to ENTRA1.source ↗

highSecurities-Fraud Class Action Lawsuits (2023–2024 Wave)

Multiple shareholders filed consolidated federal securities fraud class actions in late 2023 alleging NuScale and executives made materially false or misleading statements about customer agreements and business prospects; an SEC inquiry was also disclosed in 2024.source ↗

highCFPP Cancellation — Cost Escalation & Insufficient Subscribers

In November 2023, NuScale and UAMPS mutually terminated the Carbon Free Power Project, the company's only U.S. commercial deployment, after electricity cost estimates rose from ~$55/MWh to ~$90/MWh and too few utilities subscribed to make it viable.source ↗

mediumIceberg Research Short Report — Viability and DOE Dependency Concerns

Short-seller Iceberg Research questioned NuScale's ability to deliver commercial plants without continued U.S. government subsidy, highlighting rising electricity cost estimates and risk of shareholder dilution.source ↗

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