Fluor’s nuclear unit goes public via $1.9bn SPAC deal

BY Fraser Tennant

In a combination that will take it public, Fluor Corporation’s nuclear energy unit NuScale Power is to merge with special purpose acquisition company (SPAC) Spring Valley Acquisition Corp in a transaction valued at $1.9bn.

Upon completion, Fluor projects will own approximately 60 percent of the combined company, based on the private investment in public equity (PIPE) investment commitments received and the current equity and in-the-money equity equivalents of NuScale Power and Spring Valley.

Having invested more than $600m in NuScale Power since 2011 to help bring its technology to market, Fluor expects that the merger will bolster and accelerate the path to commercialisation and deployment of NuScale Power’s unique small modular nuclear reactor technology.

The combined company will become the first and only publicly-traded company focused on development of advanced small modular reactor (SMR) technology. Currently NuScale Power is the developer of the only SMR technology that has received standard design approval from the US Nuclear Regulatory Commission (NRC).

“The merger is further evidence that cost-shared government funding to build first-of-a kind commercial scale technology can attract private investment and yield results,” said Alan Boeckmann, executive chairman of Fluor. “Fluor will continue to serve as an important partner by providing NuScale Power and its clients with world-class expertise in engineering services, project management and supply chain support.”

Headquartered in Irving, Texas, Fluor has been providing engineering, procurement and construction services for more than 100 years. Its 44,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world.

The proposed transaction is anticipated to close in the first half of 2022 subject to customary closing conditions.

Mr Boeckmann concluded: “This is the next step in Fluor’s plan, first outlined 10 years ago, to work closely with NuScale Power, Congress and the Department of Energy to commercialise this unique carbon-free energy technology. ”

News: Fluor's nuclear energy unit NuScale to go public via $1.9 billion SPAC deal

Bitcoin miner Griid goes public in $3.3bn SPAC deal

BY Fraser Tennant

In a combination that will take the bitcoin miner public, Griid Infrastructure LLC is to merge with special purpose acquisition company (SPAC) Adit EdTech Acquisition Corp in a transaction valued at $3.3bn.

Under the terms of the definitive agreement, current Griid equity holders will own approximately 90 percent, Adit EdTech public stockholders will own approximately 8 percent and Adit EdTech’s sponsor will own approximately 2 percent of the outstanding shares of voting stock of the combined company at closing, respectively.

Upon completion of the transaction. the combined company is expected to operate under the name ‘GRIID Infrastructure Inc.’ and be led by Griid’s existing management team.

“We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public bitcoin miners at the lowest cost of scaled production,” said Trey Kelly, chief executive of GRIID. “Our team has demonstrated a track record of successful execution over the past three years since starting the company, and we look forward to delivering expansion of capacity through this transaction.”

Based in Cincinnati, Ohio, Griid is a profitable, vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the US. Griid supports the growth of carbon-free energy generation by procuring low-cost energy to build, manage and operate its portfolio of vertically integrated bitcoin mining facilities.

“Carbon-free mining is the future of bitcoin,” said David Shrier, chief executive of Adit EdTech. “GRIID’s combination of a large pipeline of low-cost, carbon-free power, distinctive access to next generation application-specific integrated circuits (ASICs) and market-leading execution position them to generate attractive profitability and growth.”

Unanimously approved by the board of directors of Adit EdTech and the board of managers of Griid, the transaction is expected to close in the first quarter of 2022, subject to customary closing conditions, including the receipt of regulatory approvals and approval of Adit EdTech’s stockholders.

Eric Munson, managing partner at Adit EdTech concluded: “GRIID’s focus on utilising next generation computing power for more efficient clean power utilisation and grid management demonstrates the broader economic potential of green infrastructure.”

News: Bitcoin miner Griid Infrastructure to go public via $3.3 bln SPAC deal