Majority Owner of NuScale Secures Investment from Fluor Corporation, the Largest Publicly Traded U.S. Engineering Company
NEW YORK, NY, October 13, 2011—Baker Hostetler represented the largest equity and debt holder of NuScale Power, Inc. (“NuScale”) in securing a $30 million investment from Fluor Corporation (“Fluor”), the largest publicly traded U.S. engineering company.
In connection with John J. Carney’s selection by the SEC and appointment by the U.S. District Court in Connecticut to serve as Receiver of Michael Kenwood Capital Management, LLC, Steven H. Goldberg, Co-Chairman of the firm’s Transactions Practice Team and New York Corporate Associate Stephen T. Olson represented the majority owner of NuScale.
The transaction was announced in Washington, D.C., at the National Press Club by Fluor and NuScale executives with key members of the U.S. House of Representatives along with industry and regulatory leaders in attendance.
Headquartered in Corvallis, Oregon, NuScale has designed a modular, scalable Light Water Reactor nuclear power plant system. A nuclear power plant using NuScale’s technology is comprised of individual NSSS modules. Each produces 45 megawatts with its own combined containment vessel and reactor system, and its own designated turbine-generator set.
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