BUSINESS NEWS FLUOR-BACKED NUSCALE POWER SIGNS AGREEMENT TO ACCELERATE SMALL MODULAR REACTOR COMMERCIALIZATION Fluor Corporation announced that NuScale Power, LLC, in which Fluor is the majority investor, has signed a merger agreement with SpringValleyAcquisition Corp.. Fluor has invested more than $600 million in NuScale Power since 2011 to help bring its technology to market. The proposed transaction is anticipated to close in the first half of 2022 subject to customary closing conditions. Upon completion of the transaction, Fluor projects to own approximately 60 percent of the combined company, based on the PIPE investment commitments received and the current equity and in-the-money equity equivalents of NuScale Power and Spring Valley. “Fluor expects that the proposed transaction will bolster and accelerate the path to commercialization and deployment of NuScale Power’s unique small modular nuclear reactor technology,” said Alan Boeckmann,
executive chairman, Fluor. “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 commercialize this unique carbon-free energy technology. “Today’s announcement is further evidence that cost-shared government funding to build first-of-a kind commercial scale technology can attract private investment and yield results. 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,” Boeckmann said. NuScale Power is the developer of the only SMR technology that has received Standard Design Approval from the U.S. Nuclear Regulatory Commission. After merging with Spring Valley, the combined company will become the first and only publicly-traded company focused on development of advanced SMR technology.
NuScale Power’s innovative, carbon-free nuclear power solution offers clients safe, scalable and deployable 77-megawatt modules in configurations of four, six or 12 modules. The SMR technology can be integrated into electric grids to complement existing renewable energy sources and provide ongoing, consistent and reliable baseload power. Fluor, together with NuScale Power, continues to advance the first SMR cost- reimbursable services contract with Utah Associated Municipal Power Systems. UAMPS awarded Fluor a contract in January 2021 to provide estimating, development, design and engineering services for its Carbon-Free Power Project. Fluor’s 44,000 employees provide professional and technical solutions that deliver safe, well-executed, capital- efficient projects to clients around the world. With headquarters in Irving, Texas, Fluor has been providing engineering, procurement and construction services for more than 100 years.
of the stories share some of the same lessons and takeaways, something that I’d argue is common to them all is this: No matter whether these stories deal with a pivotal Civil War battle or the development of a drug to combat malaria, they all deal with the rise and fall of trust and credibility – what I like to call a “leadership bank account.” What I mean is this: Every action you take throughout the day – the timbre of your voice in a meeting, the confidence you exude during a conversation, whether you’re on time for a meeting – either makes a deposit or takes a withdrawal from your account, causing it to increase or decrease for a given individual or group of people. The accumulated interest of that account determines whether someone might be willing to follow you. You might propose a solution to a problem that sounds somewhat odd to those people you work with – but if you’ve made the necessary deposits and built a long track record of coming up with good solutions, they’ll more than likely follow you to the end. Leadership is a product of both today’s actions and yesterday’s groundwork.
JERRY HOLDER , from page 3
heart of our work – and it’s why we consider ourselves our clients’ most trusted advisor. 2. Communicate your “why.” Another lesson I have learned from this book is that poor communication will lead to failure. In the story about Wagner Dodge, we hear about a man who “was facing the moment, the decision of a lifetime. A fast-moving forest-and-grass fire was about to overrun the 15 firefighters under his command … They were running for their lives, and Dodge knew their time was running out.” I won’t spoil the story, but I will say this: In Wagner Dodge, we find a remarkably capable leader of steel nerves – but his poor communication skills are his tragic flaw. You must communicate the “why” of your direction. You need to connect the people with the purpose of the task. You cannot be a leader if you just act like that parent who says, “Do it because I said so.” That is not leadership. Leadership is built on credibility – and the trust that your people have in you. 3. Build your leadership bank account. Although many
Jerry Holder, P.E., is senior vice president and director of transportation at Garver. Connect with him on LinkedIn.
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THE ZWEIG LETTER MARCH 21, 2022, ISSUE 1433
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