NuScale Power: Pioneering the SMR Revolution in a Post-Fukushima Energy Era

The Fukushima disaster of 2011 reshaped global energy priorities, accelerating the demand for safer, decentralized, and carbon-free power solutions. In this transformed landscape, small modular reactors (SMRs) have emerged as a disruptive force, and NuScale Power stands at the forefront of this revolution. With regulatory milestones, financial resilience, and strategic partnerships, NuScale is positioning itself as a cornerstone of the next-generation nuclear energy sector. For investors, the question is no longer whether SMRs matter, but how NuScale's momentum could redefine the long-term energy transition.

Regulatory Tailwinds: A Decade of Firsts

NuScale's 2025 regulatory achievements are unprecedented. The U.S. Nuclear Regulatory Commission (NRC) granted Standard Design Approval for its uprated 77 MWe SMR design in May 2025—ahead of schedule and under budget. This marks NuScale as the only U.S. company with two NRC-approved SMR designs (50 MWe and 77 MWe modules). The approval process, completed in under two years, underscores the NRC's streamlined approach to advanced nuclear technologies, a critical enabler for commercialization.

The 77 MWe module's scalability—from 308 MWe (VOYGR-4) to 924 MWe (VOYGR-12)—addresses diverse energy needs, including data centers, industrial hubs, and remote communities. Crucially, the design retains NuScale's passive safety systems, which rely on natural convection and gravity-driven cooling, eliminating the need for active components during emergencies. This aligns with post-Fukushima safety mandates and positions NuScale as a leader in risk-mitigated nuclear innovation.

Financial Resilience and Strategic Partnerships

NuScale's financial health is equally compelling. As of Q2 2025, the company holds $489.9 million in cash and investments, a buffer that supports its transition from a development-stage company to a commercial nuclear technology provider. Revenue has grown steadily, from $1.0 million in Q2 2024 to $8.1 million in Q2 2025, driven by engineering fees and licensing agreements. While the company remains unprofitable, its liquidity and cost-optimization strategies suggest a path to profitability as deployment timelines near.

Strategic partnerships further amplify NuScale's potential. The collaboration with ENTRA1 Energy Plants™ allows NuScale to act as an “original equipment manufacturer,” supplying SMRs without directly managing power generation. This model reduces capital intensity and opens access to utilities, tech firms, and industrial clients. Meanwhile, the RoPower Doicești project in Romania—a 462 MWe plant using six 77 MWe modules—represents a $10 billion+ opportunity if finalized by 2027.

Policy and Market Tailwinds

NuScale's trajectory is bolstered by U.S. policy shifts. In May 2025, the Trump administration issued executive orders to accelerate nuclear deployment, including shortening NRC review timelines to 18 months and expanding federal support for domestic supply chains. These measures align with NuScale's goals to scale production and reduce costs. Additionally, the Inflation Reduction Act's clean energy tax credits—preserved in the GOP budget proposal—offer financial incentives for SMR projects starting construction by 2028.

Globally, NuScale's SMRs are gaining traction in markets prioritizing decarbonization and energy security. The company's recent announcement of desalination and hydrogen production capabilities (150 million gallons/day and 200 metric tons/day, respectively) diversifies its value proposition, appealing to water-scarce regions and hydrogen-driven economies.

Risks and Realities

Despite its strengths, NuScale faces challenges. The cancellation of its Idaho-based Carbon Free Power Project in 2023—due to cost overruns—highlights the sector's financial volatility. While international projects like Romania's Doicești plant mitigate this risk, delays in final investment decisions could strain liquidity. Additionally, the SMR market remains nascent, with most projects in planning or demonstration phases.

Investment Thesis: A Long-Term Play on Energy Transition

For investors, NuScale represents a high-conviction bet on the convergence of regulatory progress, technological innovation, and climate-driven demand. Its NRC certifications, coupled with a robust balance sheet and strategic partnerships, create a moat against competitors. The company's focus on modular, scalable, and safe designs aligns with global energy trends, particularly in post-Fukushima markets prioritizing resilience and low-carbon solutions.

While short-term volatility is inevitable, NuScale's long-term potential is anchored in its ability to commercialize SMRs at scale. With a P/B ratio of 6.74 and a “Buy” analyst consensus, the stock reflects optimism about its future. However, investors should monitor project timelines, regulatory developments, and the pace of international adoption.

Conclusion

NuScale Power is not just a nuclear company—it is a catalyst for redefining how the world generates and consumes energy. In a post-Fukushima era where safety, scalability, and sustainability are paramount, NuScale's SMRs offer a compelling solution. For investors with a 10-year horizon, the company's regulatory momentum, financial discipline, and strategic vision make it a standout in the energy transition narrative. As the world grapples with climate change and energy insecurity, NuScale's reactors may well power the next industrial revolution.