NuScale CEO touts data center deal, heavy industry SMR interest amid $180M loss for 2023

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On Thursday, NuScale Power released its financial results for the fourth quarter and full year of 2023. The company reported revenues of $4.6 million for the fourth quarter, $22.8 million for the full year, and net losses of $56.4 million and $180.1 million, respectively. NuScale also disclosed a nearly $50 million charge related to the termination of its Carbon Free Power Project with Utah Associated Municipal Power Systems.

Despite recent challenges, NuScale sees potential opportunities in the growing demand for clean and reliable energy, particularly from heavy industry and data center operators. The company has announced collaborations with entities like Standard Power to deploy their small modular reactor technology at data center facilities. NuScale's focus has shifted towards servicing large energy consumers like data centers, projecting a significant increase in American data centers' energy consumption by 2030, driving the company's strategic partnerships and developments in the advanced nuclear reactor sector.