NuScale Power Partners with DOE Lab, TD Cowen Downgrade, Fluor Raises $1.35B
TD Cowen cut its rating on NuScale Power from buy to hold, pushing shares back toward their $11.09 lows, even as the company sealed a DOE-backed partnership with Oak Ridge National Laboratory. Meanwhile Fluor sold 71 million NuScale shares for $1.35 billion and launched a program for 40 million more.
1. TD Cowen Downgrades NuScale Power to Hold
TD Cowen shifted its rating on NuScale Power from buy to hold, citing valuation concerns following recent share underperformance. This downgrade drove the stock closer to its October lows near $11.09, highlighting investor caution despite broader interest in nuclear energy.
2. Secures DOE-Backed Partnership with Oak Ridge Lab
NuScale Power formalized a strategic collaboration with Oak Ridge National Laboratory, backed by the U.S. Department of Energy. The partnership aims to advance small modular reactor technology development, potentially accelerating commercialization timelines and project deployment.
3. Fluor Raises $1.35 B Selling 71 Million Shares
Fluor Corporation monetized 71 million NuScale shares, generating $1.35 billion in proceeds. This significant sell-down reflects Fluor’s efforts to realize value from its equity stake while managing its capital allocation.
4. Trading Program for 40 Million Remaining Shares
In addition to the initial sale, Fluor launched a trading plan for its remaining 40 million NuScale shares. The program allows orderly disposition over time, potentially increasing public float and adding downward pressure on share price.