NuScale Power used its quarterly earnings report on Wednesday — its first since going public in early May — to tout its readiness to sell and deploy the small modular reactor it began developing in 2007.
As for the numbers, the Portland-based company reported a net loss of $21.4 million and $350.8 million in cash and equivalents on hand at the June 30 quarter’s end.
“I would go so far as to contend that no other Western SMR developer is better prepared to start plant construction than NuScale,” CEO John Hopkins said. “Our efforts are real and we are moving quickly toward manufacturing and commercialization. This is a huge differentiator vis-à-vis other advanced technology providers.”
The remarks came just a day after chemicals giant Dow and X-Energy, a Maryland company founded in 2009, announced plans to deploy an X-Energy reactor at a Dow facility on the U.S. Gulf Coast by 2030.
That prompted an analyst to ask if NuScale (NYSE: SMR) might be in discussions for similar industrial deployments.
“First, I applaud X-Energy,” Hopkins said. “We don’t want to be a monopoly. We want to see other technologies advance. ... As you know, NuScale doesn’t have to be tied to a grid as proven to the (Nuclear Regulatory Commission). So at the end of the day, having companies like Dow and others who are looking at process heat, perhaps hydrogen or ammonia production, we can be right next to the end users. ... The answer is absolutely, we have abilities to have others similar to Dow use our technology.”
NuScale reported its earnings after the market closed on Wednesday. The stock was up about 4% in after-hours trading at $14.80 as of 3:30 p.m. PDT. NuScale has enjoyed a good ride on the New York Stock Exchange so far, up nearly 50% since its debut at $10.
