NuScale Power’s exclusive global strategic partner ENTRA1 Energy is continuing discussions with the Tennessee Valley Authority toward a definitive power purchase agreement for what NuScale says could become the largest nuclear power deployment program in U.S. history.
The potential TVA agreement represents one of the most significant commercial opportunities highlighted by NuScale as it moves its small modular reactor technology from design and regulatory development toward commercial deployment.
NuScale enters those discussions with what it describes as the only U.S. Nuclear Regulatory Commission-certified SMR design in the industry. The company said much of the technical preparation necessary for near-term deployment is now substantially complete.
NuScale’s power modules use conventional nuclear fuel available today rather than relying on a new fuel supply chain. Each module is capable of generating 77 megawatts of electricity and configurations can be scaled to as many as 12 modules, or up to 924 megawatts.
The company has also assembled a supply chain involving more than 60 specialized partners and has executed over 30 agreements. Management sees that industrial base as an important part of its ability to move potential projects toward deployment.
NuScale recently awarded Paragon a contract to complete final design development of the Highly Integrated Protection System for the NuScale Power Module, which the company described as another critical supply-chain readiness milestone.
Commercial efforts extend beyond the United States. NuScale continues working with Nuclearelectrica and RoPower to advance a Romanian project that would deploy six NuScale Power Modules at a former coal plant site. NuScale describes the project as Europe’s most advanced SMR effort.
The company has significant liquidity to support those commercialization efforts. NuScale ended Q2 with approximately $1.9 billion of cash, cash equivalents and short- and long-term investments.
Spending is increasing as NuScale prepares its technology for deployment. R&D expenses rose $6.6 million year-over-year, primarily due to $7.1 million of additional spending to improve technological readiness and design maturity of NuScale Power Module components.
Revenue declined by $8 million year-over-year because the prior-year period included work under Fluor’s Phase 2 front-end engineering and design services for the RoPower project, which was completed in late 2025 and had no comparable activity during Q2 2026.
Investment income, meanwhile, increased $8.5 million due to NuScale’s substantially larger cash and investment position.
The TVA discussions could therefore represent an important transition point for NuScale if ENTRA1 can convert the potential deployment into a definitive commercial power purchase agreement.
KEY QUOTES:
“As demand for clean, reliable power grows more urgent by the day, the question for off-takers is no longer whether to go with nuclear, it is which technology can actually deliver, and when.”
“At NuScale, we have spent years doing the work that makes near-term deployment possible, and that work is now substantially complete. We hold the only U.S. Nuclear Regulatory Commission design certification in the SMR industry, our technology runs on fuel that is proven and available today, and we have built a supply chain of more than 60 specialized partners with over 30 agreements already executed.”
John Hopkins, President and CEO of NuScale Power
