Company Announcements

CORVALLIS, Ore.--(BUSINESS WIRE)--Jun. 2, 2026-- NuScale Power Corporation (NYSE: SMR) (NuScale or the Company), the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, welcomed two new members, Mr. Stuart A. Harshaw and Dr. Dale E. Klein, to its Board of Directors on May 29, 2026, following their election at the Company’s Annual Meeting of Stockholders. The NuScale Board now comprises nine directors, eight of whom are independent, further reinforcing the Company’s strong leadership and long-term strategic direction.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260602918216/en/

Mr. Stuart A. Harshaw

“NuScale is pleased to welcome Mr. Harshaw and Dr. Klein to our Board of Directors,” said John Hopkins, NuScale President and Chief Executive Officer. “Dr. Klein’s decades of leadership in nuclear regulation, national security, and global nuclear safety, combined with Mr. Harshaw’s extensive operational and engineering expertise leading large-scale industrial and resource development projects, will provide tremendous value as we continue advancing our mission to deliver safe, reliable, and innovative clean energy solutions. Their combined experience and strategic insight will further strengthen our board and support NuScale’s long-term growth and global deployment efforts.”

Mr. Harshaw is the President and Chief Executive Officer of Nickel Creek Platinum Corp. and President of Stuart Harshaw Consulting. He brings more than 35 years of leadership experience in the mining industry, including extensive expertise in engineering, procurement and construction models. Previously, Mr. Harshaw held senior leadership positions with Vale S.A. and Inco Ltd. He also serves on the boards of several mining and resource companies, providing strategic guidance on regulatory, technical and operational matters. Mr. Harshaw holds a Bachelor of Science in Metallurgical Engineering from Queen’s University and a Master of Business Administration from Laurentian University.

Dr. Klein is Professor Emeritus in Engineering at The University of Texas at Austin and brings more than 40 years of technical expertise and nuclear industry experience. He previously served as chairman of the U.S. Nuclear Regulatory Commission and as Assistant to the Secretary of Defense for Nuclear, Chemical and Biological Defense Programs. Internationally, Dr. Klein serves on nuclear oversight and advisory committees in the United Arab Emirates and Japan. He has also served on the boards of public companies in the energy and utility sectors. Dr. Klein holds a Ph.D. in Nuclear Engineering from the University of Missouri-Columbia.

NuScale proudly welcomes Mr. Harshaw and Dr. Klein to the board, further enhancing its steadfast leadership, service, and industry experience.

About NuScale Power

Founded in 2007, NuScale Power Corporation (NYSE: SMR) is the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, with a mission to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. The NuScale Power Module™, the Company’s groundbreaking SMR technology, is a small, safe, pressurized water reactor that can each generate 77 megawatts of electricity (MWe) or 250 megawatts thermal (gross), and can be scaled to meet customer needs through an array of flexible configurations up to 924 MWe (12 modules) of output.

As the first and only SMR to have its designs certified by the U.S. Nuclear Regulatory Commission, NuScale is well-positioned to serve diverse customers across the world by supplying nuclear energy for electrical generation, data centers, district heating, desalination, commercial-scale hydrogen production, and other process heat applications.

To learn more, visit NuScale Power’s website or follow us on LinkedIn, Facebook, Instagram, X, and YouTube.

Forward Looking Statements

This release contains forward-looking statements (including without limitation statements containing words such as "will," "believes," "expects," “anticipates,” "plans" or other similar expressions). These forward-looking statements may include statements relating to our strategic and operational plans, expectations (including regarding our market positioning, our progress toward deploying our technology, the market for nuclear energy and providing energy technology for communities around the world), future growth, and the outlook of our business.

Our actual results may differ materially from what may be included in forward-looking statements as a result of a number of factors, including, among other things, the following: our ability to enter into binding contracts with customers to deliver NPMs; competition from other nuclear reactor technologies; delays in the development and manufacturing of NPMs and related technology; the possibility that we may continue to incur losses in the future and may not be able to achieve or maintain profitability; the cost of electricity generated from nuclear sources or our NPMs may not be cost competitive; the market for SMRs is not yet established and may not achieve growth as expected; our dependence on our relationships with ENTRA1, Fluor and other strategic partners; risks related to the Partnership Milestones Agreement that we entered into with ENTRA1; our ability to manage our growth effectively; our need for additional funding in the future; our partners’ and potential customers’ ability to secure funding; manufacturing and construction issues, including that our supply base in constrained; the politically sensitive environment we operating in and the public perception of nuclear energy; our dependence on senior management and other highly skilled personnel; our ability to obtain design approvals internationally; our customers’ ability to obtain required regulatory approvals on a timely basis or at all; compliance with environmental laws and evolving government laws and regulations; the impact of changing trade policies and new or increased tariffs; risks related to cybersecurity; changes in tax laws; our ability to protect our intellectual property; our limited number of authorized shares available for issuance; the price of our Class A common stock may be volatile; additional sales of our common stock or exercise of our options could result in dilution to our stockholders; we have and may in the future be subject to short selling strategies; NuScale Power, LLC being treated as a corporation for U.S. federal income tax or state tax purposes; and requirements under the Tax Receivable Agreement. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, our results may differ materially from its expectations and projections.

Additional information concerning these and other factors can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the general economic conditions and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and in subsequent filings we make with the SEC. The referenced SEC filings are available either publicly or upon request from NuScale's Investor Relations Department at ir@nuscalepower.com. The Company disclaims any intent or obligation other than as required by law to update or revise any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260602918216/en/

Investor Relations Contacts
ir@nuscalepower.com

Media Contact
media@nuscalepower.com

Source: NuScale Power