"Mass Layoffs At Pioneering Nuclear Startup"

"NuScale is the second major U.S. reactor company to cut jobs in recent months."

"Almost exactly one year ago, NuScale Power made history as the first of a new generation of nuclear energy startups to win regulatory approval of its reactor design ― just in time for the Biden administration to begin pumping billions of federal dollars into turning around the nation’s atomic energy industry.

But as mounting costs and the cancellation of its landmark first power plant have burned through shrinking cash reserves, the Oregon-based company is laying off nearly a third of its workforce.

At a virtual all-hands meeting Friday afternoon, the company announced the job cuts to remaining employees. HuffPost reviewed the audio of the meeting. Two sources with direct knowledge of NuScale’s plans confirmed the details of the layoffs.

By Friday evening, NuScale’s stock price had plunged more than 8% as investors sold off shares. NuScale did not respond to a call, an email or a text message seeking comment."

Alexander C. Kaufman reports for HuffPost January 5, 2024.

Source: HuffPost, 01/09/2024