"I can finish it within an hour or two," Hana said confidently.

Timothy smiled at her response. "Good, in that case, I'll wait for it in two hours. I will do some paperworks here until then."

"Understood," she replied, gathering her tablet and standing. "I'll send the full report once I've compiled everything."

When she left the room, Timothy turned back toward his desk.

Down the hall, Hana entered one of the smaller briefing rooms, the glass walls dimmed automatically for privacy. She sat down, laid her tablet flat, and began typing rapidly.

Search Query: "NuScale Power Corporation — history, structure, leadership, valuation, controversies, acquisition feasibility."

Within seconds, dozens of results filled the screen, corporate filings, SEC disclosures, news reports, and investor presentations. Hana adjusted her glasses, scrolling through the top pages.

Company Overview.

Founded in 2007 in Portland, Oregon, NuScale Power began as a spin-off from Oregon State University's nuclear research program. Its original purpose was to design small modular reactors or SMRs for short, capable of producing nuclear energy on a scalable, distributed model.

The key figure behind the company was Dr. Jose Reyes, a nuclear engineer and former professor who conceptualized the idea of miniaturizing reactors. His prototype, first tested at Oregon State's research lab, caught the attention of investors looking for the "next big leap" in clean energy.

Under Reyes's technical leadership and the corporate management of John Hopkins, the company started developing its signature design: a small, self-contained reactor vessel capable of passive cooling, meaning no external water pumps or electricity were required to shut it down safely in case of an emergency.

At the time, the idea was revolutionary. Governments and scientists saw SMRs as a potential way to revive the nuclear industry without the cost, size, or political baggage of conventional plants.

Hana scrolled further, seeing how the company's financial trajectory rose — and fell.

"Fluor Corporation… that name again," she muttered, reading aloud.

Fluor, one of the largest construction and engineering conglomerates in the world, had been NuScale's primary investor since 2011. They held a controlling stake, nearly 55% of shares at the time of its SPAC merger in 2022. It was Fluor's financial muscle that kept NuScale alive through its R&D years.

But even Fluor couldn't shield them from market volatility.

The company went public through a SPAC (Special Purpose Acquisition Company) deal in 2022, merging with Spring Valley Acquisition Corp. The valuation then? A hopeful $1.9 billion.

Hana scrolled down to the next section, her expression tightening slightly as the numbers began to decline.

By late 2024, the company's market capitalization had dropped to below $800 million. Shares had fallen by almost 80% from their opening price. Investor confidence was shaken.

Reasons:

— Delays in project execution.

— Cost overruns in the Carbon Free Power Project (CFPP) in Idaho.

— Withdrawal of several municipal partners.

— And a growing public skepticism about nuclear safety and economic feasibility.

She tapped on one of the news clippings from Reuters.

"NuScale's Idaho SMR project loses key investors as costs surge to $9 billion, from an initial $5.3B estimate. Timelines extend beyond 2030. Financial analysts question the viability of the first commercial SMR project in the U.S."

"Exactly what Timothy said…" Hana murmured.

She leaned back slightly, scanning the technical summaries.

The NuScale Power Module (NPM) was the company's flagship product — a 77 MWe light-water reactor enclosed in a cylindrical steel vessel about 23 meters tall and 4.5 meters wide. It was designed to operate as part of a cluster, with up to 12 modules submerged in a shared reactor pool.

Each module was self-contained, reactor core, steam generator, and pressurizer integrated in one unit. Cooling relied on natural convection, eliminating the need for external power or pumps.

Advantages:

Safety: Passive shutdown, minimal human intervention.

Scalability: Build 1 to 12 modules depending on demand.

Smaller footprint: Could fit in a fraction of a traditional nuclear site.

But Hana also saw the critical points in red text on one slide:

Criticisms and Risks:

Higher cost per megawatt due to modular redundancy.

Complex licensing from the U.S. Nuclear Regulatory Commission (NRC).

Public skepticism due to the word "nuclear."

Delays in manufacturing standardization.

She frowned. "It's the same pattern as early EV startups," she muttered. "High innovation, but no production momentum."

Next, she checked the leadership page.

— John Hopkins, CEO — formerly with Fluor Corp., seasoned in large-scale engineering and government contracts.

— Jose Reyes, CTO — the visionary scientist, still leading design and research.

— Clay Sell, Board Member — ex-U.S. Deputy Secretary of Energy.

— Chris Colbert, Chief Strategy Officer — known for handling policy and regulatory negotiations.

"Interesting lineup," Hana whispered. "They have both political and engineering weight."

But their board composition explained why progress was slow, it was too corporate, too cautious, dominated by legacy thinking rather than aggressive execution.

That's where Timothy would excel.

She opened the financial reports and scanned through institutional holders.

Fluor Corporation – 52.4%

Vanguard Group – 3.1%

BlackRock – 2.7%

Retail shareholders – 15%

Various venture groups and SPAC holders – remaining percentage.

Hana began typing notes rapidly.

Fluor Corp remains dominant shareholder. Controlling interest can be influenced via joint venture or strategic buy-in.

Acquire 15–20% float through public trading, secure board representation via partnership with Fluor.

Alternative route: initiate consortium via U.S.-based investment front.

The current market capitalization: $650 million.

Average trading volume: 1.8 million shares per day.

At this rate, Timothy could accumulate influence quietly through staggered purchases — small enough not to alert financial media or trigger SEC investigations.

"Buyout through stealth accumulation," Hana whispered to herself. "We'll need a proxy fund in the States, probably one managed under an investment firm name that doesn't trace back to TG Holdings."

She searched deeper, recalling Timothy's words from earlier.

"If you want something, there are ways."

She smiled faintly. "Yeah, he wasn't joking."

But, Timothy seemed desperate and wanted that company? Couldn't he just buy 100 percent of the company? He didn't want a minority stake. He didn't want board influence or partnership rights. He wanted ownership.

"Approach the founder directly," she murmured as she typed. "Dr. Jose Reyes still holds significant voting influence through Class B shares, even if Fluor owns the majority stake. If Timothy can convince him, the rest of the board will follow."

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