NuScale Power Implements Significant Workforce Reduction to Drive Cost Savings
TL;DR Summary
NuScale Power, a utility firm specializing in small modular reactor technology, is laying off 28% of its workforce, amounting to 154 full-time employees, in a cost-saving effort expected to yield $50-60 million in annualized savings. Despite receiving design certification for its SMR technology, NuScale has faced financial challenges and recently terminated a project in partnership with a Utah power company. The company's shares fell over 3% following the announcement, and it expects to incur a $3 million charge related to severance costs in the first quarter.
Topics:business#business-energy#cost-saving-measures#layoff#nuclear-technology#nuscale-power#small-modular-reactor
- NuScale Power to lay off 28% of its workforce to save costs Reuters
- Portland-based nuclear reactor company NuScale cuts 28% of workforce, or 154 employees GeekWire
- NuScale Power Positions Company for Next Phase of Growth Yahoo Finance
- Oregon nuclear power company NuScale acknowledges layoffs, says 154 lost their jobs OregonLive
- NuScale to lay off nearly 30% of its full-time staff Oregon Public Broadcasting
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