SMR - Why NuScale Power Stock Is Soaring This Week
2024-06-21 16:51:32 ET
For years, the U.S. government's interest in advancing renewable energy seemed to be synonymous with solar and wind power. On Monday, however, the Department of Energy revealed a new enthusiasm for facilitating the growth of nuclear power -- the type of nuclear power plants that NuScale Power (NYSE: SMR) is intent on developing itself. Investors took note of the announcement, and shares have powered higher throughout the week.
According to data provided by S&P Global Market Intelligence , shares of NuScale Power have risen 20.4% from the end of trading last week through 3 p.m. ET on Friday afternoon.
Looking to spur development of innovative nuclear power plants, the Department of Energy announced a notice of intent to provide $900 million in funding to support the deployment of small modular reactors (SMRs). Unlike traditional nuclear power plants, SMRs are considered safer and easier to develop. In addition, they can supply power to a variety of customers and purposes including electric power, data centers, heating, desalination, and commercial-scale hydrogen production, among others.
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Why NuScale Power Stock Is Soaring This Week