Form 4: Japan Bank for International Cooperation Sells NuScale Stake to Chubu Global Investment Americas

Japan Bank for International Cooperation (JBIC) sold its indirect interest in 5,014,118 Paired Interests of NuScale Power to Chubu Global Investment Americas for $54.8 million.

Summary

• Japan Bank for International Cooperation (JBIC) has sold its units of membership interests in Japan NuScale Innovation, LLC (JNI) to Chubu Global Investment Americas Inc., a subsidiary of Chubu Electric Power Co., Inc.
• This transaction represents JBIC's indirect interest in 5,014,118 Paired Interests of NuScale Power, which includes both Class B Units of NuScale Power, LLC and an equal number of Class B Common Stock of NuScale Power Corp.
• The sale was completed on November 25, 2024, for an aggregate purchase price of $54,804,309.74.
• The Paired Interests are held of record by JNI, and the transaction does not change the total amount of Paired Interests held by JNI and beneficially owned by the Group, which includes JGC, IHI, and Fluor.
• Chubu Americas and Chubu are now considered part of the Group and may file separate or joint reports under Section 16 of the Securities Exchange Act.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. The transaction is a standard sale of a stake, and the introduction of a new investor like Chubu is generally a positive sign. However, the document does not provide any specific positive or negative outlook for the company.

Positives

• The transaction provides liquidity for JBIC's investment in NuScale.
• The sale introduces a new major investor, Chubu, into the NuScale Power ownership structure.
• The transaction does not change the total amount of Paired Interests held by JNI and beneficially owned by the Group.

Risks

• The document does not explicitly state any risks, but the sale of a significant stake could potentially indicate a shift in JBIC's long-term outlook on NuScale.

Future Outlook

The document does not provide any specific forward-looking statements for NuScale Power, but it does indicate that Chubu Americas and Chubu may file future reports under Section 16 of the Securities Exchange Act.

Management Comments

• JBIC disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein.
• This report shall not be deemed an admission that JBIC or any person referenced herein is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

Industry Context

This transaction reflects ongoing investment and ownership changes within the nuclear energy sector, particularly in small modular reactor (SMR) technology, where NuScale is a key player. The involvement of a major utility like Chubu Electric Power Co., Inc. signals continued interest in SMR technology.

Comparison to Industry Standards

• The transaction is a private sale of a stake in a private entity, JNI, which holds an interest in NuScale Power, a company developing SMR technology.
• Comparable transactions would include other private placements or stake sales in companies developing new nuclear technologies, but specific details are not provided in the document to make a direct comparison.
• The involvement of a large utility like Chubu is similar to other strategic investments in the nuclear sector, where utilities often take stakes in technology developers.

Stakeholder Impact

• Shareholders of NuScale Power may see this as a positive development, as it brings in a new strategic investor.
• The transaction does not directly impact employees, customers, or suppliers of NuScale Power.

Next Steps

• Chubu Americas and Chubu may file a separate Form 3.
• Chubu Americas and Chubu may file any required reports under Section 16 either separately or jointly with other members of the Group.

Key Dates

Keywords

NuScale Power, Japan Bank for International Cooperation, Chubu Global Investment Americas, Paired Interests, Class B Units, Class B Common Stock, JNI, stake sale, investment