US-based nuclear reactor developer NuScale has completed a merger with Spring Valley Acquisition Corp to create the world’s first and only publicly traded provider of “transformational” small modular reactor technology.

The Portland, Oregon company said in a statement that the merger creates a combined company expected to have a value of approximately $1.9bn. Stock will begin trading on the New York Stock Exchange under ticker symbols ‘SMR’ and ‘SMR WS’ on 3 May 2022.

NuScale said the transaction provides approximately $380m in gross proceeds, including $235m in capital from investors.

According to NuScale, its technology is the only viable, near-term deployable US advanced small SMR technology. It said proceeds from the transaction will be used to bolster and accelerate the commercialisation of the reactor.