Pioneering Nuclear Startup Lays Off Nearly Half Its Workforce

NuScale is the second major U.S. reactor company to cut jobs in recent months.

Almost exactly one year ago, NuScale Power made history as the first of a new generation of nuclear energy startups to win regulatory approval of its reactor design ― just in time for the Biden administration to begin pumping billions of federal dollars into turning around the nation’s atomic energy industry.

But as mounting costs and the cancellation of its landmark first power plant have burned through shrinking cash reserves, the Oregon-based company is laying off as much 40% of its workforce, HuffPost has learned.

At a virtual all-hands meeting Friday afternoon, the company announced the job cuts to remaining employees. HuffPost reviewed the audio of the meeting. Two sources with direct knowledge of NuScale’s plans confirmed the details of the layoffs.

By Friday evening, NuScale’s stock price had plunged more than 8% as investors sold off shares. NuScale did not respond to a call, an email or a text message seeking comment.

Surging construction costs are imperiling clean energy across the country. In just the past two months, developers have pulled the plug on major offshore wind farms in New Jersey and New York after state officials refused to let companies rebid for contracts at a higher rate.