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Why Nuscale Power Is Skyrocketing Today
Shares of NuScale Power (NYSE: SMR) are flying today. The stock is up 12.7% as of 1:45 p.m. ET., but gained as much as 14.5% earlier in the day. The upward movement comes as the S&P 500 and the Nasdaq Composite were up 1% and 4%, respectively.
NuScale was mentioned in a research report released Thursday by the International Energy Agency (IEA). The report -- bullish on nuclear power at large -- specifically mentioned the model NuScale is betting on as particularly promising.
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Nuclear is back
While nuclear power fell out of fashion throughout much of the globe for decades, the past year has seen a renewed interest as power demands from artificial intelligence (AI) have ballooned. The IEA report noted that nuclear power is set to reach a new record in 2025 "as electricity demand accelerates." The technology is making "a strong comeback" as more than 40 countries around the world have plans to "expand nuclear's role in their energy systems."
Nuscale builds small modular reactors (SMR), which as the name suggests are much smaller than traditional plants. Critically, they can be manufactured offsite and delivered to the plant destination. This makes them much more adaptive and economically feasible for certain communities. SMRs were mentioned by the IEA report as offering "exciting growth potential" helping to send NuScale shares flying.
The company wasn't alone in benefiting from the report, Cameco and Centrus Energy were up 5% and 3%, respectively, at the time of writing.
What's next for NuScale?
NuScale is still in its early stages; it still must prove that it can deliver on its promise. Currently it is still in the red, reporting a net loss of $45.5 million last quarter. However, the next year should bring much more revenue as the company's technology is "ready for near-term deployment to support the growth of AI and other power-intensive technologies."
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool recommends Cameco and NuScale Power. The Motley Fool has a disclosure policy.
