Some exciting news from a peer company breathed life into shares of NuScale Power (SMR 6.09%) on the first business day of the week. Investors piled into NuScale stock, sending it more than 6% higher in price across the trading session. By comparison, the benchmark S&P 500 index only managed to rise 0.8% that day.
Said news came from privately held Kairos Power, which reported Monday that it has signed a development agreement with Alphabet's Google. The famous tech company and the nuclear power solutions provider are teaming up to establish a set of nuclear energy projects totaling 500 megawatts of power. These should be deployed by 2035, according to Kairos.
While NuScale is not the beneficiary of this thrilling news, it's smack dab in the company's wheelhouse. It develops small modular reactors (SMRs; hence its ticker symbol) that can be manufactured in pieces, then assembled on-site for a client. For resource- and time-constrained clients, this could be quite the attractive solution.
The Google/Kairos news comes on the heels of similar nuclear development deals reached by other tech heavyweights, namely Microsoft and Oracle.
Energy demand is climbing ever higher these days, especially from the power-thirsty tech sector, and with it, the need for generation solutions. NuScale Power is a fine play on this dynamic, as it offers solutions that can be cost-effective and resource-light. We shouldn't be surprised if and when the company signs a development deal (or several) of its own with familiar names in the tech industry.
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