SEC Form SC 13G filed by Spring Valley Acquisition Corp.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G
Under the Securities Exchange Act of 1934

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

þ Rule 13d-1(c)

☐ Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

NuScale Power Corporation, a Delaware corporation

6650 SW Redwood Lane, Suite 210

Portland, Oregon, 97224

This Schedule 13G is being filed jointly by:

(each a “Reporting Person” and, collectively, the “Reporting Persons”).

The address of principal business office of each of the Reporting Persons is as follows: 

Doosan

22, Doosanvolvo-ro, Seongsan-gu

Changwon-si 51711, Gyeongsangnam-do, Republic of Korea

Next Tech 1

11, Gukjegeumyung-ro 6-gil, Yeongdeungpo-gu

Seoul 05263, Republic of Korea

Next Tech 3

8, 301 Seocho-Daero, Seocho-Gu,

Seoul 06606, Republic of Korea

BHI and Dae Seok Bae

9F, 21, Yeouidaebang-ro 67-gil, Yeongdeungpo-gu

Seoul 07333, Republic of Korea

SB and Hwaseung

6F, 1079, Jungang-daero, Yeonje-gu

Busan 47540, Republic of Korea

SAC and Chang Sun Son

#416, MagokGranTwin Tower B, 18, Magokjungang 4-ro, Gangseo-gu

Seoul 07631, Republic of Korea

See the response to row 4 of the cover page for each Reporting Person.

Class A common stock, par value $0.0001 per share (“Class A Common Stock”)

67079K100

If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please specify the type of institution:

(a) Amount Beneficially Owned: See the response to row 9 of the cover page for each Reporting Person.

(b) Percent of Class: See the response to row 11 of the cover page for each Reporting Person.

(c) Number of shares as to which such person has:

(i) Sole power to vote or to direct the vote

See the response to row 5 of the cover page for each Reporting Person.

(ii) Shared power to vote or to direct the vote

See the response to row 6 of the cover page for each Reporting Person.

(iii) Sole power to dispose or to direct the disposition of

See the response to row 7 of the cover page for each Reporting Person.

(iv) Shared power to dispose or to direct the disposition of

See the response to row 8 of the cover page for each Reporting Person.

All of the Reporting Persons are deemed beneficial owners of shares of Class B Common Stock. Each share of Class B Common Stock, when paired with one Class B Unit of NuScale Power, LLC (“NuScale LLC”), may be exchanged at the holder’s election for one share of Class A Common Stock of NuScale Power Corporation.

Doosan is a publicly traded entity listed on the Korea Stock Exchange with no controlling shareholder.

BHI, as the co-general partner of Next Tech 1, Next Tech 2 New Technology Investment Fund (“Next Tech 2”) and Next Tech 3, and Dae Seok Bae, as the controlling person of BHI, are deemed to be indirect beneficial owners of the shares of Class B Common Stock owned by Next Tech 1, Next 2 and Next Tech 3.

BHI and IBK Securities Co., Ltd. (“IBKS”), the co-general partner of Next Tech 1 and Next Tech 2, exercise the right to vote or dispose of the shares of Class B Common Stock held by Next Tech 1 and Next Tech 2 by unanimous consent of the co-general partners.

Additionally, IBKS is the sole general partner of IBKS SME Accelerating Private Equity Fund, which is, together with YJA SME M&A Private Equity Fund and Whale No.1 SME M&A Private Equity Fund, the member of NuScale Korea Ltd. (“NuScale Ltd.”), the sole controlling person of NuScale Korea Holdings LLC (“NuScale Korea”), with the indirect right to vote or dispose of the shares of Class B Common Stock held by NuScale Korea as a result of its indirect membership interest in NuScale Korea. Industrial Bank of Korea, as the controlling person of IBKS, and the Republic of Korea Ministry of Economy and Finance, as the controlling person of the Industrial Bank of Korea, are deemed to be indirect beneficial owners of the shares of Class B Common Stock owned by Next Tech 1, Next Tech 2 and NuScale Korea.

Each of SB and SAC, as the co-general partners of Next Tech 3 together with BHI, and Chang Sun Son, as the controlling person of SAC, is deemed an indirect beneficial owner of the shares of Class B Common Stock owned by Next Tech 3.

BHI, SB and SAC exercise the right to vote or dispose of the shares of Class B Common Stock held by Next Tech 3 by unanimous consent of the co-general partners.

NuScale LLC and Doosan are parties to a Master Services Agreement, dated as of April 29, 2019, in relation to manufacturing consulting services for the NuScale Power Module™. Relatedly, NuScale LLC and Doosan are parties to a Business Collaboration Agreement, dated as of July 31, 2019, as amended by the First Amendment to Business Collaboration Agreement, dated as of November 15, 2019, as further amended by the Second Amendment to Business Collaboration Agreement, dated as of December 19, 2019, and as further amended by the Third Amendment to Business Collaboration Agreement, dated as of July 5, 2021 (collectively, the “BCA”), pursuant to which the scope of Doosan’s preferential rights pursuant to such Master Services Agreement is increased based on investments previously made by Doosan, NuScale Korea, Next Tech 1, Next Tech 2 and Next Tech 3.

Due to the current relationship among them with respect to the BCA, Doosan, NuScale Korea, Next Tech 1, Next Tech 2 and Next Tech 3 (as well as the other Reporting Persons as their indirect beneficial owners) disclaim their status as a “group” under Section 13(d) of the Securities Exchange Act of 1934, as amended, with respect to the shares of Class B Common Stock beneficially owned by each entity.

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ☐.

Not applicable.

Not applicable.

Not applicable.

Not applicable.

Each of the Reporting Persons hereby makes the following certification:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct.

Dated: May 13, 2022

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