NuScale Power, a leading small modular reactor vendor, announced a new reactor fuel partnership to expand its deployment capacity.

NuScale Power announced a new collaboration with Curio and Framatome to develop integrated nuclear fuel solutions for advanced reactors. The partnership focuses on technical assessment, fuel development, and supply chain integration for next-generation nuclear technologies, with the companies aiming to support commercialization of advanced nuclear fuels with potential applications in both U.S. and international markets.

NuScale Power sits within the small modular reactor segment of the nuclear industry. The stock has been volatile, with the share price at $9.47 and a year-to-date return that has declined 41.9% after a 78.8% decline over the past year. However, the 3-year return of 33.9% highlights how sharp the swings have been.

NuScale Power's investment narrative rests on turning its regulatory lead in small modular reactors into real projects that can move from design to deployment. The company possesses NRC-approved SMR technology and has received over $2 billion in commitment towards its development and licensing, positioning it uniquely for immediate commercial deployment compared to competitors.

The memorandum of understanding with Curio and Framatome addresses a part of the NuScale Power thesis that often receives less attention than reactor technology itself. A coordinated fuel cycle, from recycling used fuel to qualifying and fabricating new fuel, represents one of the practical enablers of the company's commercialization story. This collaboration also touches on a flagged risk around supply chain bottlenecks. By working with a recycler and an established fuel fabricator, NuScale is attempting to demonstrate it can secure long-lead materials and processes that future customers will require—a critical consideration when large utilities can alternatively engage established nuclear players such as Westinghouse or GE Hitachi.

However, the MOU does not address NuScale Power's current revenue base and ongoing losses, as recent results have highlighted. Technical assessments and feasibility work do not replace the need for firm contracts, clear funding plans, and progress on projects like the Romanian plant or ENTRA1 deployments. These remain the pieces that must align for the company's investment narrative to hold together.