NuScale Power is in talks to receive a $30 million investment from Texas-based Fluor Corp, which could rescue the Corvallis-based nuclear startup from a funding crisis.
NuScale Power is in talks to receive a $30 million investment from Texas-based Fluor Corp, which could rescue the Corvallis-based nuclear startup from a funding crisis.
The Corvallis company has raised $37 million to fund its nuclear research, most of it from an investment fund called the Michael Kenwood Group. But the U.S. Securities and Exchange Commission sued the fund in January, alleging that fund manager Francisco Illarramendi had been improperly diverting money from the fund.
Ultimately, Illarramendi pleaded guilty to federal charges that his fund was a Ponzi scheme, and he now awaits sentencing. Illarramendi could face up to 70 years in prison.
But Dow Jones reports today that Illarramendi’s father, Ramon Illarramendi, wants federal courts to block the investment while he prepares a competitive bid. According to Dow Jones, Ramon Illarramendi is arguing that the Fluor investment undervalues NuScale.
Read more at OregonLive.com.
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