[HN Gopher] NuScale Lays off 40% of its Staff
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       NuScale Lays off 40% of its Staff
        
       Author : pfdietz
       Score  : 33 points
       Date   : 2024-01-06 19:43 UTC (3 hours ago)
        
 (HTM) web link (www.huffpost.com)
 (TXT) w3m dump (www.huffpost.com)
        
       | toomuchtodo wrote:
       | > Last January UAMPS issued a report that inflation had rapidly
       | raised the prices of key materials like concrete and steel
       | forcing a steep rise in the overall cost of the project. In turn,
       | the expected cost of electricity from the completed project
       | soared into the stratosphere making it uneconomic in terms of
       | selling it to customers. The target price for power from the
       | plant jumped $53 to $89 per megawatt hour.
       | 
       | https://neutronbytes.com/2023/01/24/nuscales-smr-costs-hit-h...
        
         | jdewerd wrote:
         | From googling around it looks like prices doubled and then
         | halved. It looks like they were back to 2019 levels by the
         | beginning of 2023.
         | 
         | https://tradingeconomics.com/commodity/steel
        
       | epistasis wrote:
       | > NuScale laid off 40% of its over 500 employees on Friday
       | January 5th
       | 
       | > NuScale's CEO said last November it had about $200 million in
       | cash reserves but some of the funds are allocated to specific
       | work for customers and can't be used generally to revitalize the
       | firm.
       | 
       | 300 employees, plus unknown amounts of pre-allocated work, no
       | chance of revenue before the runway runs out, and a terrible
       | environment for high-risk capital, make this look extremely grim.
        
       | carbocation wrote:
       | It wasn't really obvious to me since I don't follow this closely,
       | but NuScale is a company building nuclear powerplants.
       | 
       |  _Edit_ now that the link has changed, the new article makes this
       | much more clear.
        
       | throwaw33333434 wrote:
       | This is such a shame, they were planning to built SMRs in my
       | country (Poland). I hope GE Hitachi won't abandon the project
       | now.
       | 
       | Currently, I'm very enthusiastic about fervoenergy.com. It
       | presents an outstanding alternative to gas and coal for district
       | heating, and it may even have potential for electricity
       | generation.
        
       | dang wrote:
       | Url changed from https://neutronbytes.com/2024/01/05/nuscale-
       | lays-off-40-of-i..., which points to this.
        
       | dang wrote:
       | Url chnanged from https://neutronbytes.com/2024/01/05/nuscale-
       | lays-off-40-of-i..., which points to this.
       | 
       | Submitters: " _Please submit the original source. If a post
       | reports on something found on another site, submit the latter._ "
       | - https://news.ycombinator.com/newsguidelines.html
        
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       (page generated 2024-01-06 23:01 UTC)