NuScale Power Corporation's stock is experiencing a significant uptick today, driven by the Biden administration's recent announcement regarding tax credits for clean hydrogen production. The new rules, part of the Inflation Reduction Act, provide financial incentives for nuclear power plants to produce clean hydrogen, which is expected to stimulate investment in the sector. This regulatory change is particularly beneficial for companies like NuScale, which develop small modular reactors (SMRs) that can be used in clean energy production. The announcement has led to a surge in investor enthusiasm, with retail sentiment around NuScale shifting to "extremely bullish."
Additionally, NuScale's recent $227.7 million cash injection from the exercise of warrants has bolstered its financial position, further contributing to the positive market sentiment. The company announced that 97% of its warrants had been exercised, resulting in the purchase of nearly 20 million shares. This financial boost is seen as a vote of confidence in NuScale's technology and future prospects, particularly as it continues to expand its presence in the clean energy sector.
NuScale Power Corporation's stock is currently trading at $20.82, marking a 17.56% increase from the previous close of $17.71. The stock has reached a high of $20.84 and a low of $17.93 today, with a trading volume of 8,772,593 shares, which is 76.23% of its average daily volume.