#1NUSCALE™ Power for all humankind NuScale Power Investor Presentation March 2024#2Forward-Looking Statements This presentation ("Presentation") and any oral statements made in connection with the Presentation do not constitute an offer to sell or a solicitation of an offer to buy any securities. Certain statements in this Presentation may constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the expectations, hopes, beliefs, intentions or strategies of NuScale Power Corporation (the "Company") regarding the future, including, without limitation, statements regarding plans for research and development programs and expectations regarding revenues and profitability. In addition, any statements regarding projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential,” “predict," "project," "should," "strive," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that statement is not forward looking. Forward-looking statements are based on current expectations and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, general economic conditions and other risks, uncertainties and factors (a) set forth in the section entitled "Cautionary Statement Regarding Forward-Looking Statements and Risk Factors"" in the Company's annual report on Form 10-K for the period ended December 31, 2023, the Form S-1 filed on March 20, 2023 and declared effective on March 23, 2023, the Registration Statement on Form S-3 filed on June 1, 2023 and declared effective on June 5, 2023, and under similar headings in subsequent filings with the SEC, and (b) associated with companies like the Company that operate in the energy industry. Such differences may result both from actions within the control of the Company, such as capital investments, asset acquisitions, and marketing initiatives, and from actions outside the control of the Company, such as the demand for the Company's products, changes in technology, competition and general economic and market conditions. Nothing in this Presentation should be regarded as a representation that any forward-looking statement set forth herein, or the results of any forward-looking statement, will be achieved. You should not place undue reliance on forward-looking statements in this Presentation, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. The Company does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statement herein to reflect any change in its expectations or in the events, conditions or circumstances on which any such statement is based. This Presentation does not purport to summarize all of the conditions, risks and other attributes of an investment in the Company. Interpretation of guidance of federal programs described herein is subject to further interpretation, guidance and change, and, as such, should only be interpreted with the assistance of a qualified professional. The information contained in this Presentation was prepared by the Company and/or obtained from outside sources. All information presented in this Presentation with respect to estimates and projections as to future operations are based on material prepared by the Company and involves significant elements of subjective judgment and analysis, which may or may not be correct. Neither the Company nor any of its affiliates assumes any responsibility for the accuracy or completeness of the information contained within this Presentation. This Presentation does not, and if hereafter supplemented, will not, contain all of the information that may be required to evaluate any investment in the Company. The Company makes no representations or warranties, express or implied, as to the accuracy or completeness of the information contained in this Presentation and nothing herein is, or shall be relied upon as, a representation or warranty with respect to past or future facts or results. This Presentation includes industry and market data, including forecasts and other forward-looking information, obtained from, among other sources, reports of governmental agencies, industry publications, studies and surveys, and internal company surveys. Such reports, industry publications, studies, surveys, and forecasts generally state that the data contained therein has been obtained from sources believed to be reliable, but that data may be incomplete or inaccurate. Such data has not been independently verified, and the Company makes no representation as to the accuracy or completeness of such data or any assumptions relied upon therein. Finally, while the Company believes its internal research is reliable, such research has not been verified by any independent source. Other Items This Presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Presentation may be listed without the TM, SM, O or Ⓡ symbols, but the Company will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. You are encouraged to read the Company's reports and other documents filed with the SEC. Such reports and other documents may be obtained free of charge at the SEC's website at www.sec.gov. This Presentation is based upon work supported by the Department of Energy under Award Number DE-NE0008928. This Presentation was prepared as an account of work sponsored by an agency of the United States (U.S.) Government. Neither the U.S. Government nor any agency thereof, nor any of their employees, makes any warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process disclosed, or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise does not necessarily constitute or imply its endorsement, recommendation, or favoring by the U.S. Government or any agency thereof. The views and opinions of authors expressed herein do not necessarily state or reflect those of the U.S. Government or any agency thereof. NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 2 NUSCALE Power for all humankind#3NuScale is the SMR Market Leader NuScale is the leading developer and manufacturer of advanced small modular reactor ("SMR") nuclear technology The Company has invested over $1.8bn to become the sole advanced nuclear technology to achieve U.S. Nuclear Regulatory Commission ("NRC") design certification NuScale's SMR design is near-term deployable, with six reactors currently being manufactured NUSCALE NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 3 Power for all humankind#4Investment Thesis Strong Momentum in Nuclear and Massive Opportunity for NuScale First-to-Market Advantage Growing global nuclear support " Policies and global dynamics driving interest Nuclear is the only viable clean baseload power available to address the massive global need for 16K+ GW of carbon-free generation Years ahead of the competition Only advanced nuclear technology with U.S Nuclear Regulatory design certification; >$1.8B invested to date No competitor has submitted for NRC approval; Submission to approval process takes at least 3 years Strategic Partnerships with Supply Chain Partners Experienced in Nuclear Asset-Light with Recurring Revenues Established ecosystem of strategic partnerships who are experienced in nuclear, with continued government support Capital light model focused on technology sales and recurring services ■ Competitive moat supported by robust IP portfolio, mature designs and committed manufacturing partners Established and Licensed Fuel Supply NuScale SMR Technology operates with proven, approved, conventional fuel Robust Business Development Pipeline Prospective customers in North America, Europe and Asia NuScale is the Only Near-Term Deployable SMR Technology in the U.S. NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. NUSCALE Power for all humankind#5Our Core Technology | NuScale Power Module ™ Electrical Key Specifications Containment Pressurizer- Steam Generators Reactor Pressure Vessel Capacity 76 ft Modules per Plant Design Life Fuel Supply Reactor Core- 15 ft Safety Emergency Planning Zone (EPZ) 77 MWe Up to 12 (924 MWe) 60+ years Existing light water reactor nuclear fuel Walk-away safe NRC-approved site boundary EPZ Groundbreaking technology features a fully factory-fabricated SMR, referred to as a NuScale Power Module TM, consisting of an integral nuclear steam supply system in which the reactor core, steam generators, and pressurizer are all contained in a single vessel Simple design eliminates reactor coolant pumps, large bore piping, and other systems and components found in conventional reactors Simplicity results in an extremely strong safety case and reduced capital and operational costs Modules can be incrementally added to power plants to match load growth Scalable, Cost Competitive Solution with Enhanced Safety and Flexible Applications NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 5 NUSCALE Power for all humankind#6Setting SMR Standards for Design Safety and Innovation Unlimited Coping Period¹ for Reactors Coping Period Comparison: Extreme Station Blackout & AC/DC Power Loss Generation II Reactors: 4-8 Hours with Significant Operator Actions Required Generation III & III+ Reactors: Up to 72 Hours with No Operator Actions Only SMR with Unlimited No operator actions or external support NRC-Approved Site Boundary Emergency Planning Zone (EPZ) Significantly smaller radius than traditional nuclear "At-the-fence" proximity to end-users Increased siting flexibility and decreased operating costs Unparalleled Capability and Performance "Black-Start" and "Island Mode" No grid power or connection required - first for a nuclear power plant First Responder Power Can inject power back into the system to support grid restoration Highly Reliable, 24/7 Carbon-free Clean energy to mission-critical with reliability over the 60-year plant lifetime Proven Safety Features Drive Credibility with Regulators and Customers 1 Coping period is defined as time available from loss of all AC power to the safety bus until onset of core damage if no counter measures NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 6 NUSCALE Power for all humankind#7First-Mover in Providing the Only Viable Zero-Emission Baseload Technology Key Criteria Baseload Capable/ Dispatchable? Zero- Emission? Effectively Deployable at Scale? × Approx. 2020 U.S. Generation Generation Type Volume Mix (EIA) Gas/Oil 39% Coal 23% Nuclear: Large Scale 19% Hydroelectric 8% Wind 7% × Solar 2% Biomass Geothermal Nuclear: SMR Hydrogen Fusion 2% <1% ? × ? ? ? ? SMRs Critical for Faster, Economically Viable Carbon-Free Energy Transition NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 7 NUSCALE Power for all humankind#8NuScale is Years Ahead of the SMR Competition Selected Differentiators NUSCALE™ Power for all humankind Advantages Over Other LWRs and Non-LWRs¹ Other LWRs Non-LWRs² Relatively limited Underlying Technology Track Record ✓ Light water reactor (LWR) (60+ years history) Same as NuScale Fuel Supply Infrastructure ✓ Exists (50+ years history) Same as NuScale Does not exist today Manufacturing Infrastructure ✓ Multiple suppliers for all components Standard Design Approval in 2020 Design Certification in 2023 U.S. NRC Licensing Same as NuScale None Second Standard Design Approval Application (applications not yet (SDAA) Accepted in 2023 submitted) Largely in place, but risks exist None (applications not yet submitted) Coping Period ✓ Unlimited Varies (between 7-days and unlimited) Goal of unlimited Unmatched Capabilities Innovations including "black-start," "island mode," off-grid operation, and site boundary EPZ TBD TBD Strategic Design Decisions as Important as Regulatory First-Mover Advantage 1 Does not include micro-reactors 2 For example; high temperature gas cooled, molten salt, and fast-reactor technologies NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 8 NUSCALE Power for all humankind#9Key Competitive Advantage | NRC-Approved Emergency Planning Zone Pre-determined protective action plans. required for large publicly accessible areas Typical Large Scale Nuclear EPZ (10 mile radius) NuScale EPZ (at site boundary) Strong regulatory advantages over other SMRS Engaged with NRC on rule for advanced nuclear emergency preparedness Completed all requirements to obtain approval (took ~7 years) Process to obtain approval is rigorous and time consuming Must have NRC-approved methodology to achieve site-boundary EPZ Williams Power Station (Coal, 650 MW), S. Carolina Announced retirement date of 2028 Only SMR with NRC-Approved Proprietary Method for Calculating Site-Boundary EPZ NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. NUSCALE Power for all humankind#10Established, De-Risked Manufacturing Ecosystem Prepared to Deliver DOOSAN BWXT BWX Technologies, Inc. NuScale Power Modules™ ហ៖ PCC sarens CURTISS WRIGHT IHI Fuel Assemblies framatome Control Systems Module Protection System Sensors and Instrumentation Reactor Building Crane Honeywell Paragon sensia Rockwell Automation + Schlumberger ULTRA PAR SYSTEMS Mature Supply Chain Efficiently and Reliably Supports Commercial Deployment 1 Fuel assembly image provided by Framatome Inc. and used with permission NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 10 NUSCALE Power for all humankind#11Transition Requires 16K+ GW of Zero-Carbon Capacity Additions by 2040 NuScale Integration System OIL REFINERIES Oil Refineries Study Reduction of Carbon Emissions (Fluor and NuScale) HYDROGEN PRODUCTION H₂ H₂ Hydrogen Production Study High Temperature Steam Electrolysis (INL and NuScale) DATA CENTER/AI Clean Energy for Growing Demand (NuScale, ENTRA1 and Standard Power) DESALINATION Desalination Study Sized for the Carlsbad Site (Aquatech and NuScale) MISSION CRITICAL FACILITIES Reliable Power for Mission Critical Facilities (NuScale) WIND Integration with wind study Horse Butte Site (ENW and NuScale) NUSCALE PLANT Extended Flexibility for Diverse Electrical and Process Heat Applications NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 11 NUSCALE Power for all humankind#12NuScale is Well-Positioned for Integrated Energy System Solutions Enhancing the Power Grid Grid Resiliency NuScale Power Modules (NPMs) not impacted by adverse weather On loss of offsite grid, modules can remain at power and be available to provide electricity at restoration Mission-Critical Facilities Modules can provide highly reliable power to mission critical micro-grids (e.g., hospitals) • Capable of supplying power without external grid connection [ Energy Transition-Specific Opportunities Carbon Capture & Sequestration (CCS) Our technology can provide 100% clean power and direct air capture for energy- intensive CCS facilities • Coal Plant Replacement 130+ coal plants in the U.S., representing ~140+ GW of capacity, are planned for retirement through 2050 Support for Wind and Solar Development Capabilities well suited to intermittency needs and conventional renewable support in the face of scale and cost challenges . Hydrogen Production One module can produce 50 metric tons (Mt) of hydrogen per day • Data Centers and Al Can provide solutions to support rapid growth in energy needs from machine learning Water Desalination One module can provide ~77M gal of clean water per day Deep De-Carbonization Requires Emission-Free Baseload Generation NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 12 NUSCALE Power for all humankind#13Inflation Reduction Act (IRA) Provides Significant Support for Advanced Nuclear 30% tax credit towards the building cost of carbon-free advanced nuclear power plants Potential 50% cost reduction for building an SMR at former coal sites $ Clean Electricity Tax Credits 命 ■ 30% ITC (investment tax credit) Technology-neutral tax credits ■ Start in 2025 and phased out in 20321 ▪ 10% bonus for eligible facilities² ■ 10% bonus for domestic content (H2) Clean Hydrogen Credit $3/kg-H2 PTC for qualifying facilities ■ Must begin construction before 2033 ■ Available for 10 years Loan Guarantee Expansion ■ DOE's Loan Programs Office can employ up to $40B in additional loan authority ■ Additional $3.6B to cover loan guarantee costs Advanced Energy Project Credit ■ 30% ITC for qualifying manufacturers producing clean energy components $10B extension cap, with $4B to be located in energy communities Advanced Nuclear Receiving Support Previously Only Available to Renewables 1 Or when CO2 emissions from electricity production are 75% below 2022 levels 2 In certain communities, e.g., coal plant communities NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 13 NUSCALE Power for all humankind#14Coal-to-Clean Energy Transition Expected to Accelerate Insights from the U.S. DOE Coal-to-Nuclear Report1: • . • Construction cost savings are between 15 – 35% for a nuclear power plant to be built on a coal power plant site 80% of 394 active and recently retired coal plant sites are candidates to host SMRS $275M in new economic activity; 92% increase in direct tax revenues per plant, each 12 module NuScale SMR supports -270 permanent operation jobs The IRA places advanced nuclear on a level playing field with other zero-carbon generation sources . Additional tax incentives are available for projects in energy communities where coal mines or coal-fired power plants have closed 日 ## Repurposing of Retired Coal Plants Represents Significant Market Opportunity 1 U.S. DOE, "Investigating Benefits and Challenges of Converting Retiring Coal Plants into Nuclear Plants, 2022 H.R.5376 -117th Congress (2021-2022): Inflation Reduction Act of 2022 NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 14 NUSCALE Power for all humankind#15Well-Positioned to Monetize Hydrogen Opportunity Massive Opportunity ☐ 95% of the world's hydrogen is being produced using fossil fuels, especially natural gas ■ 50 tons of hydrogen per day avoids ~460 tons of CO2 emissions/day; 168K tons/year¹ Ukraine Clean Fuels from SMRs Pilot Project ■ U.S./Ukraine public-private partnership announced at COP27 with participation from Japanese and Korean industry Will assess and demonstrate the use of NuScale's SMR technology for commercial-scale production of hydrogen and ammonia ☐ ■ Will produce ~0.5 metric tons of hydrogen/day and ~3 metric tons of ammonia/day Enabling Decarbonization Across Many Sectors Electric Grid Infrastructure Transportation Heat/Distributed Power H₂ Chemical Industrial Processes Synthetic Fuels Upgrading Oil 2 Metals Production Ammonia / Fertilizer A Single 77 MWe NPM Capable of Providing ~2.1kg of Carbon Free Hydrogen/Hour 1 Compared to hydrogen produced from natural gas NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 15 NUSCALE Power for all humankind#16NuScale Steam Production Can Satisfy Key Industrial Applications Heat application processes 0°C 300°C Synthetic Fuels Petroleum refining Ammonia Direct steelmaking manufacture 500°C Thermochemical H, Production Polymers Methane reforming District heating Seawater desalination Petrochemical 650°C Shale and tar sands oil production Pulp and paper production 900°C Normal module output Module + compression Under evaluation *Graphic adapted from "International Atomic Energy Agency, Opportunities for Cogeneration with Nuclear Energy, 2017, with additional data and input from industry Accelerating power and heat generation Generate 250 MWt of thermal power via superheated steam (12-module generates 3 GWt) ■ Yield ~500K lbs. of steam/hour at 1500 psia/500°C (2400 psia/650°C being evaluated) Deploying solutions to new opportunities Study with Shell Global to assess hydrogen production using NuScale integrated system DOE announced award with Oakridge National Lab to perform study for major U.S. petrochemical with goal to produce scalable process heat Value from design advantages Site boundary EPZ minimizes heat-loss from transport process ■ NuScale Power Module not impacted by corrosion from extremely high-temperatures High Temperature, High Pressure, Carbon-Free Steam for Industrial Decarbonization NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 16 NUSCALE Power for all humankind#17Data Center Opportunity Data center share of U.S. electricity usage is growing, accelerated by Artificial Intelligence ("AI") Data center electricity consumption expected to triple by 2030 7.5% 2.5% In 2020 In 2030 Data center share of electricity demand 1. Source: Boston Consulting Group, The Impact of GenAl on Electricity: How GenAl is Fueling the Data Center Boom in the U.S. (September 13, 2023) NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 17 Equivalent to electricity used by one-third of U.S. homes in a year NUSCALE Power for all humankind#18Providing a Single Hub Solution to Meet Growing Consumer Energy Demand Global Strategic Partner for Commercialization and Development of Energy Plants with NuScale SMR Technology K ENTRA 1 NUSCALE Power for all humankind ONE-STOP-SHOP SINGLE HUB TECHNOLOGY FINANCING OWNERSHIP DEVELOPMENT/ EXECUTION OPERATION POWER PRODUCTION HYDROGEN PRODUCTION WATER DESALINATION JOB LOCALIZATION CREATION ENERGY INDEPENDENCE DECARBONIZATION/ SUSTAINBILITY ECONOMIC IMPACT ENTRA1 Provides Bespoke Structures to Meet the Unique Needs of Energy Consumers and Purchasers Build, Own, Operate (BOO) ENTRA1 owns and operates with energy sold under a long-term power purchase agreement (PPA) to an off- taker and to the spot market after the PPA term Build, Operate, Transfer (BOT) ENTRA1 owns, but operations are transferred to a utility company under a long-term operating lease Development and Financing ENTRA1 develops and finances, while a plant is owned and operated by a utility company ENTRA1 entitled to developer fee and royalties throughout plant life ENTRA1 Partnership Accelerates and Expands Our Technology Deployment NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 18 NUSCALE Power for all humankind#19First Commercially Available SMR Technology Engaging Customer Opportunities Key Customer Discussions Major Domestic and International Utilities Retiring Coal Facilities Heavy Industrials & Clean Chemical Production ■ Data Storage and Processing Sector Government Stakeholders RoPower CO Standard Power NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 19 Market Opportunities ■ North America ■ Eastern Europe ■ Scandinavia ■ West Africa ■ Middle East ■ East Asia ■ Southeast Asia NUSCALE Power for all humankind#20Financials Driven by Delivering NuScale Power Modules and Services Provided Licensing & Support Startup & Testing Initial Training Nuclear Equipment Inspection & Testing Fuel Supply, Handling & Refueling Services O&M Engineering Program Mgmt. Requal Training Services Design Engineering Mgmt. Procurements & Spare Parts Mgmt. Select NuScale Services = Revenue Timing T-8 T-7 T-6 T-5 T-4 T-3 T-2 T-1 COD T+1 T+2 T+3 T+4 T+5 Expecting to Create Services Value for All Customers Revenue Source Diversified suite of services including licensing support, testing, training, fuel supply and program management Competitive Advantage • Developed and controlled. design and licensing basis Cash Revenue Timing Full 60+ year plant life plus pre-COD services Recurring Revenue Model Begins Pre-COD and Spans 60+ Year Plant Life Note: COD stands for Commercial Operation Date NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 20 20 NUSCALE Power for all humankind#21Key Financial Themes ☐ ■ NuScale is committed to maintaining a healthy liquidity position as the Company transitions from R&D to commercialization Management implemented strategic actions in January 2024, prudently reducing our cost base and creating additional financial and commercial flexibility NuScale anticipates commencing Front End Engineering Design ("FEED”) Phase 2 for RoPower in the first half of 2024 Revenue Net Loss Cash $4.6M 4Q'23 $(56.4)M 4Q'23 - VS VS ° 0 ° $125.4M1 No Debt $3.4M $(47.2)M 4Q'22 4Q'22 1. December 31, 2023 cash Includes restricted cash of $5.1M NuScale Nonproprietary | Copyright © 2024 NuScale Power, LLC. 21 22 NUSCALE™ Power for all humankind#22Capitalization Summary Share Type Class A Shares Class B Shares Total Shares Outstanding Amount 76.9M 154.5M 231.4M Description NuScale Power Corporation Class A shares NuScale Power Corporation Class A shares issuable upon the exchange of one Class B share and one NuScale Power, LLC Class B unit¹ Options 9.6M Legacy options converted to NuScale Power Corporation stock options Warrants 18.5M Spring Valley Acquisition Corporation warrants assumed upon merger Time-Based Restricted Stock Units 3.3M NuScale Power Corporation 2022 Long-Term Incentive Plan Total Dilutive Shares 31.4M Fully Diluted Shares 262.8M 1. As of December 31, 2023; Must be exchanged for Class A shares NuScale Nonproprietary | Copyright © 2024 NuScale Power, LLC. 22 22 NUSCALE™ Power for all humankind