#1NUSCALE™ Power for all humankind NuScale Power Investor Presentation November 2023#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 3, 2022, 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 a technology provider and original equipment designer We are the only advanced nuclear technology with U.S Nuclear Regulatory Commission (NRC) design certification and have invested >$1.8B to date N 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 120+ prospective customers. identified around the world 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#5Executing on Strategy for Long-term Profitable Growth 言 Accelerating technology and manufacturing readiness U.S. NRC accepted 77 MWe (250 MWth) Standard Design Approval application for formal review on July 31 • Streamlined, 24-month review schedule established for approval Expected 2025 approval aligns with customer timing needs AAA oooooo Deploying best-in-class designs and manufacturing processes Doosan Enerbility producing forgings and materials associated with the first NuScale Power Modules ™ TM Forgings being assembled and machined to their final dimensions We are not aware of another North American SMR vendor that has progressed to the manufacturing phase Expanding markets, applications and capabilities ENTRA1-NuScale strategic partnership will facilitate our expansion into new markets ENTRA1 has a robust global pipeline of energy plants to be powered by our technology . • • Large scale industrial manufacturers Major utilities that include SMRs in their integrated resource plans Coal power plants, oil refineries, chemical plants and data centers/Al Pivoting from R&D to Commercialization and Product Delivery NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 5 NUSCALE Power for all humankind#6Our Core Technology | NuScale Power Module T Key Specifications Electrical 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 ™, 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. 6 NUSCALE Power for all humankind#7Setting SMR Standards for Design Safety and Innovation Unlimited Coping Period 1 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. 7 NUSCALE Power for all humankind#8First-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. 8 NUSCALE Power for all humankind#9NuScale is Years Ahead of the SMR Competition Selected Differentiators NUSCALE™ Power for all humankind Advantages Over Other LWRs and Non-LWRs1 Non-LWRs2 Other LWRs Underlying Technology Track Record ✓ Light water reactor (LWR) (60+ years history) Same as NuScale Relatively limited Fuel Supply Infrastructure ✓ Exists (50+ years history) Manufacturing Infrastructure ✓ Multiple suppliers for all components U.S. NRC Licensing Standard Design Approval in 2020 Design Certification in 2023 None Second Standard Design Approval Application (applications not yet (SDAA) Accepted in 2023 submitted) Does not exist today Largely in place, but risks exist None (applications not yet submitted) Same as NuScale Same as NuScale 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. 9 NUSCALE Power for all humankind#10Key Competitive Advantage | NRC-Approved Emergency Planning Zone Pre-determined protective action plans a must for large publicly accessible areas a Typical Large Scale Nuclear EPZ (10 mile radius) www NuScale EPZ (at site boundary) shi Williams Power Station (Coal, 650 MW), S. Carolina Announced retirement date of 2028 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 卷卷 老老 HEST Only SMR with NRC-Approved Proprietary Method for Calculating Site-Boundary EPZ NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 10 NUSCALE Power for all humankind#11Established, De-Risked Manufacturing Ecosystem Prepared to Deliver DOOSAN BWXT BWX Technologies, Inc. Control Systems NuScale Power Modules™ PCC S sarens CURTISS WRIGHT IHI Fuel Assemblies framatome Module Protection System Sensors and Instrumentation Reactor Building Crane sensia Rockwell Automation + Schlumberger PAR Honeywell Paragon ULTRA 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. 11 NUSCALE Power for all humankind#12Transition 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 Hz Hz Hydrogen Production Study High Temperature Steam Electrolysis (INL and NuScale) DATA CENTER/AI Clean Energy for Growing Demand (NuScale, ENTRA1 and Standard Power) FFFFFF www www wwwww 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. 12 NUSCALE Power for all humankind#13NuScale 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 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 • provide 100% clean power and direct air capture for energy- intensive CCS facilities 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. 13 NUSCALE Power for all humankind#14Inflation Reduction Act (IRA) Provides Significant Support for Advanced Nuclear and Incentivizes Plant Construction to Occur by 2032 > 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 $ I (H2) . • . Clean Electricity Tax Credits 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 命 $ 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. 14 NUSCALE Power for all humankind#15Coal-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 B ** 蚩蚩 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. 15 NUSCALE Power for all humankind#16Well-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 Enabling Decarbonization Across Many Sectors Electric Grid Infrastructure Transportation Synthetic Fuels • 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 Heat Distributed Power Chemical Industrial Processes H₂ 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. 16 NUSCALE Power for all humankind#17NuScale Steam Production Can Satisfy Key Industrial Applications Heat application processes 0°C 300°C Synthetic Fuels Ammonia Direct steelmaking manufacture Thermochemical H, Production Polymers Methane reforming 500°C 650°C 900°C Petroleum refining District heating Seawater desalination Petrochemical Shale and tar sands oil production Pulp and paper production 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 Expanding 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. 17 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 NUSCALE ENTRA 1 Power for all humankind ONE-STOP-SHOP - SINGLE HUB TECHNOLOGY FINANCING OWNERSHIP DEVELOPMENT/ EXECUTION OPERATION 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 POWER PRODUCTION HYDROGEN PRODUCTION WATER DESALINATION JOB CREATION LOCALIZATION ENERGY INDEPENDENCE DECARBONIZATION/ SUSTAINBILITY ECONOMIC IMPACT 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#19Leveraging Domestic and International Presence as First Commercially Available SMR Technology 2 current projects RoPower CO Standard Power 15+ committed to proceed with new nuclear 120+ total customer leads Current Pipeline North America 70+ Africa 5+ Europe 25+ Asia 10+ Robust Global Project Pipeline With Strong Long-term Growth Potential NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 19 NUSCALE Power for all humankind#20Strong Financial Profile from Services Provided and Delivering NuScale Power Modules Select NuScale Services = Revenue Timing 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. 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 NUSCALE Power for all humankind#21Key Financial Themes • NuScale maintains a healthy cash position, and will continue to raise capital as we turn the corner from R&D to commercialization Revenue $7.0M 3Q '23 Net Loss Cash $(58.3)M 3Q '23 • Recently signed agreement with Standard Power and ENTRA1 for 24 modules will continue to drive the company towards cash flow profitability VS $3.2M 3Q '22 1. As of September 30, 2023; Includes cash, cash equivalents and restricted cash ($79.1M) NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. 21 VS $(49.6)M 3Q '22 $196.6M1 No Debt NUSCALE Power for all humankind#22Continued Progress Towards Key 2023 Milestones 2 3 Secure Next 3 Committed Customers Advance the Design for Key Components SDA Application Acceptance Review by NRC On Track 4 On Track LO 5 Complete Commence Manufacture of Upper Reactor Pressure Vessel Secure Long-Lead Material Orders for 10 Additional NuScale Power Modules ™ NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. On Track 222 22 On Track NUSCALE Power for all humankind#23Capitalization Summary Share Type Class A Shares Amount 76.4 M Class B Shares 154.6M Total Shares Outstanding 231.0M Options Warrants Time-Based RSUs Total Dilutive Shares Fully Diluted Shares 1. As of September 30, 2023; Must be exchanged for Class A shares NuScale Nonproprietary | Copyright © 2023 NuScale Power, LLC. Description NuScale Power Corporation Class A shares NuScale Power Corporate Class A shares issuable upon the exchange of NuScale Power, LLC Class B shares and Class B units 1 9.6M Legacy options converted to NuScale Power Corporation stock options 18.5M Spring Valley Acquisition Corporation warrants assumed upon merger 3.3M 2022 long-term incentive plan time-based restricted stock units 31.4M 262.4M 23 NUSCALE Power for all humankind