NuScale Power (SMR) Skyrockets 18.47% on Paragon Energy Partnership

We recently published These 10 Stocks are Stealing the Spotlight. NuScale Power Corporation (NYSE:SMR) is one of the stocks that soared higher on Tuesday.

NuScale Power soared by 18.47 percent on Tuesday to close at $43.24 apiece following news that it joined forces with Paragon Energy Solutions to support the expansion of the nuclear industry.

Under the signed strategic agreement, Paragon Energy will supply NuScale Power Corporation (NYSE:SMR) with its CoreVision Neutron Monitoring System technology and its Highly Integrated Protection System (HIPS), which will then be incorporated into ENTRA1 Energy PlantsTM utilizing NuScale SMR technology.

The new agreement deepened their earlier collaboration signed in 2021, which included Paragon in the project development and execution of SMR and advanced reactor markets.

“At NuScale, we are focused on delivering power that is not only clean and reliable, but most importantly, that is safe, and our partner Paragon is aligned with that mission. Paragon will provide key monitoring and protection capabilities for ENTRA1 Energy PlantsTM utilizing NuScale SMR technology as we prepare for near-term deployment and for bringing safe, always-on energy to users around the world,” said NuScale Power Corporation (NYSE:SMR) President and CEO John Hopkins.

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READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.