NOV Announces Sale of Advanced Nuclear Development Company Shepherd Power to Natura Resources in Stock for Stock Transaction

NOV (NYSE:NOV) announced the sale of its advanced nuclear development company Shepherd Power to Natura Resources and will become an investor in Natura while appointing a board representative.

Rhea-AI Summary

NOV (NYSE:NOV) announced the sale of its advanced nuclear development company Shepherd Power to Natura Resources and will become an investor in Natura while appointing a board representative.

NOV and Natura signed an MOU for a supply chain agreement in which NOV will provide manufacturing, procurement and project management support to help deploy Natura’s 100-megawatt molten salt reactor units targeting data center and industrial markets starting in 2029 and reaching scale in 2032.

Positive

• NOV becomes investor in Natura and gains board representation
• MOU signed to provide NOV manufacturing and project management support
• 100-megawatt units targeted for deployment beginning in 2029
• Scale target for deployments set for 2032

Negative

• No financial terms disclosed for the Shepherd Power sale or NOV investment

Argus Dec 11 session

+0.60% close to close Open Argus

Details

News Market Reaction – NOV

In the Dec 11 session, NOV gained 0.60%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement marks a strategic reshaping of NOV’s portfolio, moving its Shepherd Power advanced...

Analysis

This announcement marks a strategic reshaping of NOV’s portfolio, moving its Shepherd Power advanced nuclear business into Natura while retaining upside through an equity stake and board representation. The accompanying Memorandum of Understanding establishes NOV as a key manufacturing and supply-chain partner for Natura’s planned 100-megawatt molten salt SMR units targeting data centers and industrial users from 2029. Investors may focus on execution of this supply agreement, integration progress at Natura, and how nuclear-related opportunities complement NOV’s core oilfield equipment operations.

Key Figures

Reactor unit size: 100 megawatts Initial deployment year: 2029 Scale target year: 2032 +1 more

Reactor unit size

100 megawatts

Planned molten salt reactor units for data center and industrial markets

Initial deployment year

2029

Target start for deploying 100-megawatt molten salt reactor units

Scale target year

2032

Year by which Natura aims to reach scaled deployment

Deployment horizon

5 years

Goal to deliver gigawatts of advanced nuclear reactors within next 5 years

Historical Context

5 past events · Latest: Nov 20

5 events

1. Nov 20

   Dividend declaration

   24h Move

   -5.5%

   Announced regular quarterly cash dividend of $0.075 per share.

2. Nov 19

   Leadership change

   24h Move

   -5.5%

   Announced CEO retirement and appointment of Jose Bayardo as successor.

3. Nov 17

   AI collaboration

   24h Move

   -4.5%

   Unveiled AI-powered edge solutions collaboration with Armada for industrial sites.

4. Oct 27

   Earnings and board

   24h Move

   +0.8%

   Reported Q3 2025 with lower YoY earnings and guided Q4 revenue decline.

5. Sep 29

   Earnings call notice

   24h Move

   -1.7%

   Scheduled Q3 2025 earnings conference call and results release dates.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

memorandum of understanding, mou, small modular reactor, molten salt reactor

4 terms

memorandum of understanding regulatory

"NOV and Natura have signed an MOU to establish a supply chain agreement"

A memorandum of understanding (MOU) is a formal agreement between two or more parties that outlines their shared intentions and plans to work together. It acts like a handshake in writing, clarifying each side’s roles and expectations before any official contract is signed. For investors, an MOU signals that parties are serious about collaboration, which can influence future business opportunities and potential growth.

mou regulatory

"NOV and Natura have signed an MOU to establish a supply chain agreement"

A memorandum of understanding (MOU) is a written agreement that outlines the basic terms and shared intentions between parties before a formal contract is drawn up. Think of it as a detailed handshake that signals commitment to work together; for investors it matters because an MOU can indicate a likely future deal, partnership or transaction that could affect a company’s strategy, revenues or risks, even though it often lacks full legal force.

small modular reactor technical

"Natura, a leading developer of advanced small modular reactor (“SMR”) technology."

A small modular reactor is a compact nuclear power plant designed to generate electricity in smaller amounts compared to traditional reactors. It can be built in factories, then transported and assembled on-site, making it quicker and often cheaper to deploy. For investors, these reactors represent a potential source of clean energy with lower upfront costs and flexible scaling, which could influence future energy markets and infrastructure investments.

molten salt reactor technical

"plans to deploy 100-megawatt molten salt reactor units for data center"

A molten salt reactor is a type of nuclear power device that uses molten (liquid) salt to carry heat and, in many designs, holds the nuclear fuel dissolved in that salt; think of it as a high‑temperature kettle where the hot liquid both contains and moves the energy. It matters to investors because it promises potentially lower cost, improved safety and higher efficiency than traditional reactors, creating new market and infrastructure opportunities — but it also brings long development timelines and regulatory and technical risks.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• NOV becomes investor in Natura Resources (“Natura”) and appoints representative to Natura’s Board of Directors in conjunction with the sale of Shepherd Power
• NOV and Natura sign Memorandum of Understanding (“MOU”) to establish a supply chain agreement where NOV will leverage its manufacturing, supply chain, and project management expertise to support scaling advanced nuclear power solutions

HOUSTON, Dec. 10, 2025 (GLOBE NEWSWIRE) -- NOV Inc. (NYSE: NOV) today announced the sale of Shepherd Power, its advanced nuclear development company, to Natura, a leading developer of advanced small modular reactor (“SMR”) technology. As part of the transaction, NOV and Natura have signed an MOU to establish a supply chain agreement where NOV will provide manufacturing and project management expertise to support scaled deployment of Natura’s advanced nuclear reactors.

Specifically, the supply chain agreement is expected to support Natura’s plans to deploy 100-megawatt molten salt reactor units for data center and industrial markets starting in 2029 and reaching scale in 2032. The cooperation will leverage NOV’s manufacturing footprint and procurement expertise alongside Natura’s reactor platform.

“The power market is one of the most significant industrial growth opportunities of the next decade,” said Jose Bayardo, President and COO of NOV. “Our collaboration with Natura allows NOV to bring its unmatched manufacturing and project management capabilities into an adjacent sector that demands the same rigor, scale, and reliability we have delivered to energy customers for more than a century. We believe that Natura’s technology will be one of the first advanced reactors commercially available in the United States. Natura’s molten salt reactor design incorporates critical safety features and leverages the existing uranium supply chain, enabling the ability to scale manufacturing of reactors that can economically produce heat and power.”

“This strategic transaction will accelerate commercialization of our molten salt reactor technology and enhance our ability to offer comprehensive power solutions to customers,” said Doug Robison, Founder and CEO of Natura Resources. “Shepherd Power is a leading voice in the advanced nuclear regulatory space, having significantly contributed to commercial licensing clarity with federal and state regulators and has expertise in the requirements to site, build, own and operate reactors. Combined with NOV’s expertise in scaling highly engineered equipment to drive down delivery costs, this transaction positions us to lead in delivering gigawatts of safe, advanced nuclear reactors within the next 5 years to support critical power needs and fuel American A.I. leadership.”

Natura is developing molten salt SMR technology, engineered for use at modern datacenters supporting artificial intelligence expansion, large industrial micro-grid applications, and industrial heat installations. Shepherd Power, founded by NOV, has catalyzed regulatory and licensing reform at the federal and state level. Its integration into Natura unites complementary capabilities focused on commercial reactor deployment. As part of the transaction, NOV will become an investor in Natura and will appoint a representative to Natura’s Board of Directors, ensuring continued collaboration in advanced nuclear technologies.

About NOV
NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely and efficiently produce abundant energy while minimizing environmental impact. NOV powers the industry that powers the world.

Visit www.nov.com for more information.

About Natura Resources
Natura Resources LLC is a leading advanced small modular reactor developer committed to answering increasing domestic and global demands for reliable energy, medical isotopes, and clean water. Natura's reactors are liquid-fueled and molten salt-cooled, which enhances safety and reduces waste. With the first construction permit for a liquid-fueled reactor from the NRC, Natura has established itself as a leading force in the advanced nuclear industry, fueled by a commitment to support America’s energy future. The company is privately owned and has secured more than $120 million in private funding and a commitment of $120 million from the State of Texas.

Visit www.naturaresources.com for more information.

Cautionary Statement for the Purpose of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995
Statements made in this press release that are forward-looking in nature are intended to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from the actual future events or results. Readers are referred to documents filed by NOV with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. These statements speak only as of the date of this document, and we undertake no obligation to update or revise the statements, except as may be required by law.

Source: NOV Inc.

CONTACT:
Amie D’Ambrosio
Director, Investor Relations
(713) 375-3826
amie.dambrosio@nov.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did NOV announce about Shepherd Power and Natura on December 10, 2025?

NOV sold Shepherd Power to Natura, will invest in Natura and appoint a board representative, and signed an MOU for supply chain support.

What reactors will Natura and NOV aim to deploy and when will deployment start (NOV)?

They plan to deploy 100-megawatt molten salt reactor units with deployments starting in 2029.

How does the MOU between NOV and Natura affect NOV's role (NYSE:NOV)?

Under the MOU NOV will provide manufacturing, procurement and project management expertise to support scaled reactor deployment.

What markets are Natura’s molten salt SMR units aimed at according to NOV?

The units are aimed at data centers supporting AI, large industrial micro-grids and industrial heat applications.

When does Natura expect to reach scale for reactor deployments (NOV/Natura)?

Natura and NOV target reaching scale by 2032.