NOV Inc. announced that it has sold its advanced nuclear development company, Shepherd Power, to Texas‑based Natura Resources, a developer of molten‑salt small modular reactors (SMRs). The transaction, disclosed on December 10, 2025, includes a memorandum of understanding under which NOV will provide manufacturing and project‑management expertise to help Natura deploy 100‑megawatt reactors for data‑center and industrial markets beginning in 2029, with full‑scale deployment by 2032. NOV will retain an equity stake and board representation in Natura, although the exact percentage and valuation terms were not disclosed.
The sale marks a strategic pivot for NOV, allowing the company to monetize a non‑core asset while preserving a foothold in the emerging nuclear market. By keeping an equity interest, NOV can benefit from the growth of molten‑salt SMRs without the capital intensity of building reactors itself. CEO‑in‑waiting Jose Bayardo said the deal “positions NOV to tap into the growing demand for clean, reliable power for AI data centers and industrial heat applications,” underscoring the company’s intent to focus on its core oilfield equipment business while leveraging its manufacturing capabilities in a high‑growth sector.
For Natura, the partnership provides the manufacturing know‑how and supply‑chain network needed to accelerate commercialization of its liquid‑fuel, molten‑salt reactor design, which has already secured the first construction permit from the U.S. Nuclear Regulatory Commission. Founder and CEO Doug Robison noted that the collaboration “will accelerate commercialization of our molten salt reactor technology,” giving Natura a competitive edge in a market where other SMR developers are still in the design phase.
NOV’s Q3 2025 earnings provide context for the divestiture. The company reported revenue of $2.18 billion, beating the consensus estimate of $2.14 billion, driven by strong demand in its Energy Equipment segment. However, earnings per share fell to $0.11 versus the $0.25 forecast, a miss largely attributable to higher operating costs and a one‑time charge related to restructuring of its Wellbore Technologies division. The mixed results illustrate NOV’s focus on cost control while navigating a competitive oilfield equipment market, and the sale of Shepherd Power is part of a broader strategy to streamline operations and invest in high‑margin opportunities.
Market reaction to the announcement was muted, with analysts noting that the deal’s financial terms were undisclosed and that the equity stake was small relative to NOV’s market capitalization. The transaction is viewed as a strategic move rather than a cash‑generating event, and investors are more interested in how the partnership will affect NOV’s long‑term growth trajectory in the energy equipment sector.
The deal positions NOV to benefit from the projected surge in demand for clean power in data‑center and industrial applications, while allowing Natura to leverage NOV’s manufacturing expertise to bring its molten‑salt SMR technology to market faster. The partnership is expected to create a new revenue stream for NOV and accelerate the commercialization of a technology that could reshape the U.S. nuclear landscape over the next decade.
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