BWXT Subsidiary Awarded $122 Million Contract Extension for Uranium Downblending Services
February 14 2024 - 5:45AM
Business Wire
BWX Technologies, Inc. (NYSE: BWXT) today announced that its
Nuclear Fuel Services, Inc. (NFS) subsidiary was awarded a $122
million contract extension from the Tennessee Valley Authority
(TVA) for the downblending of highly enriched uranium (HEU) into
low enriched uranium (LEU).
Under this contract, NFS will continue to provide downblending
services to the TVA in support of the National Nuclear Security
Administration’s (NNSA) defense programs objectives. This contract
extension continues the current downblending operations from July
2025 to June 2027.
“We are proud of the role we play in national defense and
pleased that we can continue our work with the TVA and NNSA in
support of this mission,” said Ronald K. Dailey, NFS president.
“This contract extension also enables operations and engineering
continuity with our uranium conversion and purification contract
with NNSA.”
Downblending is a process in which HEU is mixed with natural
uranium resulting in LEU needed for various commercial and national
defense purposes. NFS has been downblending HEU since 1995, when it
was selected by the U.S. Government to downblend a stockpile of HEU
as part of Project Sapphire.
Forward Looking Statements
BWXT cautions that this release contains forward-looking
statements, including statements relating to the performance,
timing, impact and value, to the extent contract value can be
viewed as an indicator of future revenues, of the downblending
contract. These forward-looking statements involve a number of
risks and uncertainties, including, among other things,
modification or termination of the contract, delays in performance
and the receipt and timing of necessary regulatory approvals. If
one or more of these or other risks materialize, actual results may
vary materially from those expressed. For a more complete
discussion of these and other risk factors, please see BWXT’s
annual report on Form 10-K for the year ended December 31, 2022 and
subsequent quarterly reports on Form 10-Q filed with the Securities
and Exchange Commission. BWXT cautions not to place undue reliance
on these forward-looking statements, which speak only as of the
date of this release, and undertakes no obligation to update or
revise any forward-looking statement, except to the extent required
by applicable law.
About NFS
Nuclear Fuel Services, Inc. (NFS) processes highly enriched
uranium to manufacture fuel material for all naval nuclear reactors
used in U.S. submarines and aircraft carriers. It also provides
uranium downblending services to support commercial power needs and
national security missions. NFS is a BWX Technologies, Inc. company
and is a part of its BWXT Nuclear Operations Group, Inc.
subsidiary.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong,
Innovation Driven. Headquartered in Lynchburg, Virginia, BWXT is a
Defense News Top 100 manufacturing and engineering innovator that
provides safe and effective nuclear solutions for global security,
clean energy, environmental restoration, nuclear medicine and space
exploration. With more than 7,000 employees, BWXT has 14 major
operating sites in the U.S., Canada and the U.K. In addition, BWXT
joint ventures provide management and operations at a dozen U.S.
Department of Energy and NASA facilities. For more information,
visit www.bwxt.com. Follow us on LinkedIn, X, Facebook and
Instagram.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240214110752/en/
Media Contact Laura Bailey NFS Communications Manager
423.735.5494 lebailey@bwxt.com
Investor Contact Chase Jacobson Vice President, Investor
Relations 980.365.4300 investors@bwxt.com
BWX Technologies (NYSE:BWXT)
Historical Stock Chart
From Sep 2024 to Oct 2024
BWX Technologies (NYSE:BWXT)
Historical Stock Chart
From Oct 2023 to Oct 2024