Bruce Power signs 10-year Alliance Agreement with Velan Inc. for Valve supply and related service work
July 08 2024 - 11:25AM
Bruce Power has signed a $50-million alliance agreement with Velan
Inc. (TSX: VLN) to provide valves and valve support over the next
10 years. As Bruce Power and Velan work collaboratively together on
the execution plans and if all options and new projects are firmed,
the value of the agreement can reach up to $100M.
Velan, a Canadian company that is a world-leader in valves, will
provide nuclear and non-nuclear valves, as well as refurbishment
and technical services as Bruce Power continues its asset
management and life-extension projects to operate until 2064 and
beyond.
“We’re pleased to partner with Velan on our valve program, which
will help us to continue to produce clean and reliable energy for
the people of Ontario for decades to come,” said David Furr, Bruce
Power’s Vice-President, Supply Chain. “This strategic agreement
allows for both material and capacity planning for our projects and
is beneficial for cost management for both companies.”
Bruce Power’s Life-Extension Program is Ontario’s largest
clean-energy initiative and one of Canada’s largest private-sector
infrastructure projects, funded by private-sector investors. Bruce
Power provides between $9 billion and $12 billion in direct and
indirect economic activity in Canada from operations and its
Life-Extension Program, creating tens of thousands of jobs and
economic development.
“This long-term contract represents a key milestone in Velan’s
nuclear power growth strategy,” said Laurent Pefferkorn, Velan’s
Executive Vice-President of Sales. “Over the years, Bruce Power and
Velan have established a highly successful partnership to support
Ontario’s energy needs. “This latest agreement not only strengthens
our alliance, but also provides our company with the long-term
visibility to make future investments.”
About Velan Inc.
Founded in Montreal in 1950, Velan Inc. is one of the world’s
leading manufacturers of industrial valves. Velan Inc. is a
family-controlled public company, employing approximately 1,650
people with manufacturing facilities in 9 countries. Velan Inc. is
a public company with its shares listed on the Toronto Stock
Exchange under the symbol VLN.
https://www.velan.com/ , LinkedIn
Velan Contact:
Rishi Sharma, Chief Financial and Administrative Officer(438)
817-4430
About Bruce Power
Bruce Power is an electricity company based in Bruce County,
Saugeen Ojibway Nation Territory, Ontario. We are powered by our
people. Our 4,200 employees are the foundation of our
accomplishments and are proud of the role they play in safely
delivering clean, reliable nuclear power to families and businesses
across the province and cancer-fighting medical isotopes around the
world. Bruce Power has worked hard to build strong roots in Ontario
and is committed to protecting the environment and supporting the
communities in which we live. Formed in 2001, Bruce Power is a
Canadian-owned partnership of TC Energy, OMERS, the Power Workers’
Union and The Society of United Professionals. Learn more at
www.brucepower.com and follow us on Facebook, Twitter, LinkedIn,
Instagram, TikTok and YouTube.
For further information, please contact: John
Peevers – 519-386-3799 – john.peevers@brucepower.com
Velan (TSX:VLN)
Historical Stock Chart
From Nov 2024 to Dec 2024
Velan (TSX:VLN)
Historical Stock Chart
From Dec 2023 to Dec 2024