CAMBRIDGE, Ontario--(BUSINESS WIRE)--BWX Technologies, Inc. (NYSE:BWXT) announced today that its subsidiary BWXT Canada Ltd. (BWXT Canada) has been awarded contracts valued at approximately CA$30 million from Bruce Power to design and supply 13 critical heat exchangers as part of Bruce Power’s asset management program.
These heat exchangers will serve various functions, including maintaining safe reactor temperatures during reactor shutdown conditions and removing decay-heat from the spent fuel storage bays. They are being designed and manufactured in BWXT’s Cambridge, Ontario facility.
BWXT specializes in the design and manufacture of critical nuclear heat exchangers and has supplied over 150 heat exchangers to nuclear utilities worldwide, including several previously for Bruce Power. Work related to these contracts will commence immediately with deliveries occurring between 2018 and 2020.
“These heat exchangers will help to safely extend the life of Bruce Power’s reactors so that they can continue to provide low-cost, clean and reliable power for Ontarians for many years in the future,” said John MacQuarrie, President, BWXT Canada.
“Our partnership with BWXT Canada is vital to our Life Extension Program, which started January 2016, and is Canada’s largest infrastructure project,” said Mike Rencheck, President and CEO, Bruce Power. “Leveraging BWXT’s proven expertise in heat exchanger work will ensure our Life Extension Program continues to be a success and remains on-time and on-budget supporting Bruce Power’s commitment to continue delivering clean, reliable and low-cost nuclear power for families and business for decades to come.”
“This contract is excellent news for BWXT Canada and for the City of Cambridge,” said Member of Parliament for Cambridge, Bryan May. “BWXT Canada produces some of the most critical precision components for nuclear power plants all over the world. The talent right here in Waterloo Region means that Bruce Power can count on a superior product.”
“BWXT Canada is a vital part of Cambridge’s advanced manufacturing sector and gives Ontario a huge advantage in the field of nuclear power,” said Member of Provincial Parliament for Cambridge, the Honourable Kathryn McGarry. “This new contract with Bruce Power demonstrates the value being created in our community by moving forward with Ontario's Long-Term Energy Plan, including good jobs in the skilled trades and a clean, reliable electricity supply.”
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 heat exchanger contract. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the contract and delays. 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, 2016 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 BWXT Canada Ltd.
BWXT Canada Ltd. (BWXT Canada) has over 60 years of expertise and experience in the design, manufacturing, commissioning and service of nuclear power generation equipment. This includes CANDU ® and Pressurized Water Reactor steam generators, heat exchangers, nuclear fuel and fuel components, other critical plant components, parts and related plant services. Headquartered in Cambridge, Ontario, BWXT Canada has approximately 950 employees at locations in Cambridge, Peterborough, Toronto and Arnprior, Ontario. BWXT Canada is a subsidiary of BWX Technologies, Inc. (NYSE:BWXT). BWXT is a leading supplier of nuclear components and fuel to the U.S. government; provides technical, management and site services to support governments in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components, fuel and services for the commercial nuclear power industry. Learn more at www.BWXT.com.
About Bruce Power
Bruce Power supplies 30 percent of Ontario’s electricity at 30 percent less than the average cost to generate residential power. Extending the operational life of the Bruce Power units to 2064 will create and sustain 22,000 direct and indirect jobs every year, create CA$4 billion in annual Ontario economic benefit, and will ensure low-cost, clean and reliable energy for Ontario families and businesses.
Formed in 2001, Bruce Power is an electricity company based in Bruce County, 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, low-cost nuclear power to families and businesses across the province. 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. Learn more at www.brucepower.com and follow us on Facebook, Twitter, LinkedIn, Instagram and YouTube.
