LYNCHBURG, Va.--(BUSINESS WIRE)--BWX Technologies, Inc. (NYSE: BWXT) announced today that it has been selected by the U.S. Department of Energy (DOE) to lead a $106.6 million microreactor development project. The DOE is contributing $85.3 million to the cost-share project over seven years, with BWXT funding the remaining amount.
The company’s BANR (BWXT Advanced Nuclear Reactor) program will pursue the development of a transportable microreactor with the design focused on advanced TRISO fuel particles to achieve higher uranium loading and improved fuel utilization. TRISO refers to a specific design of uranium nuclear reactor fuel that has many operational and safety benefits.
As part of the program, BWXT plans to partner with two national laboratories, Idaho National Laboratory and Oak Ridge National Laboratory, to benefit from their extensive experience and capabilities with TRISO fuel and advanced reactor development.
“Today’s announcement is another contract win that highlights BWXT’s impressive design and engineering capabilities, as well as our fuel manufacturing expertise,” said Ken Camplin, president of BWXT Nuclear Services Group, Inc. “Innovative solutions like microreactors have the potential to solve a number of critical energy and environmental challenges for a variety of customers.”
The selection of BWXT Advanced Technologies, LLC was announced by the DOE’s Office of Nuclear Energy earlier in December under its Advanced Reactor Demonstration Program (ARDP), which is designed to help domestic private industry demonstrate commercially viable advanced nuclear reactors in the U.S. The DOE expects to invest approximately $600 million over seven years in the ARDP’s risk reduction pathway.
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 microreactor design project and future investment. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the project 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, 2019 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
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Va., BWXT provides safe and effective nuclear solutions for national security, clean energy, environmental remediation, nuclear medicine and space exploration. With approximately 6,700 employees, BWXT has 12 major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXTech and learn more at www.bwxt.com.
