LYNCHBURG, Va .– (BUSINESS WIRE) – BWX Technologies, Inc. (NYSE: BWXT) announced today that its subsidiary BWXT Nuclear Operations Group, Inc. (BWXT NOG) has won $ 35 million in contracts under two separate programs – uranium recovery and conversion as the construction of a new research reactor fuel line.
“These awards demonstrate BWXT’s unique nuclear fuel processing and manufacturing capabilities, our vast experience with fuel research reactors, and our commitment to improving global security,” said Joel W. Duling, President of BWXT NOG.
Uranium recovery and conversion
The US Naval Nuclear Propulsion Program has awarded BWXT NOG a $ 17.4 million contract for uranium recovery and conversion. An additional option is expected to be granted later this year.
This contract funds the recovery of valuable uranium from scrap, waste and unused product to be converted into fuel to feed future products of the Naval Nuclear Propulsion Program. BWXT owns the only two Category 1 nuclear facilities licensed by the Nuclear Regulatory Commission for the storage and processing of highly enriched uranium.
This work began in January 2021 at the BWXT NOG facility in Lynchburg, Virginia and is expected to be completed in June 2022.
HALEU research reactor fuel project
The Department of Energy’s National Nuclear Security Administration (NNSA) awarded BWXT NOG a $ 17.9 million contract to complete the previously announced second phase of construction of a new BWXT research reactor fuel line.
The contract finances the conversion of part of the Lynchburg uranium processing plant to produce U-Mo-HALEU fuel (High Assay Low Enriched Uranium) from uranium-molybdenum alloy. This fuel will facilitate the retrofitting of high performance U.S. research reactors currently using highly enriched uranium. The NNSA has promoted the conversion of research reactors and medical isotope production facilities to the use of highly enriched uranium to reduce the risk of the fuel being diverted for nefarious purposes.
BWXT has been supplying fuel assemblies and assemblies for research and test reactors manufactured in Lynchburg for decades and is the only North American supplier of fuel-containing components for reactors at national laboratories, colleges and universities.
Forward-Looking Statements
BWXT advises that this press release contains forward-looking statements, including statements regarding performance, timing, impact and value, provided that the contract value is indicative of future revenue, uranium recovery and conversion contracts, and phase two of the non-proliferation reactor fuel program; the exercise of option premiums; and the timing, benefits and effects of the foregoing. These forward-looking statements involve a number of risks and uncertainties, including but not limited to changes or cancellations of contracts and / or options, delays in production or limited demand for U-Mo HALEU. If one or more of these or other risks materialize, actual results could differ materially from those stated. For a more detailed discussion of these and other risk factors, see BWXT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. BWXT cautions not to place undue reliance on these forward-looking statements, which apply only as of the date of this release and assumes no obligation to update or revise any forward-looking statements unless required by law.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. BWXT is headquartered in Lynchburg, Virginia, and provides safe and effective nuclear solutions for national security, clean energy, environmental remediation, nuclear medicine and space exploration. With around 6,700 employees, BWXT has 12 main locations in the USA and Canada. In addition, BWXT joint ventures provide management and operations at more than a dozen US Department of Energy and NASA facilities. Follow us on Twitter at @BWXTech and find out more at www.bwxt.com.
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