BWXT Awarded Engineering Contract from GE Hitachi for BWRX-300 Small Modular Reactor

Rhea-AI Summary

BWX Technologies (NYSE: BWXT) announced a significant engineering contract with GE Hitachi Nuclear Energy for the BWRX-300 small modular reactor (SMR) reactor pressure vessel (RPV). The RPV, crucial for the reactor core, will undergo engineering analysis, design support, and manufacturing preparations. This contract highlights BWXT's engineering strengths and supports increasing interest in SMR development across North America and Europe. The BWRX-300 is projected to have lower capital costs per MW compared to other SMR designs, enhancing its market viability. Forward-looking statements caution about potential risks like project delays and modifications.

Positive

• Awarded engineering contract for BWRX-300 SMR from GE Hitachi Nuclear Energy.
• Highlights BWXT's engineering capabilities in nuclear component design.
• BWRX-300 projected to require significantly less capital cost per MW compared to other SMR designs.

Negative

• Potential execution risks and uncertainties associated with the project.
• Possible delays in project timelines.

CAMBRIDGE, Ontario--(BUSINESS WIRE)-- BWX Technologies, Inc. (NYSE: BWXT) today announced an engineering contract awarded by GE Hitachi Nuclear Energy (GEH) for its BWRX-300 small modular reactor (SMR) reactor pressure vessel (RPV).

The RPV, which contains the reactor core and associated internals, comprises the largest component within the BWRX-300.

Work associated with the contract includes engineering analysis, design support, manufacturing and procurement preparations.

This announcement supports recent demonstrations of interest in SMR development by utilities and project developers across North America and Europe and is subsequent to a GEH press release made on October 19, 2021, where GEH announced it had entered into a teaming agreement with BWXT Canada to cooperate on engineering and procurement to support the design, manufacturing and commercialization of the BWRX-300 SMR.

“Intricate design projects like the RPV for GEH’s BWRX-300 are well-suited for BWXT’s engineering capabilities, as BWXT excels in supplying design solutions for complex nuclear components that BWXT can efficiently manufacture,” said John MacQuarrie, president of BWXT Commercial Operations. “We are grateful to GEH for their confidence in our experience and are thrilled to be one of the first to execute an SMR design contract for a North American deployment.”

About the BWRX-300 Small Modular Reactor

The BWRX-300 is a 300 MWe water-cooled, natural circulation SMR with passive safety systems that leverages the design and licensing basis of GEH’s U.S. NRC-certified ESBWR. Through dramatic and innovative design simplification, GEH projects the BWRX-300 will require significantly less capital cost per MW when compared to other SMR designs. For more information on the BWRX-300 SMR, click here.

Forward Looking Statements

BWXT cautions that this release contains forward-looking statements, including statements relating to the performance, design, suitability and impact of the RPV engineering contract for the BWRX-300 SMR. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the project, execution of future contracts 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, 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 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 steam generators, nuclear fuel and fuel components, critical plant components, parts and related plant services. BWXT Canada’s sister company, BWXT Medical Ltd. (BWXT Medical) provides its customers, who conduct life-saving medical procedures for patients around the world, the benefit of decades of experience in the development, manufacturing, packaging and delivery of medical isotopes and radiopharmaceuticals. Headquartered in Cambridge, Ontario, BWXT in Canada has approximately 1,500 employees at locations in Cambridge, Dundas, Peterborough, Toronto, Arnprior, Pickering, Port Elgin, Owen Sound, Kanata and Oakville, Ontario and Vancouver, British Columbia. BWXT Canada is a subsidiary of BWX Technologies, Inc. (NYSE: BWXT). Follow us on Twitter @BWXT and learn more at www.bwxt.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230321005309/en/

Media Contact

Monifa Miller

Senior Director, Corporate Affairs, BWXT Commercial Operations

519.242.8071 mamiller@bwxt.com

Investor Contact

Chase Jacobson

Vice President, Investor Relations

980.365.4300 investors@bwxt.com

Source: BWX Technologies, Inc.

FAQ

What contract did BWXT announce on March 21, 2023?

BWXT announced an engineering contract with GE Hitachi Nuclear Energy for the BWRX-300 small modular reactor.

What is the significance of the reactor pressure vessel in the BWRX-300 project?

The reactor pressure vessel is the largest component of the BWRX-300, housing the reactor core.

What are the expected benefits of the BWRX-300 SMR design?

The BWRX-300 is expected to have significantly lower capital costs per MW compared to other SMR designs, enhancing its competitiveness.

What are the risks associated with BWXT's contract for the BWRX-300?

The risks include potential project modifications, execution uncertainties, and possible delays.

When was the teaming agreement between BWXT and GEH announced?

The teaming agreement was announced on October 19, 2021.