BWXT, Crowley Debut Nuclear Power Generation Vessel Concept

Rhea-AI Summary

Crowley and BWX Technologies team up to develop a ship concept for alternative energy generation

Positive

• Crowley and BWX Technologies have signed a memorandum of understanding to develop a ship concept that includes a microreactor for alternative, zero-carbon emission energy generation
• The ship concept envisions a 378-foot vessel that can supply small-scale nuclear energy to shoreside locations
• The partnership will allow Crowley to enter the nuclear energy sector for the first time
• The concept supports the U.S. Department of Energy's goal of maintaining U.S. leadership in nuclear energy technology

Negative

• None.

LYNCHBURG, Va.--(BUSINESS WIRE)-- Global shipping and energy supply chain leader Crowley has teamed with BWX Technologies, Inc. (NYSE: BWXT) through a memorandum of understanding for a ship concept that has the potential to generate alternative, zero-carbon emission energy for defense and disaster needs by including a microreactor on board.

Nuclear power generation vessel concept (Photo: Business Wire)

A new memorandum of understanding with BWXT’s Advanced Technologies subsidiary will allow both companies to jointly pursue and develop opportunities relative to the design, engineering and development of new shallow-draft hull ships that will supply small-scale nuclear energy to shoreside locations. The new ships would feature the latest technology available for factory fabricated microreactors, readily deployed into a shipyard configuration for ease of installation on the vessel. The onboard power plant would supply energy to shore facilities, such as military bases in remote island locations, backup utility grids after disasters, and provide power in other scenarios where traditional electricity sources are damaged or not possible.

The new vessel concept envisions a 378-foot ship that pulls from the logistics and marine capabilities of Crowley, a longtime operator with in-house vessel design by its Crowley Engineering Services, and the nuclear capabilities of BWXT, a leading supplier of nuclear components, fuel and services to the U.S. government at the highest levels of safety and security for more than 60 years. Both Crowley and BWXT are based in the United States and have been in business for more than a century.

“Our cooperation with BWXT will move Crowley for the first time into the nuclear energy sector, a key part of our commitment to sustainable, alternative energy sources. This concept supports the U.S. Department of Energy’s goal of maintaining U.S. leadership in nuclear energy technology as well as many the U.S. Department of Defense’s strategic goals for operational energy,” said Shiju Zacharia, senior vice president and general manager, Crowley Government Solutions.

This new vessel concept pairs traditional propulsion while carrying a modular reactor between 5 and 50 megawatts that can be activated upon arrival at the destination and be deactivated and transported after the power supply is discontinued. Buoyed power delivery cables will enable the ships to deploy energy connections to shore. Shallow draft hulls allow the vessels to maneuver to strategically deliver power for military activities or if disasters limit harbor access.

“We are excited to work alongside Crowley to leverage our ongoing reactor development and demonstration programs to expand nuclear technology into new and novel markets to deliver zero carbon emissions energy generation to strategic locations,” said Joe Miller, president of BWXT Advanced Technologies LLC.

About Crowley

Crowley is a privately held, U.S.-owned and -operated maritime, energy and logistics solutions company serving commercial and government sectors with $3.4 billion in annual revenues, over 170 vessels mostly in the Jones Act fleet and approximately 7,000 employees around the world – employing more U.S. mariners than any other company. The Crowley enterprise has invested more than $3.2 billion in maritime transport, which is the backbone of global trade and the global economy. As a global ship owner-operator and services provider with more than 130 years of innovation and a commitment to sustainability, the company serves customers in 36 nations and island territories through five business units: Crowley Logistics, Crowley Shipping, Crowley Government Solutions, Crowley Wind Services and Crowley Fuels. Additional information about Crowley, its business units and subsidiaries can be found at www.crowley.com.

About BWXT

At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Virginia, BWXT is a Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental restoration, nuclear medicine and space exploration. With approximately 7,000 employees, BWXT has 14 major operating sites in the U.S., Canada and the U.K. In addition, BWXT joint ventures provide management and operations at a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXT and learn more at www.bwxt.com.

Forward Looking Statements

BWXT cautions that this release contains forward-looking statements, including statements relating to the performance, design, suitability and impact of microreactor technology. These forward-looking statements involve a number of risks and uncertainties, including, among other things, the timing of technology development; our ability to obtain the necessary regulatory approvals, licenses and permits in a timely manner; the ability to commercialize this technology; competition in an environment of rapid technological changes; and the enforcement and protection of our intellectual property rights. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230920123560/en/

BWXT Contacts

Media

Jud Simmons

Senior Director,

Media & Public Relations

434.522.6462

hjsimmons@bwxt.com

Investors

Chase Jacobson

Vice President, Investor Relations

980.365.4300

investors@bwxt.com

Crowley Contacts

David DeCamp

Director, Corporate Communications

(904) 727-4263

david.decamp@crowley.com

Torey Vogel

Specialist, Corporate Communications

(904) 726-4536

torey.vogel@crowley.com

Source: BWX Technologies, Inc.