- Velan (TSX:VLN) has been awarded a contract to be a supplier for Ontario Power Generation’s Darlington New Nuclear Project
- This marks the first small modular reactor initiative in North America
- Under the contract, GE Hitachi Nuclear Energy, which selected Velan, placed an order for the development of advanced technology, engineering support and critical valves for the first BWRX-300 SMR
- Shares of Velan are up 3.99 per cent to C$8.60 as of 11:55 am ET
Velan (TSX:VLN) has been awarded a contract to be a supplier for Ontario Power Generation’s Darlington New Nuclear Project, marking the first small modular reactor (SMR) initiative in North America.
In a news release, the company stated that under the contract, GE Hitachi Nuclear Energy, the supplier that selected Velan, placed an order for the development of advanced technology, engineering support and critical valves for the first BWRX-300 SMR.
The contract also has the option to supply three additional units at the site in Ontario, with completion expected by 2034.
“Velan’s involvement in this project highlights our decades-long leadership in the nuclear power sector. Since the 1950s, we have evolved alongside the nuclear industry, consistently addressing key challenges and pioneering groundbreaking technologies like the universal steam trap and bellows seal,” James A. Manneback, CEO of Velan, said in a statement. “Our valves have supported some of the world’s most critical nuclear initiatives, and we remain the only manufacturer to supply nuclear valves to such a diverse range of reactor types globally.”
The company has now secured an advantage to supply future SMRs with similar products in Canada, the United States and around the world.
“These projects are at the heart of Canada’s clean energy strategy, delivering safe, reliable, and affordable low-carbon power while playing a critical role in reducing greenhouse gas emissions,” Laurent Pefferkorn, executive vice president of Velan, said in a statement,
Velan Inc. is a manufacturer of industrial valves, with sales of US$346.8 million in its last reported fiscal year.
Shares of Velan (TSX:VLN) are up 3.99 per cent to C$8.60 as of 11:55 am ET.
Join the discussion: Find out what everybody’s saying about this stock on the Velan Bullboard investor discussion forum, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top image: Adobe Stock)