Velan Inc. Secures Main Services Agreement for North America's First Small Modular Reactor Project

MONTREAL, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Velan Inc. (TSX: VLN) (“Velan” or the “Company”), a world-leading manufacturer of industrial valves, has been selected as a supplier by GE Hitachi Nuclear Energy (GEH) for Ontario Power Generation’s historic Darlington New Nuclear Project, the first Small Modular Reactor (SMR) initiative in North America.

Earlier this month, Velan announced the signing of a Main Services Agreement (“MSA”) with GEH. Under the agreement, GEH placed an initial purchase order with Velan for the development of advanced technology, engineering support, and critical valves essential to the safe and efficient operation of the first BWRX-300 SMR. This order has a provision for three additional units for deployment at the Darlington site in Ontario, with completion expected by 2034. The Company has now secured an advantage to supply future SMRs with similar products in Canada, the United States, and internationally.

“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. 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. As we approach our 75th anniversary in 2025, we are remarkably well-positioned to support this landmark project and help shape the future of Canada’s nuclear energy landscape through Small Modular Reactor technology,” said James A. Mannebach, Chairman and CEO of Velan Inc.

“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. Velan is proud to contribute its expertise in advanced valve technology to support the development of Small Modular Reactors, which are set to redefine the future of sustainable energy both in Canada and internationally,” said Laurent Pefferkorn, Executive Vice-President of Velan Inc.

This collaboration marks a pivotal moment for both companies as they join forces to drive innovation in sustainable energy and next-generation nuclear technology.

ABOUTVELAN

Founded in Montreal in 1950, Velan Inc. (www.velan.com) is one of the world’s leading manufacturers of industrial valves, with sales of US$346.8 million in its last reported fiscal year. The Company employs 1,654 people and has manufacturing plants in 9 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.

SAFEHARBOURSTATEMENT

This news release may include forward-looking statements, which generally contain words like “should”, “believe”, “anticipate”, “plan”, “may”, “will”, “expect”, “intend”, “continue” or “estimate” or the negatives of these terms or variations of them or similar expressions, all of which are subject to risks and uncertainties, which are disclosed in the Company’s filings with the appropriate securities commissions. While these statements are based on management’s assumptions regarding historical trends, current conditions and expected future developments, as well as other factors that it believes are reasonable and appropriate in the circumstances, no forward-looking statement can be guaranteed and actual future results may differ materially from those expressed herein. The Company disclaims any intention or obligation to update or revise any forward looking statements contained herein whether as a result of new information, future events or otherwise, except as required by the applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.