Velan Inc. Partners with GEH for Historic Small Modular Reactor
Velan Inc. (TSX: VLN), a leader in industrial valve manufacturing, is excited to announce a strategic partnership with GE Hitachi Nuclear Energy (GEH). This collaboration marks a significant milestone in the development of North America's first Small Modular Reactor (SMR), located at the renowned Darlington site.
Main Services Agreement with GEH
Recently, Velan secured a Main Services Agreement (MSA) with GEH. This groundbreaking accord includes an initial purchase order aimed at supplying advanced technology and essential valves for the first BWRX-300 SMR facility. Notably, there is potential for future orders covering three additional units, promising a considerable impact on the efficient operation of nuclear energy in this region.
Transforming the Energy Landscape
The MSA underlines Velan's capability and legacy in the nuclear sector, enhancing the company's reputation as a premier solutions provider. The anticipated completion of the first unit by 2034 opens a new chapter for Velan, positioning the company as a key player in the SMR market across Canada and internationally.
Comments from Company Leaders
James A. Mannebach, Chairman and CEO of Velan Inc., expressed pride in the company's long-standing history within the nuclear industry, dating back to the 1950s. He emphasized that this partnership not only underscores Velan's technological prowess but also showcases the company’s commitment to support groundbreaking developments in nuclear energy, particularly as the world shifts towards sustainable power solutions.
Expertise in Advanced Valve Technology
Laurent Pefferkorn, Executive Vice-President, highlighted the importance of these projects in achieving Canada’s clean energy goals. He noted that Velan is dedicated to contributing its expertise in advanced valve technology to facilitate the transition towards Small Modular Reactors, which play a crucial role in reducing greenhouse gas emissions while ensuring reliable energy sources.
About Velan Inc.
Founded in Montreal in 1950, Velan Inc. has grown to be one of the world's foremost manufacturers of industrial valves, boasting impressive sales of US$346.8 million in its latest fiscal year. The company employs 1,654 dedicated personnel and operates manufacturing facilities across nine countries. Velan Inc. remains a publicly traded entity listed on the Toronto Stock Exchange under the symbol VLN.
Contact Information
If you have any inquiries or require further information, please reach out to the following contacts:
Rishi Sharma, Chief Financial Officer
Velan Inc.
Tel: (438) 817-4430
Dan Velan, Chief Revenue Officer
Velan Inc.
Tel: (514) 748-7743
Frequently Asked Questions
What is Velan Inc. known for?
Velan Inc. is recognized as a leading manufacturer of industrial valves, specializing in various applications including nuclear energy.
What project is Velan Inc. partnering on?
Velan Inc. is partnering with GEH on the Darlington New Nuclear Project, specifically focusing on the development of Small Modular Reactors.
What is a Small Modular Reactor (SMR)?
An SMR is a type of nuclear reactor that is smaller and more modular, offering flexibility and safety in energy production.
What are the benefits of the Main Services Agreement with GEH?
The MSA allows Velan to supply critical valves and technology for nuclear operations, enhancing safety and efficiency in energy production.
How does Velan support sustainable energy?
Velan contributes to sustainable energy by developing advanced technologies that reduce carbon emissions and improve energy reliability.
