Velan Inc. Partners with GEH for Small Modular Reactor Technologies
Recently, a significant partnership was formed as Velan Inc. (TSX: VLN), a renowned manufacturer of industrial valves, signed a Main Services Agreement (MSA) with GEH SMR Technologies Canada Ltd. This agreement aims to provide essential products and services necessary for the development of a stand-alone Small Modular Reactor (SMR) for Ontario Power Generation Inc.
Details of the Agreement
The MSA outlines the initial steps in their collaboration, which includes an initial purchase order from GEH to Velan for the design and creation of various technologies and products related to the SMR project. This marks a significant milestone for both companies, as it lays the foundation for future cooperation.
Impact on Future Operations
Looking ahead, Velan anticipates that this partnership could lead to additional purchase orders not only within Canada but also beyond, into the United States and other global markets. The ability of Velan to serve this agreement effectively could lead to a substantial increase in future revenue and improve the overall operation results of the company.
About Velan Inc.
Established in 1950, Velan Inc. stands out as a leader in the industrial valve manufacturing arena. With headquarters based in Montreal, this company has carved out a significant presence in the market, reporting sales of approximately US$346.8 million in its most recent fiscal year. Employing around 1,654 individuals, Velan operates manufacturing facilities across 9 different countries, showcasing its global reach.
Velan's Market Position
Velan Inc. is publicly traded on the Toronto Stock Exchange under the ticker symbol VLN, highlighting its standing in the investment community. The firm’s reputation and operational prowess further position it favorably in the competitive landscape of industrial manufacturing.
Company Contact Information
For inquiries regarding the partnership or other matters, interested parties can reach out directly to Velan Inc. or their financial advisors. Rishi Sharma, the Chief Financial Officer at Velan, is available for questions, while Martin Goulet serves as a representative from MBC Capital Markets Advisors.
How to Reach Velan Inc.
Effective communication is key in business, and Velan offers multiple channels for this purpose. Rishi Sharma can be contacted at (438) 817-4430, while inquiries to MBC Capital Markets Advisors can be directed to (514) 731-0000, ext. 229.
Frequently Asked Questions
What is the Main Services Agreement between Velan and GEH?
The Main Services Agreement outlines the partnership where Velan will provide products and services for the development of a Small Modular Reactor (SMR) for GEH.
What are Small Modular Reactors (SMRs)?
SMRs are a type of nuclear reactor that are smaller than conventional reactors and can be constructed in factories to be shipped to sites, improving efficiency and reducing costs.
How could this partnership impact Velan's future?
This agreement could lead to significant future revenues for Velan as they develop technologies and products related to SMRs, with potential orders from various countries.
Where can I find more information about Velan Inc.?
Additional information about Velan Inc. can be found on their official website, which showcases their extensive product lines and company updates.
Who should I contact for more information about the partnership?
For more details, you can reach out to Rishi Sharma, Chief Financial Officer at Velan, or contact Martin Goulet at MBC Capital Markets Advisors.
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