BWXT Unveils Expansion Plans for Cambridge Manufacturing Plant, Bolstering Support for the Global Nuclear Power Market

BWXT Invests in Expansion of Cambridge Manufacturing Plant BWX Technologies, Inc. (NYSE: BWXT) has unveiled plans for a significant investment to expand its Cambridge manufacturing plant. This facility, already one of the largest nuclear commercial manufacturing sites in North America, will undergo expansion to enhance its capacity, specifically to support the burgeoning demand for Small Modular Reactors (SMRs), traditional large-scale nuclear, and advanced reactors worldwide, including in Canada.

The expansion project, estimated at C$50 million, will increase the plant’s footprint by 25 percent, totaling 280,000 square feet. Additionally, approximately C$30 million will be allocated over the next few years for the acquisition of advanced manufacturing equipment, aimed at bolstering productivity. This collective investment of around C$80 million is expected to significantly augment capacity, enhance productivity, and generate over 200 new long-term job opportunities for skilled workers, engineers, and support staff in the region.

John MacQuarrie, President of Commercial Operations at BWXT, emphasized the strategic timing of the expansion, coinciding with the company’s commitment to supporting customers in executing large-scale clean nuclear energy projects globally. He also highlighted the growing role of the nuclear industry in addressing climate change and bolstering energy security and independence.

Construction for the BWXT Cambridge Expansion Project is slated to commence in the third quarter of 2024, adjacent to the existing plant, with no disruption to ongoing operations. The project is anticipated to reach completion by mid-2026.

In tandem with the expansion, BWXT’s Projects and Field Services business will relocate to a standalone 150,000 square foot facility in Kitchener, Ont., dedicated to training, dynamic learning, and technology development, further supporting the company’s nuclear business growth.

Mike Rencheck, President and CEO of Bruce Power, and Ken Hartwick, President and CEO of Ontario Power Generation (OPG), lauded the expansion initiative, highlighting its positive economic impact and contribution to Ontario’s clean energy objectives.

Recent commitments by provincial governments to bolster emissions-free power generation have injected renewed vigor into the Canadian nuclear industry. Notably, the Government of Ontario has pledged support for several nuclear initiatives, including the construction of four SMRs, refurbishment of existing nuclear facilities, and pre-development work for additional nuclear power generation capacity.

Premier Doug Ford and Ontario Minister of Energy Todd Smith expressed their enthusiasm for BWXT’s expansion, underscoring its role in advancing Ontario’s nuclear energy future and fostering economic growth.

BWXT is actively engaged in supporting nuclear plant life extension projects and has secured significant contracts, including the engineering contract for the BWRX-300 reactor pressure vessel for the OPG Darlington New Nuclear Project and an engineering contract from TerraPower for the Natrium™ Demonstration Project in Wyoming.

Rex Geveden, President and CEO of BWXT, highlighted the increasing government interest and funding for nuclear power globally, affirming the company’s commitment to delivering safe, clean, and reliable electricity.

The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, commended BWXT’s expansion efforts, recognizing the vital role of Canada’s manufacturing sector in driving the global energy transition.

With a rich history spanning 180 years in Canada, BWXT remains at the forefront of commercial nuclear component design, manufacture, and service, catering to the evolving needs of communities and businesses worldwide.

Cautionary Note Regarding Forward-Looking Statements:

BWXT cautions that this announcement contains forward-looking statements, subject to various risks and uncertainties, including modifications or terminations of contracts and delays in the expansion project. Actual results may differ materially from those expressed due to these factors. BWXT encourages readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release.

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