LYNCHBURG, Va.--(BUSINESS WIRE)--BWX Technologies, Inc. (NYSE:BWXT) announced today that its Idaho National Laboratory (INL) joint venture management contract with lead partner Battelle has been awarded a five-year contract extension. INL is managed by Battelle Energy Alliance (BEA) for the U.S. Department of Energy’s (DOE) Office of Nuclear Energy.
Over the five-year term, the contract is valued at approximately $5 billion. Some key INL initiatives during the term of the contract extension will include providing world-class nuclear science and technology capabilities to the nation, continuing research and development on advanced reactor designs, improving upon INL’s world-leading cyber security capabilities and expertise, and developing integrated energy systems to stabilize the power grid.
The DOE officially approved the contract modification that enabled the five-year extension in April of 2018. The DOE originally awarded BEA the management contract in November of 2004, and with this most recent extension, BEA will operate and manage INL through Sept. 30, 2024.
“This five-year contract extension indicates the DOE’s continued confidence in our joint venture and affords us the opportunity to continue supporting its critical missions,” said Rex D. Geveden, BWXT’s President and Chief Executive Officer. “INL is a premier energy research institution, and our continued affiliation is both a business success and a point of pride.”
INL is one of the DOE’s national laboratories. The laboratory performs work in each of the agency’s strategic goal areas: energy, national security, science and environment. INL is the nation’s leading center for nuclear energy research and development.
Forward Looking Statements BWXT cautions that this release contains forward-looking statements, including statements relating to the performance, timing, impact and value, to the extent contract value can be viewed as an indicator of future revenues, of the contract extension for INL. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the contract and delays. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see BWXT’s annual report on Form 10-K for the year ended December 31, 2017 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
About BWXT Headquartered in Lynchburg, Va., BWX Technologies, Inc. (NYSE:BWXT) is a leading supplier of nuclear components and fuel to the U.S. government; provides technical and management services to support the U.S. government in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components, services and fuel for the commercial nuclear power industry. With approximately 6,100 employees, BWXT has nine major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and two NASA facilities. Follow us on Twitter @BWXTech and learn more at www.bwxt.com.