BWX Technologies: BWXT Launches $4.9 Million TRISO Nuclear Fuel Production Campaign

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LYNCHBURG, Va. – Jan. 24, 2022) – BWX Technologies, Inc. (NYSE: BWXT) today announced that it has been awarded a $4.9 million contract amendment by Battelle Energy Alliance LLC to manufacture TRISO nuclear fuel. BEA operates the Idaho National Laboratory on behalf of the Department of Energy.

Auction modifies a competitive base auction announced in July 2020 and brings the overall value of the contract to $31.2 million. The initial award funded the expansion of BWXT’s TRISO manufacturing capability and upgrades to existing systems to meet anticipated Department of Defense (DoD) and NASA fuel requirements. The project is jointly funded by the DoD Operational Energy Capabilities Improvement Fund Office and NASA, with overall program management provided by the DoD Strategic Capabilities Office.

Under the terms of the amendment, the subsidiary of BWXT Nuclear Operations Group, Inc. will manufacture a quantity of TRISO natural uranium particles and demonstrate these operations according to a production schedule.

“We are excited and confident about the growth of the TRISO and specialty fuels market, and with our third TRISO fuel production contract since spring 2020, we believe the confidence is being validated,” said Joel. Duling, president of BWXT’s nuclear operations group. “We are uniquely positioned to capture additional work in microreactor power, design and manufacturing.”

TRISO refers to a specific design of uranium nuclear reactor fuel. TRISO is an abbreviated form of the term TRIstructural-ISOtropic. TRIstructural refers to the layers of claddings surrounding the uranium fuel, and ISOtrope refers to claddings having uniform material characteristics in all directions so that fission products are retained.

BWXT is the only US company to manufacture uranium oxycarbide TRISO fuel that is radiation tested using production equipment. Its TRISO production facility is currently licensed to produce this type of High Dosage Low Enriched Uranium (HALEU) fuel, which is being validated in a series of experiments at the Idaho National Laboratory in its advanced testing under the U.S. Department of Energy’s Advanced Gas-cooled umbrella. Reactor program. BWXT is also designing TRISO-powered microreactors with previously announced funding from the Ministry of Energy and DoD.

Forward-looking statements

BWXT cautions that this release contains forward-looking statements, including statements relating to performance, timing, impact and value, to the extent that contract value can be considered an indicator of future revenues, the TRISO fuel manufacturing amendment; the benefits and impact of such contract, modification and any exercise of options; and our outlook for future TRISO fuel demand, financing and potential uses. These forward-looking statements involve a number of risks and uncertainties, including, but not limited to, contract modification or termination, amendment or any option, fuel demand and validation. If one or more of these or other risks materialize, actual results may differ 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, 2020 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 as required. by applicable law.

About BWXT

At BWX Technologies, Inc. (NYSE: BWXT), we are strong, innovation-driven people. Based in Lynchburg, Va., BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental sanitation environment, nuclear medicine and space exploration. With approximately 6,700 employees, BWXT has 12 major operating sites in the United States and Canada. In addition, BWXT joint ventures manage and operate more than a dozen US Department of Energy and NASA facilities. Follow us on Twitter at @BWXT and learn more aboutwww.bwxt.com.

About the Idaho National Laboratory

Battelle Energy Alliance operates INL for the US Department of Energy’s Office of Nuclear Energy. INL is the national center for nuclear energy research and development and also conducts research in each of the DOE’s strategic areas: energy, national security, science, and the environment. For more information, visit www.inl.gov. Follow us on social networks: Twitter, Facebook, instagram and LinkedIn.

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Chris Dumont
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434.522.5015
cmdumond@bwxt.com

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