Duratek (NASDAQ:DRTK)
Historical Stock Chart
From Jun 2019 to Jun 2024
Duratek, Inc. (NASDAQ:DRTK) today announced that it has
formed a teaming agreement with TriVis, Inc., of Pelham, Alabama, to
provide services for commercial spent nuclear fuel dry storage to the
U.S. nuclear utilities marketplace. This agreement marks Duratek's
entry into high-level commercial radioactive waste management
services, which include the licensing, design, construction, and
operation of independent spent fuel storage installations (ISFSIs);
providing "pool-to-pad" services to load spent fuel into dry storage
containers; and related design, engineering, and licensing activities.
The associated market for spent nuclear fuel dry storage and related
services is approximately $100 million over the next five years and
could grow significantly in the future when transportation to
permanent or temporary storage occurs.
Duratek and TriVis also announced the award of their first joint
project, for the support of a dry fuel storage (DFS) campaign later
this year, at the Tennessee Valley Authority's Sequoyah Nuclear Plant
in Soddy Daisy, Tennessee.
"This agreement and contract mark an important milestone in
Duratek's strategic growth initiatives," said Duratek president and
CEO Robert Prince. "Our extensive service capabilities and outstanding
platform base in support of waste management activities at U.S.
nuclear power plants make it a natural progression for us to move into
management of high-level waste. We are delighted to have formed a
partnership with TriVis, which is one of the nation's leading
providers of support services for the management of spent nuclear
fuel."
David Bland, president of TriVis, Inc., said, "Currently, there
are over 30 independent spent fuel storage installations in the U.S.
operating as dry fuel storage sites. TriVis personnel have been
involved in half of these and are directly responsible for loading 40%
of the DFS casks loaded over the past five years. There will be over
30 additional independent spent fuel storage installations put into
operation over the next 10 years. The depth and breadth of Duratek's
experience base, combined with TriVis' specialized expertise in this
arena, is well-suited to support the continued growth of demand for
dry spent nuclear fuel storage efforts."
Duratek provides safe, secure radioactive materials disposition
and nuclear facility operations for commercial and government
customers.
TriVis provides safe, timely, incident free dry spent fuel loading
campaigns for its clients along with management and licensing support
for spent fuel storage and transportation.
Certain statements contained in this press release may constitute
"forward-looking statements" within the meaning of Section 21E(i)(1)
of the Securities Exchange Act of 1934. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause Duratek's actual results to be materially
different from any future results expressed or implied by these
statements. Such factors include the following: the Company's ability
to manage its commercial waste processing operations, the timing and
award of contracts by the U.S. Department of Energy for the cleanup of
waste sites administered by it; the acceptance and implementation of
the Company's waste treatment technologies in the government and
commercial sectors; and other large technical support services
projects; the Company's ability to successfully add revenues from new
contracts; and the timing of completing existing contracts. All
forward-looking statements are also expressly qualified in their
entirety by the cautionary statements included in the Company's SEC
filings, including its quarterly reports on Form 10-Q and its annual
report on Form 10-K.