Westinghouse and Perma-Fix Advance Cost-Effective Nuclear Materials Management in Europe
March 07 2022 - 2:30PM
Waste Management Symposia - Today,
Westinghouse Electric Company and Perma-Fix Environmental Services,
Inc. (NASDAQ: PESI) signed a term sheet at the 2022 Waste
Management Symposia, signaling plans to develop a state-of-the-art
advanced materials treatment facility in the United Kingdom. Built
at Westinghouse’s Springfields site, the facility will expand waste
treatment capabilities for the European nuclear market. It is
expected that upon finalization of the agreement, Westinghouse will
own 55 percent of the initiative and Perma-Fix will own the
balance.
The new facility will incorporate the Perma-Fix Bulk Processing
Unit (BPU), a vessel designed to treat a wide range of radioactive
materials. The BPU accepts a broad range of material types while
reducing waste volume by 30 to 100 times, which meets the waste
acceptance criteria of European disposal facilities. The BPU also
eliminates the risk of cross-contamination.
“We are thrilled to partner with Westinghouse as we expand our
proven technology to the European market,” said Mark Duff,
CEO of Perma-Fix. “With the success that our BPU vessel
has had in the United States for over two decades, we are eager to
bring this technology to new markets, enabling more plants globally
to enhance their capabilities when it comes to handling radioactive
waste removal. In the UK alone, there are over 5.1 million tons of
total waste for treatment, including radioactive waste in storage
and anticipated waste from decommissioning operations. We look
forward to working closely with Westinghouse and leveraging our
track record to provide safe treatment options for some of the
world's most challenging waste streams.”
“We look forward to working with Perma-Fix to provide European
customers with increased access to the full range of treatment
capabilities – from characterization, packaging, consignment and
transport, to receipt, storage, sort and segregation, treatment and
final disposal,” said Sam Shakir, President of
Environmental Services at Westinghouse. “Our unmatched
experience and proprietary technical innovations will be at the
forefront of this facility to ensure the safest storage and
disposal of radioactive materials.”
Perma-Fix was established in 1990 and has more than €54 million
invested in existing radioactive treatment facilities and
technologies. The company owns and operates three nuclear licensed
and authorized radioactive waste treatment facilities in the U.S.
that currently treat more than 50,000 metric tons per year from
international waste generators, the U.S. Department of Energy
(DOE), the U.S. Department of Defense (DOD), nuclear reactors, and
nuclear research facilities. Perma-Fix, as a global nuclear
services company, ensures customer materials are treated in full
compliance with all international environmental regulations.
About Westinghouse Electric CompanyWestinghouse
Electric Company is shaping the future of carbon-free energy by
providing safe, innovative nuclear technologies to utilities
globally. Westinghouse supplied the world’s first commercial
pressurized water reactor in 1957 and the company’s technology is
the basis for nearly one-half of the world's operating nuclear
plants. For over 130 years, innovation makes Westinghouse the
preferred partner for technologies covering the complete nuclear
energy life cycle. For more information, visit
www.westinghousenuclear.com and follow us on Facebook,
LinkedIn and Twitter.
About Perma-Fix Environmental ServicesPerma-Fix
Environmental Services, Inc. is a nuclear services company and
leading provider of nuclear and mixed waste management services.
The Company's nuclear waste services include management and
treatment of radioactive and mixed waste for hospitals, research
labs and institutions, federal agencies, including the DOE, the
DOD, and the commercial nuclear industry. The Company’s nuclear
services group provides project management, waste management,
environmental restoration, decontamination and decommissioning, new
build construction, and radiological protection, safety and
industrial hygiene capability to our clients. The Company operates
four nuclear waste treatment facilities and provides nuclear
services at DOE, DOD, and commercial facilities, nationwide.
This press release as it relates to Perma-Fix contains “forward
looking statements” which are based largely on expectations and are
subject to various business risks and uncertainties, certain of
which are beyond the Parties’ control. Forward-looking statements
generally are identifiable by use of the words such as “believe”,
“expects”, “intends”, “anticipate”, “plans to”, “estimates”,
“projects”, and similar expressions. Forward looking statements
include, but are not limited to: plans to develop a
state-of-the-art waste management treatment facility in the United
Kingdom; that Westinghouse will own 55% of the initiative and
Perma-Fix will own the balance; enabling more plants globally to
enhance their capabilities when it comes to handling radioactive
waste removal; compliance with international waste removal
regulations; and providing safe treatment options for some of the
world's most challenging waste streams. These forward looking
statements are intended to qualify for the safe harbors from
liability established by the Private Securities Litigation Reform
Act of 1995. While the Parties believes the expectations reflected
in this news release are reasonable, they can give no assurance
such expectations will prove to be correct. There are a variety of
factors which could cause future outcomes to differ materially from
those described in this release, including, without limitation,
future economic conditions; industry conditions; competitive
pressures; the ability to apply and market new technologies;
negotiations as to a final agreement with Westinghouse; and the
“Risk Factors” discussed in, and the additional factors referred to
under Perma-Fix’s "Special Note Regarding Forward-Looking
Statements" of its 2020 Form 10-K and Forms 10-Q for the quarters
ended March 31, 2021, June 30, 2021 and September 30, 2021.
Perma-Fix makes no commitment to disclose any revisions to forward
looking statements, or any facts, events or circumstances after the
date hereof that bear upon forward looking statements.
Westinghouse Contact:
Media@Westinghouse.comPerma-Fix Contact:
pesi@crescendo-ir.com
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