MONTREAL, May 13, 2024
/CNW/ - Candu Energy Inc., an AtkinsRéalis company [SNC-Lavalin
Group Inc.] (TSX: ATRL), has signed a memorandum of understanding
("MOU") with Atomic Energy of Canada Limited ("AECL"), a federal
Crown corporation, and Canadian Nuclear Laboratories ("CNL"), which
manages and operates Canada's
premier nuclear science and technology organization for AECL, to
cooperate on the upgrading and production of heavy water for the
commissioning and operation of new CANDU® nuclear reactors in
Canada.
"This collaboration among important stakeholders in the Canadian
nuclear sector sets the stage for Canada to lead the global heavy water market,
solidifying its role as a key player in the energy transition,"
commented Ian L. Edwards, President
and Chief Executive Officer, AtkinsRéalis. "With CANDU reactors
operating across four continents, a global nuclear new build market
with expected demand in excess of 1,000 new reactors, a strong
CANDU reactor refurbishment market, and the introduction of the new
CANDU® MONARK™ 1,000 MW reactor in addition to the existing
Enhanced CANDU 6®, this memorandum of understanding could not have
come at a better time."
The MOU brings together AtkinsRéalis' nuclear and industrial
capabilities in Canada as the
licensee of CANDU technology, as well as AECL, owners of CANDU
intellectual property (IP) and other heavy water production
technologies, and CNL, a world leader in the industry with
extensive experience in heavy water technologies. The objective is
to evaluate options and select cost efficient, environmentally
responsible, and viable heavy-water production technologies, which
could include the establishment of industrial scale heavy-water
production facilities to support the deployment of a new fleet of
CANDU reactors.
Heavy water is used as a moderator and coolant in CANDU
reactors. It's a differentiating factor in nuclear reactor design
that not only allows CANDU technology to be incredibly safe, but
also allows the reactor to utilize unenriched uranium as its fuel
source; something no other modern nuclear reactor can do. However,
heavy water has not been produced in Canada for over 25 years, and there are
currently no large industrial scale heavy water production
capabilities in the Western world that will meet the supply needed
for a new fleet of CANDU reactors. This is especially true as
Canada has ambitious nuclear build
out plans, with the country being one of many to have committed to
tripling nuclear output by 20501, and the
province of Ontario alone having
an estimated future need for 18 GW of new nuclear power by
20502.
"I am pleased that AECL, CNL and AtkinsRéalis are collaborating
and working together to advance heavy water production for CANDU
reactor technology. CANDU technology is uniquely positioned to
contribute to important national objectives such as
decarbonization, energy security, economic growth and maintaining
Canada's Tier-1 nuclear nation
status," said Fred Dermarkar,
President & Chief Executive Officer of AECL.
"As the owner of CANDU IP licensed to Candu Energy Inc. and
owner of Canada's national nuclear
laboratory at Chalk River,
Ontario, managed and operated by CNL, AECL is committed to
seeing its CANDU technology and the unique capability of its
national laboratory leveraged for the benefit of Canadians,"
commented Grant Gardiner, EVP,
Business Strategy & Development, AECL. "We believe establishing
a secure, domestic and economically viable supply of heavy water is
vital to the continuing success of CANDU technology and are proud
of the unique capability that our national laboratory brings to
this effort."
"The deployment of large-scale nuclear power in Canada is an enormous undertaking, and will
require extensive alignment and coordination between organizations,
industries, public officials and regulators from across the
country," commented Jack Craig Jr.,
President & Chief Executive Officer at CNL. "Heavy water is one
key piece of the larger puzzle, and CNL is working hard to play a
leadership role in this process, ensuring that the broader industry
is working towards a shared vision, and that the necessary
inventory and production capabilities are in place to supply these
reactors. CNL looks forward to leveraging our world-leading
expertise, experience and CNL-managed, AECL-owned IP in heavy water
production and upgrading to support the deployment of new CANDU
reactors in Canada with
AtkinsRéalis. By doing so, we will strive to make Canada the leader in the global heavy water
market."
"CANDU technology, as Canada's
only domestically-developed large-scale nuclear technology, is a
source of national pride," said Joe St.
Julian, President, Nuclear, AtkinsRéalis. "We are honoured
to continue stewarding and enhancing its reputation as a leading
global nuclear technology. A reliable supply of heavy water will
also safeguard the supply of the global isotope market with
cancer-fighting nuclear medicine, as CANDU reactors— with
Ontario's supplying 50% of the
world's supply of Cobalt 603 — are the only commercial
scale reactors that can produce such medical isotopes while also
producing power at the same time."
___________________________
|
1
|
Source: Government of
Canada,
https://natural-resources.canada.ca/energy/resources/international-energy-cooperation/cop28-declaration-triple-nuclear-energy-2023/25591
|
2
|
Source: Government of
Ontario,
https://news.ontario.ca/en/release/1003253/province-launches-plan-to-power-ontarios-growth
|
3
|
Source: Ontario Power
Generation,
https://www.opg.com/projects-services/projects/nuclear/nuclear-isotopes
|
About AtkinsRéalis
Created by the integration of long-standing organizations
dating back to 1911, AtkinsRéalis is a world-leading professional
services and project management company dedicated to engineering a
better future for our planet and its people. We create sustainable
solutions that connect people, data and technology to transform the
world's infrastructure and energy systems. We deploy global
capabilities locally to our clients and deliver unique end-to-end
services across the whole life cycle of an asset including
consulting, advisory & environmental services, intelligent
networks & cybersecurity, design & engineering,
procurement, project & construction management, operations
& maintenance, decommissioning and capital. The breadth and
depth of our capabilities are delivered to clients in key strategic
sectors such as Engineering Services, Nuclear, Operations &
Maintenance and Capital. News and information are available at
www.atkinsrealis.com or follow us on
LinkedIn.
About
AtkinsRéalis' Nuclear Business
AtkinsRéalis has over 70 years of global nuclear expertise,
delivering nuclear technology products and full-service solutions
to nuclear utilities around the world. AtkinsRéalis is the steward
of CANDU® nuclear technology, operating on four continents, and
provides advisory and engineering services to other nuclear
developers. With an innovative technology portfolio, including
access to over 500 patented solutions, AtkinsRéalis solves
technically complex challenges across the whole nuclear lifecycle
from design and new build through asset management and from life
extension and late life management through decommissioning and
waste management. AtkinsRéalis operates and manages government
nuclear research sites, transforming ageing infrastructure and
safely managing legacy nuclear waste. AtkinsRéalis is also involved
in developing medical radioisotopes for cancer research through its
partnership with TerraPower. Learn more on our Nuclear
market page.
About Atomic Energy of Canada Limited
Atomic Energy of Canada Limited (AECL) is a federal Crown
corporation with a mandate to drive nuclear opportunities for
Canada. Working through a
government-owned / contractor-operated (GoCo) model that is
executed by its contractor, Canadian Nuclear Laboratories, AECL
enables nuclear science and technology through its Chalk River
Laboratories, Canada's largest
research complex, and by engaging with academia and private
industry to advance nuclear innovation. It is committed to
advancing reconciliation with Indigenous peoples. It also manages
the Government of Canada's
radioactive waste responsibilities. AECL continues to own the
intellectual property for the CANDU® reactor technology and is
accountable for deriving optimal benefit from this technology for
Canada. Read more on AECL at
www.aecl.ca.
About CNL
As Canada's premier nuclear
science and technology laboratory and working under the direction
of Atomic Energy of Canada Limited (AECL), CNL is a world leader in
the development of innovative nuclear science and technology
products and services. Guided by an ambitious corporate strategy
known as Vision 2030, CNL fulfills three strategic priorities of
national importance – restoring and protecting the environment,
advancing clean energy technologies, and contributing to the health
of Canadians.
By leveraging the assets owned by AECL, CNL also serves as
the nexus between government, the nuclear industry, the broader
private sector and the academic community. CNL works in
collaboration with these sectors to advance innovative Canadian
products and services towards real-world use, including carbon-free
energy, cancer treatments and other therapies, non-proliferation
technologies and waste management solutions.
To learn more about CNL, please visit www.cnl.ca.
Forward-Looking Statements
Reference in this press release to the "Company" or to
"AtkinsRéalis" means, as the context may require, SNC-Lavalin Group
Inc. or all or some of its subsidiaries or joint arrangements or
associates. Statements made in this press release that describe the
Company's or management's expectations or strategies constitute
"forward-looking statements", which can be identified by the use of
the conditional or forward-looking terminology such as "expects",
"forecasts", "intends", "may", "objective", "plans", "projects",
"should", "will", "likely", or the negative thereof or other
variations thereon. Forward-looking statements also include any
other statements that do not refer to historical facts. All such
forward-looking statements are made pursuant to the "safe-harbour"
provisions of applicable Canadian securities laws. The Company
cautions that, by their nature, forward-looking statements involve
risks and uncertainties, and that its actual actions and/or results
could differ materially from those expressed or implied in such
forward-looking statements, or could affect the extent to which a
particular projection materializes. Forward-looking statements are
presented for the purpose of assisting investors and others in
understanding certain key elements of the Company's current
objectives, strategic priorities, expectations and plans, and in
obtaining a better understanding of the Company's business and
anticipated operating environment. Readers are cautioned that such
information may not be appropriate for other purposes.
Forward-looking statements made in this press release are based on
a number of assumptions believed by the Company to be reasonable as
at the date hereof. The assumptions are set out throughout the
Company's 2023 annual management disclosure & analysis
("MD&A") (particularly in the sections entitled "Critical
Accounting Judgments and Key Sources of Estimation Uncertainty" and
"How We Analyze and Report our Results") filed with the securities
regulatory authorities in Canada,
available on SEDAR+ at and on the Company's website at under the
"Investors" section. If these assumptions are inaccurate, the
Company's actual results could differ materially from those
expressed or implied in such forward-looking statements. In
addition, important risk factors could cause the Company's
assumptions and estimates to be inaccurate and actual results or
events to differ materially from those expressed in or implied by
these forward-looking statements. Those risks are identified in the
Company's 2023 annual MD&A (particularly in the sections
entitled "Risk and Un certainties") and are not exhaustive. The
forward-looking statements herein reflect the Company's
expectations as at the date of this press release and are subject
to change after this date. The Company does not undertake to update
publicly or to revise any such forward-looking statements whether
as a result of new information, future events or otherwise, unless
required by applicable legislation or regulation.
SOURCE AtkinsRéalis