Perma-Fix Joint Venture Receives Notice of Intent to Award European Waste Treatment Contract Valued at up to EUR 50 Million
November 28 2023 - 4:30PM
Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the
“Company”) today announced it has been notified by the European
Commission (EC) of its intent to award a joint venture of which the
Company and Campoverde Srl are 50/50 partners, a multi-year
contract, valued at up to EUR 50 million, for the treatment of
radioactive waste from the Joint Research Center (JRC) in Ispra,
Italy. Finalization of this award is subject to execution of a
contract by the parties and, until executed, may be withdrawn by
the contracting authority.
Mark Duff, Chief Executive Officer, stated, “We
are honored that the European Commission has selected the Company’s
joint venture with Campoverde Srl to support its radioactive waste
cleanup mission. This selection follows an extensive evaluation,
and I am pleased to report that we met or exceeded all the
requirements for this important project. Moreover, we view this
project as an entrée to expand our offering within Europe, and look
forward to providing comprehensive, safe and environmentally
compliant solutions in this important market.”
The Company also provided an update on the Test
Bed Initiative for offsite treatment and disposal of Hanford Low
Activity Waste (LAW). Mr. Duff further noted, “The United States
Environmental Protection Agency (EPA) today released a proposal to
grant a treatability variance from the Land Disposal Restrictions
(LDR) treatment standards for the U.S. Department of Energy (DOE)
for approximately 2,000 gallons of mixed low-activity waste from
the Hanford Site in Washington State. If the variance
is granted, DOE announced the waste could be stabilized and
disposed of at the nation’s two long-term disposal landfills in
Texas and Utah. This is consistent with past statements by the DOE
that it is seeking to fulfill its obligation to define multiple
pathways for grouting as a supplemental alternative to
vitrification. In 2017, Perma-Fix completed a successful grouting
demonstration at our Richland facility and DOE has recognized this
performance as a key component of the overall grouting evaluation.
Perma-Fix remains confident that our Northwest facility provides
the safest, lowest-risk and most cost-effective option for this
waste, by grouting tank waste locally in Richland, Washington,
adjacent to the Hanford Site. The DOE has been highly supportive of
our offering, which would include the use of local union labor to
grout the tank waste, and would utilize rail to transport
stabilized tank waste to the disposal facilities adjacent to the
Hanford Site. We firmly believe our solution offers the lowest risk
for grouting and transport for disposal, by eliminating the need to
transport liquid waste across the country.” Mr. Duff noted that
comments on the proposal must be received by the EPA no later than
December 28, 2023.
About Perma-Fix Environmental
Services
Perma-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 U.S Department of Energy (DOE), the U.S Department of
Defense (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.
Please visit us at http://www.perma-fix.com.
This press release contains “forward-looking
statements” which are based largely on the Company’s expectations
and are subject to various business risks and uncertainties,
certain of which are beyond the Company’s 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: execution of the joint
venture contract by the European Commission and the joint venture
parties; entrée to expand our offering within Europe; beliefs about
the Company’s product offering in the Test Bed Initiative. There
are a variety of factors which could cause future outcomes to
differ materially from those described in this release, including,
without limitation, failure to execute the definitive contract with
the EC; future economic conditions; industry conditions;
competitive pressures; the government or such other party to a
contract granted to us fails to abide by or comply with the
contract or to deliver waste as anticipated under the contract or
terminates existing contracts; and the additional factors referred
to under “Risk Factors” and "Special Note Regarding Forward-Looking
Statements" of our 2022 Form 10-K and Form 10-Qs for quarters ended
March 31, 2023, June 30, 2023 and September 30, 2023. The Company
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.
Contacts:David K. Waldman-US
Investor RelationsCrescendo Communications, LLC (212) 671-1021
Herbert Strauss-European Investor Relationsherbert@eu-ir.com+43
316 296 316
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