Toronto, Ontario – December 17, 2024: Aecon Group Inc. (“Aecon”) and Westinghouse Electric Company (“Westinghouse”) are pleased to announce the signing of two agreements, creating a framework for the development and deployment of advanced nuclear new-build projects.
Under a Strategic Cooperation Agreement and Memorandum of Understanding, Aecon and Westinghouse will collaborate on opportunities for fabrication of AP1000 modules globally and the development of new-build projects in Canada.
"With extensive nuclear engineering, procurement and construction expertise, strong technical knowledge, as well as specialized nuclear fabrication and manufacturing solutions tailored to meet the stringent demands of the North American nuclear power industry, Aecon is at the forefront of delivering nuclear infrastructure,” said Aaron Johnson, Senior Vice President, Aecon Nuclear. “We are proud of our role in advancing the energy transition to help ensure the supply of clean, reliable and affordable electricity for generations to come. We look forward to collaborating with Westinghouse through these framework agreements as we continue supporting our clients in their technology selection and deployment.”
Leveraging its 120,000 square-foot fabrication and modularization facility in Cambridge, Ontario, Aecon previously provided fabrication services of critical nuclear class AP1000 modules for the Vogtle Unit 3&4 project in Georgia, and on-site specialized welding services.
Building on over five decades of nuclear experience supporting commercial nuclear clients, Aecon is uniquely positioned to continue collaborating with Westinghouse to support the development and deployment of advanced nuclear new-build technologies – providing a rapid deployment solution for significant new nuclear capacity to meet economic, environmental, and energy security needs.
“Nuclear energy is essential to powering Ontario’s future, providing unmatched reliability, affordability, and carbon-free energy to meet soaring energy demands,” said Stephen Lecce, Minister of Energy and Electrification. “Ontario welcomes strategic partnerships and enhanced collaboration in nuclear to secure our energy needs, create value-added jobs and supply chain benefits in our province as we emerge as a global clean energy leader.”
“By partnering with Aecon, we are underscoring our commitment to ensuring that nuclear new-build projects of all scales will benefit the Canadian economy by employing local trades and creating jobs in Canada,” said Dan Lipman, President of Westinghouse Energy Systems. “For each four-unit AP1000 project Westinghouse builds in Canada, we can create nearly 8,000 Canadian jobs during construction and another 12,000 full-time jobs for ongoing operations.”
Aecon’s distinguished track record of nuclear work in North America includes maintenance, fabrication, refurbishment and construction services for many nuclear technologies, including Pressurized Water Reactor (PWR), Boiling Water Reactor (BWR), and CANDU technologies. Aecon is spearheading the refurbishment of 10 CANDU reactors for Bruce Power and Ontario Power Generation and is the Canadian constructor of North America’s first grid-scale BWRX-300 SMR at the Darlington nuclear site. Aecon is also executing major component replacement projects for Dominion Energy’s PWR reactors at the North Anna Power Station in Virginia as part of their Subsequent License Renewal process.
About Aecon
Aecon Group Inc. is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility, and Industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its Concessions segment. Join our online community on X, LinkedIn, Facebook, and Instagram @AeconGroupInc.
About Westinghouse Electric Company
Westinghouse Electric Company is shaping the future of carbon-free energy by providing safe, innovative nuclear and other clean power technologies and services 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. Westinghouse brings over 135 years of innovation as a preferred partner for advanced technologies covering the complete nuclear energy life cycle. For more information, visit www.westinghousenuclear.com and follow on Facebook, LinkedIn and X.
Statement on Forward-Looking Information
The information in this press release includes certain forward-looking statements which may constitute forward-looking information under applicable securities laws. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, ongoing objectives, strategies and outlook for Aecon, including statements regarding: the anticipated growth of the nuclear-power industry and Aecon’s position therein, the continued advancement of the energy transition, the development and deployment of advanced nuclear new-build technologies and the need for these technologies, the rapid deployment of new nuclear capacity to meet economic, environmental, and energy security needs, the role of nuclear power in meeting future energy needs, the continued benefits to the economy and the creation of jobs and supply-chain benefits. Forward-looking statements may in some cases be identified by words such as "may," "will," "expects," "target," "future," "plans," "believes," "anticipates," "estimates," "projects," "intends," "should" or the negative of these terms, or similar expressions.
In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including, but not limited to: the risk of not being able to meet contractual schedules and other performance requirements, the risk nuclear industry growth does not continue as expected, the risk of not being able to capitalize on opportunities linked to the energy transition, the risk of not being able to meet required energy needs, the risk of not being able to develop and deploy the necessary technologies, the risk of not being able to meet its labour needs, the risk of costs or difficulties related to the collaboration of Aecon and Westinghouse being greater than expected, the risk of the anticipated benefits and synergies from the collaboration not being fully realized or taking longer than expected to realize. These forward-looking statements are based on a variety of factors and assumptions including, but not limited to that: none of the risks identified above materialize, there are no unforeseen changes to economic and market conditions and no significant events occur outside the ordinary course of business. These assumptions are based on information currently available to Aecon, including information obtained from third-party sources. While Aecon believes that such third-party sources are reliable sources of information, Aecon has not independently verified the information. Aecon has not ascertained the validity or accuracy of the underlying economic assumptions contained in such information from third-party sources and hereby disclaims any responsibility or liability whatsoever in respect of any information obtained from third-party sources.
Risk factors are discussed in greater detail in Section 13 - "Risk Factors" in Aecon’s 2023 Management’s Discussion and Analysis for the fiscal year ended December 31, 2023 and Aecon’s Management’s Discussion and Analysis for the fiscal quarter ended September 30, 2024, each filed on SEDAR+ (www.sedarplus.ca). Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
For further information:
Adam Borgatti
SVP, Corporate Development and Investor Relations
416-297-2600
ir@aecon.com
Nicole Court
Vice President, Corporate Affairs
416-297-2600
corpaffairs@aecon.com