MONTREAL, July 08, 2024 (GLOBE NEWSWIRE) -- Bruce Power has signed a $50-million alliance agreement with Velan Inc. (TSX: VLN) to provide valves and valve support over the next 10 years. As Bruce Power and Velan work collaboratively together on the execution plans and if all options and new projects are firmed, the value of the agreement can reach up to $100M.
Velan, a Canadian company that is a world-leader in valves, will provide nuclear and non-nuclear valves, as well as refurbishment and technical services as Bruce Power continues its asset management and life-extension projects to operate until 2064 and beyond.
“We’re pleased to partner with Velan on our valve program, which will help us to continue to produce clean and reliable energy for the people of Ontario for decades to come,” said David Furr, Bruce Power’s Vice-President, Supply Chain. “This strategic agreement allows for both material and capacity planning for our projects and is beneficial for cost management for both companies.”
Bruce Power’s Life-Extension Program is Ontario’s largest clean-energy initiative and one of Canada’s largest private-sector infrastructure projects, funded by private-sector investors. Bruce Power provides between $9 billion and $12 billion in direct and indirect economic activity in Canada from operations and its Life-Extension Program, creating tens of thousands of jobs and economic development.
“This long-term contract represents a key milestone in Velan’s nuclear power growth strategy,” said Laurent Pefferkorn, Velan’s Executive Vice-President of Sales. “Over the years, Bruce Power and Velan have established a highly successful partnership to support Ontario’s energy needs. “This latest agreement not only strengthens our alliance, but also provides our company with the long-term visibility to make future investments.”
About Velan Inc.
Founded in Montreal in 1950, Velan Inc. is one of the world’s leading manufacturers of industrial valves. Velan Inc. is a family-controlled public company, employing approximately 1,650 people with manufacturing facilities in 9 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.
https://www.velan.com/ , LinkedIn
Velan Contact:
Rishi Sharma, Chief Financial and Administrative Officer
(438) 817-4430
About Bruce Power
Bruce Power is an electricity company based in Bruce County, Saugeen Ojibway Nation Territory, Ontario. We are powered by our people. Our 4,200 employees are the foundation of our accomplishments and are proud of the role they play in safely delivering clean, reliable nuclear power to families and businesses across the province and cancer-fighting medical isotopes around the world. Bruce Power has worked hard to build strong roots in Ontario and is committed to protecting the environment and supporting the communities in which we live. Formed in 2001, Bruce Power is a Canadian-owned partnership of TC Energy, OMERS, the Power Workers’ Union and The Society of United Professionals. Learn more at www.brucepower.com and follow us on Facebook, Twitter, LinkedIn, Instagram, TikTok and YouTube.
For further information, please contact:
John Peevers – 519-386-3799 – john.peevers@brucepower.com
