AtkinsRéalis Secures CANDU Reactor Life Extension Mandate at Qinshan Nuclear Generating Station

MONTREAL, Aug. 8, 2024 /CNW/ - Candu Energy Inc., an AtkinsRéalis company [AtkinsRéalis Group Inc.] (TSX: ATRL), has entered into an agreement with Third Qinshan Nuclear Power Company Limited (TQNPC) to support the ongoing 30-year life extension of the two CANDU® reactors at the Qinshan Nuclear Generating Station, located in China. As part of the project for Phase III, AtkinsRéalis will provide design, engineering, and procurement services. This includes providing sophisticated reactor tooling, training of TQNPC staff, and completing the necessary engineering work to enable the prolonged operation of the plant.

"As a world-class engineering services and nuclear organization, we are at the forefront of projects to transform the world's infrastructure and energy systems," commented Ian L. Edwards, President and Chief Executive Officer, AtkinsRéalis. "We are entering a nuclear market super cycle with significant demand to build new reactors, but also to life extend those already in service. AtkinsRéalis is uniquely positioned with the scale, expertise and proven track record to deliver major nuclear projects on time and on budget. It's a mandate that's well aligned with our organizational purpose, and our focus on initiatives that enhance the way we are all housed, connected, powered, and protected."

CANDU Technology: Helping Engineer a Better Future

Qinshan's CANDU units began operating between 2002-2003. In 2024, TQNPC reached a milestone of continuous operation for one of the units for 677 days, setting a national record. During this period, the CANDU reactor generated electricity equivalent to 3.5 million tons of coal, achieving more than nine million tons of carbon emissions reduction.¹

The reactors are now approaching their scheduled date for component replacement, which will facilitate a further 30 years of operation. The life extension will utilize the latest technological improvements to expedite the project. This contract follows mandates in 2021 and 2022 for pre-project preparatory work, both of which have now been completed on schedule.

As the sole commercial licensee of the Canadian-owned CANDU intellectual property portfolio, AtkinsRéalis is the only organization that has taken a leading role in all CANDU reactor life extension projects to date globally. That includes those successfully executed or underway in Asia, North America, Europe and South America.

"AtkinsRéalis is recognized as a world leader in reactor life extensions," said Joe St. Julian, President, Nuclear, AtkinsRéalis. "As outlined at AtkinsRéalis' recent Investor Day, our CANDU life extension reactor support business is a $15 billion total addressable market between upcoming projects in China, Canada, Argentina, Romania, and South Korea that could include 19 CANDU reactors over the next 10 years.² With this latest mandate at Qinshan, we are proud to uphold our reputation as the recognized leaders for CANDU technology life extensions, maintaining a tradition of safety, quality, and excellence in execution."

As the original equipment manufacturer and steward of CANDU technology, AtkinsRéalis was a member of the project team which originally built the reactors at Qinshan. They came into service on schedule and on budget — as is the case for the last seven CANDU units built around the world. The Qinshan generating station has already successfully leveraged the capability of CANDU technology to use feedstock sources besides natural uranium — including recycled uranium. The CANDU reactors at Qinshan are also used to produce isotopes for both industrial and life-saving medical uses.

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' CANDU technology also allows for the co-production of medical radioisotopes for cancer detection and treatment. The company also supports cancer treatment through its partnership with TerraPower to extract isotopes from legacy nuclear material. Learn more on our Nuclear market page.

Forward-Looking Statements

References in this press release to the "Company", "AtkinsRéalis", "we", us" and "our" mean, as the context may require, AtkinsRéalis 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 expectations or strategies constitute "forward-looking statements", which can be identified by the use of the conditional or forward-looking terminology such as "estimates", "expects", "forecasts", "intends", "may", "objective", "plans", "projects", "should", "will", "likely", or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions or results could differ materially from those expressed or implied in such forward-looking statements. 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 www.sedarplus.com and on the Company's website at www.atkinsrealis.com 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"), as updated in the first quarter 2024 MD&A, 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. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.

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¹ Information from the Third Qinshan Nuclear Power Company

² Based on AtkinsRéalis' assessment

SOURCE AtkinsRéalis

For more information : Media, Harold Fortin, Senior Director, Global External Communications, [email protected]; Investors, Denis Jasmin, Vice President, Investor Relations , 514-393-8000, ext. 57553, [email protected]