Award Is Part of Larger Teaming Agreement
Between BWXT and Rolls-Royce for Future Collaboration
BWX Technologies, Inc. (NYSE: BWXT) announced today that it and
Rolls-Royce have secured funding for Phase 2 of the UK Space
Agency’s International Bilateral Fund (IBF). The funding enables
strategic research collaborations within the UK space sector and
emerging space nations to work together on fission nuclear systems
for space power missions.
The new $1.5 million award from the fund supports collaboration
between Rolls-Royce and BWXT Advanced Technologies LLC (BWXT) to
advance the technologies that benefit both the UK and U.S. space
nuclear development programs.
The contract further strengthens UK and U.S. collaboration on
first-of-a-kind space technology innovation as detailed under the
Atlantic Declaration commitment. In an announcement made by UK
Prime Minister Rishi Sunak and U.S. President Joe Biden on June 8,
2023, both countries pledged to study “opportunities for
co-operation on space nuclear power and propulsion.”
Joe Miller, president of BWXT Advanced Technologies, said, “BWXT
and Rolls-Royce share a commitment to creating and delivering
nuclear energy systems to explore space, support global security
imperatives and generate clean energy. Today’s announcement, and
our teaming agreement more broadly, allows our companies to use our
complementary areas of expertise for this award and new
opportunities to come.”
Abi Clayton, Director of Future Programmes for Rolls-Royce,
said, “We are delighted to win the award for the second phase of
the International Bilateral Fund and to be continuing our
collaboration with the UK Space Agency and our international
partner BWXT. This funding will help us move towards identifying
the optimum balance of technologies for our microreactor solution
that will offer a broad range of space mission flexibility.”
This business collaboration has been cemented in a teaming
agreement between Rolls-Royce and BWXT. The teaming agreement
facilitates business collaboration and joint developments of new
and novel nuclear applications in terrestrial, space and commercial
maritime domains that utilize the core nuclear design and
manufacturing strengths of each party.
Steve Carlier, President for Rolls-Royce Submarines Ltd, said,
“The teaming agreement between Rolls-Royce and BWXT brings together
over 130 years of safe and secure nuclear delivery on both sides of
the Atlantic. This new agreement builds on our complimentary core
competencies and market knowledge from our respective countries.
This enables us to build upon our existing relationship and explore
potential strategic relationships and business arrangements to
further develop nuclear technologies and products.”
Professor Anu Ojha, Director of Championing Space at the UK
Space Agency, said, “Our International Bilateral Fund bolsters
international collaboration that harnesses the UK’s national
expertise, supports new space capabilities and catalyses
investment. This exciting research by Rolls-Royce to develop space
nuclear power is an opportunity to showcase the UK as a spacefaring
nation. Innovative technologies such as this one could pave the way
for continuous human presence on the Moon, whilst enhancing the
wider UK space sector, creating jobs and generating further
investment.”
Nuclear power, effectively utilized in space, has the capability
of delivering a step change in mission capability across an
extensive platform of applications. Space microreactors are a
solution to meet these requirements in a sustainable and resilient
way. All space missions depend on a power source to support systems
for communications, life-support and science experiments. Nuclear
power has the potential to dramatically increase the duration of
future space missions and their scientific value.
Forward Looking Statements
BWX Technologies, Inc. (“BWXT”) cautions that this release
contains forward-looking statements, including statements relating
to expectations for the development, production, performance,
demand, timing and impact of the IBF Phase 2 funding, teaming
agreement and any fission nuclear systems. These forward-looking
statements involve a number of risks and uncertainties, including,
among other things, modification or termination of the contract,
funding of current and future work and delays in development or
performance. If one or more of these or other risks materialize,
actual results may vary materially from those expressed. For a more
complete discussion of these and other risk factors, please see
BWXT’s annual report on Form 10-K for the year ended December 31,
2023 and subsequent quarterly reports on Form 10-Q filed with the
Securities and Exchange Commission. BWXT cautions not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this release, and undertakes no obligation
to update or revise any forward-looking statement, except to the
extent required by applicable law.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong,
Innovation Driven. Headquartered in Lynchburg, Virginia, BWXT is a
Defense News Top 100 manufacturing and engineering innovator that
provides safe and effective nuclear solutions for global security,
clean energy, environmental restoration, nuclear medicine and space
exploration. With approximately 7,800 employees, BWXT has 14 major
operating sites in the U.S., Canada and the U.K. In addition, BWXT
joint ventures provide management and operations at a dozen U.S.
Department of Energy and NASA facilities. For more information,
visit www.bwxt.com. Follow us on LinkedIn, X, Facebook and
Instagram.
About Rolls-Royce Holdings plc
Rolls-Royce develops and delivers complex power and propulsion
solutions for safety-critical applications in the air, at sea and
on land. Our products and service packages enable our customers to
connect people, societies, cultures and economies together; they
meet the growing need for power generation across multiple
industries; and enable governments to equip their armed forces with
the power required to protect their citizens. Rolls-Royce has
customers in more than 150 countries, comprising more than 400
airlines and leasing customers, 160 armed forces and navies, and
more than 5,000 power and nuclear customers. To meet customer
demand for more sustainable solutions, we are committed to making
our products compatible with net zero carbon emissions. Visit us at
www.rolls-royce.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240408649300/en/
Media Contact Jud Simmons Senior Director, Media &
Public Relations 434.522.6462 hjsimmons@bwxt.com
Investor Contact Chase Jacobson Vice President, Investor
Relations 980.365.4300 investors@bwxt.com
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