BWXT-led joint venture wins C$1.2 billion annual contract to operate CNL

LYNCHBURG, Va. - BWX Technologies, Inc. (NYSE: BWXT), a nuclear technology company whose stock has delivered a remarkable 53% return over the past year, announced it will lead a joint venture selected to manage and operate Canadian Nuclear Laboratories Ltd. (CNL) following a competitive procurement process.

Nuclear Laboratory Partners of Canada Inc. (NLPC), a Canadian joint venture comprising BWXT, Kinectrics, and Amentum, with Battelle as a key subcontractor, will assume responsibility for CNL on September 13, 2025, with Dennis Carr serving as president and CEO.

The contract, valued at C$1.2 billion per year on average, runs for six years with potential performance-based extensions for up to a total of 20 years. The award comes from Atomic Energy of Canada Limited. According to InvestingPro data, BWXT maintains strong financial health with a current ratio of 2.02, indicating robust liquidity to support major contract executions. The platform offers 18 additional key insights about BWXT’s financial position.

CNL is Canada’s premier nuclear science and technology organization, focusing on peaceful applications of nuclear technology. Under the new contract, CNL will concentrate on science and technology, decommissioning and waste management, and Chalk River revitalization missions.

The Chalk River Laboratories, which represent the largest complex within Canada’s science and technology infrastructure, contain several licensed nuclear facilities and more than 50 specialized facilities and laboratories.

BWXT’s Canadian operations include sites in Ontario and British Columbia with over 1,800 employees supporting the nuclear energy industry.

"Our management team looks forward to meeting the employees and union leadership of CNL when we begin our transition activities," said Heatherly Dukes, president of BWXT Technical Services Group, Inc., according to the press release statement.

A transition period will commence in the coming weeks before NLPC formally takes over operations in September. BWXT currently trades near its 52-week high, with InvestingPro analysis indicating the stock is trading above its Fair Value. Investors seeking deeper insights can access BWXT’s comprehensive Pro Research Report, part of InvestingPro’s coverage of over 1,400 US equities.

In other recent news, BWX Technologies has been the focus of several key developments. William Blair initiated coverage on BWX Technologies with an Outperform rating, highlighting the company’s strong position in the nuclear energy sector and its significant role with Canada’s CANDU reactor fleet. This positive outlook from William Blair suggests potential growth opportunities for BWX Technologies in the commercial nuclear power sector. Additionally, BWX Technologies announced a management change with the resignation of Robb A. LeMasters as CFO, appointing Mike T. Fitzgerald as the interim CFO. Rex Geveden, BWX Technologies’ CEO, was granted a $5.5 million incentive award, emphasizing the company’s focus on long-term shareholder value. Furthermore, the company has amended its Restated Certificate of Incorporation to limit officer liability, following stockholder approval. This amendment aligns with Delaware corporate law and reflects common corporate practices. Meanwhile, Constellation Energy has secured a 20-year Purchased Power Agreement with Meta, involving the Clinton Clean Energy Center, and plans to increase the facility’s capacity by 30 megawatts. BofA Securities maintains a Buy rating for Constellation Energy, reflecting confidence in the company’s strategic initiatives.

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