01:04 PM EDT, 07/08/2024 (MT Newswires) -- Velan ( VLNSF ) , a manufacturer of industrial valves. on Monday said it and Bruce Power, the operator of North America's largest nuclear-power complex, entered into a $50-million alliance agreement for valves and support over the next 10 years.

Under the agreement, Velan ( VLNSF ) will provide nuclear and non-nuclear valves over the next decade. The agreement will also include refurbishment and technical services as Bruce Power carries out reactor life-extension projects.

The value of the agreement could reach up to $100 million if the companies work on the execution plans and if all options and new projects are firmed.

"This long-term contract represents a key milestone in Velan's ( VLNSF ) nuclear power growth strategy. Over the years, Bruce Power and Velan ( VLNSF ) 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," Laurent Pefferkorn, executive vice president of sales, said in a release.

Velan ( VLNSF ) shares were last seen up $0.39 to $6.24 on the Toronto Stock Exchange.

Price: 6.24, Change: +0.39, Percent Change: +6.67