12:06 PM EDT, 10/10/2024 (MT Newswires) -- Velan ( VLNSF ) on Thursday said it was selected as a supplier by GE Hitachi Nuclear Energy (GEH) for Ontario Power Generation's Darlington New Nuclear Project, the first Small Modular Reactor (SMR) initiative in North America.

GEH placed an initial purchase order with Velan ( VLNSF ) for the development of advanced technology, engineering support, and critical valves essential to the safe and efficient operation of the first BWRX-300 SMR. This order provides for three additional units for deployment at the Darlington site in Ontario, with completion expected by 2034.

"Velan's ( VLNSF ) involvement in this project highlights our decades-long leadership in the nuclear power sector. Since the 1950s, we have evolved alongside the nuclear industry, consistently addressing key challenges and pioneering groundbreaking technologies like the Universal steam trap and bellows seal. Our valves have supported some of the world's most critical nuclear initiatives, and we remain the only manufacturer to supply nuclear valves to such a diverse range of reactor types globally," chief executive James Mannebach said in a release.

The company shares were last seen up $0.33 to $8.60, on the Toronto Stock Exchange.

Price: 8.60, Change: +0.33, Percent Change: +3.99