USNIC Key Mover Update

BWXT Announces Expansion of Cambridge Manufacturing

Plant to Support Global Nuclear Power Market

C$80 million investment will create more than 200 new jobs in Ontario

One of North America’s largest commercial nuclear manufacturers to get even bigger, driven by

increasing demand for clean nuclear energy

(CAMBRIDGE, Ontario – April 19, 2024) – BWX Technologies, Inc. (NYSE: BWXT) announced today an investment to expand its Cambridge manufacturing plant. Already one of the largest nuclear commercial manufacturing facilities in North America, the site’s increased footprint will enable greater capacity to support ongoing and anticipated customers’ investments in Small

Modular Reactors, traditional large-scale nuclear and advanced reactors, in Canada and around

the world.

Watch the announcement here.

The expansion, estimated to cost C$50 million, will increase the facility’s footprint 25 percent to

280,000 square feet. Additionally, over the next few years, BWXT will invest approximately C$30

million in advanced manufacturing equipment for the facility that has designed and manufactured

hundreds of large nuclear components. This total estimated C$80 million investment will increase

capacity significantly, improve productivity and create more than 200 long-term jobs for skilled

workers, engineers and support staff in the area.

John MacQuarrie, president of Commercial Operations, BWXT, stated, “Our expansion comes at a

time when we’re supporting our customers in the successful execution of some of the largest clean

nuclear energy projects in the world. At the same time, the global nuclear industry is increasingly

being called upon to mitigate the impacts of climate change and increase energy security and

independence. By investing significantly in our Cambridge manufacturing facility, BWXT is further positioning our business to serve our customers to produce more safe, clean and reliable electricity in Canada and abroad.”

Construction for the BWXT Cambridge Expansion Project is expected to begin in the third quarter

of 2024, adjacent to the existing plant, with no interruption to ongoing operations at the current

facility. The project is estimated to be completed by the middle of 2026.

Additionally, BWXT’s Projects and Field Services business will relocate to a stand-alone 150,000

square foot facility in Kitchener, Ont. The facility in Kitchener will be a state-of -the-art center for

training, dynamic learning and technology development supporting the growth of the company’s

nuclear business.

Mike Rencheck, president and CEO of Bruce Power said, “The nuclear industry is powering

Ontario’s economy, by supplying clean, reliable electricity, life-saving medical isotopes, and

creating thousands of good jobs. We are supporting advanced manufacturing while providing a

deeply decarbonized grid to attract new businesses to our province. The expansion at the BWXT

facility in Cambridge is another great example of the positive impact our industry can have in

communities all across the province. Clean air, cancer-fighting medical treatments, and economic

expansion leading Ontario to a better future."

Ken Hartwick, president and CEO of Ontario Power Generation (OPG), said, “As we refurbish our existing nuclear facilities and build new, OPG is also generating jobs and economic activity in Ontario’s robust nuclear supply chain. BWXT’s planned expansion is a great example of how building out a system to meet Ontario’s increasing clean energy needs is also paying dividends for our province’s economy.”

Recent announcements by provincial governments to increase emissions-free power generation

have reinvigorated the nuclear industry in Canada. Within the last year, the Government of Ontario

has announced support for building a total of four small modular reactors (SMRs) for Ontario

Power Generation’s (OPG) Darlington New Nuclear Project; refurbishing OPG Pickering Nuclear Generating Station; and initiating pre-development work for siting up to 4,800 MWs of new nuclear power generation at Bruce Power.

Premier of Ontario Doug Ford said, “We’re thrilled to see BWXT expand its footprint and create

hundreds of new jobs in Cambridge. As our province continues to lead the future of nuclear

energy, the company’s investment will help provide Ontario families and businesses with access to

clean, reliable and affordable electricity for generations to come.”

Todd Smith, Ontario Minister of Energy, said, “With shovels in the ground today on new nuclear

generation, including the first small modular reactor in the G7, I’m so pleased to see global nuclear

manufacturers like BWXT expanding their operations in Cambridge and hiring more Ontario

workers. The benefits of Ontario’s nuclear industry reach far beyond the stations at Darlington,

Pickering and Bruce, and this $80 million investment shows how all communities can help meet

Ontario’s growing demand for clean energy, while also securing local investments and creating

even more good-paying jobs.”

BWXT is currently supporting nuclear plant life extension projects at OPG and Bruce Power. In

2023, BWXT was awarded the engineering contract for the BWRX-300 reactor pressure vessel for the OPG Darlington New Nuclear Project. As well, BWXT was awarded an engineering contract from TerraPower for the Natrium™ Demonstration Project underway in Kemmerer, Wyoming.

Rex Geveden, president and Chief Executive Officer, BWXT, stated, “There is a sharp increase in

government interest and funding for nuclear power, globally. BWXT is committed to bringing safe,

clean and reliable electricity to businesses and communities, and this expansion will help us deliver

on our commitment.”

The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, said, “Canada’s

world-class manufacturing sector is supporting our global partners to build up net-zero

technologies – including nuclear power plants. Workers at BWXT’s Cambridge plant are powering

our economy and helping us to win the fight against climate change by building key components of

the global energy transition. Congratulations to BWXT on this announced expansion that will create hundreds of good jobs in Ontario.”

BWXT can trace its history back 180 years in Canada, underpinning its global leadership in the

design, manufacture, and service of commercial nuclear components for more than five decades.

As a result of its investments in people and facilities, BWXT has become a trusted partner to its

customers in the delivery of safe, clean and reliable electricity for communities and businesses.

Quotes

“The BWXT Cambridge Expansion Project is an exciting development for the City of Cambridge as it continues to build on our existing cluster of businesses supporting the nuclear sector. With the

creation of more than 200 new skilled trades and professional jobs expected, BWXT continues as they have for the past 180 years, to provide jobs for our citizens and retain skilled talent from our

post-secondary schools in the Region.” – Jan Liggett, Mayor of Cambridge

“This significant expansion at BWXT and the creation of more than 200 new jobs is very exciting

news for our community. This multi-million-dollar investment in its Cambridge facility is a testament to the company’s commitment to growing the nuclear energy sector here at home and around the world. Congratulations to the entire team at BWXT.” – Brian Riddell, Member of Provincial Parliament for Cambridge

“BWXT was the reason my family first came to Cambridge back in 1995. I’m delighted to see their

continuing success in the commercial nuclear components industry. This is an exciting expansion,

bringing 200 great jobs to the Region and further expanding their footprint into Kitchener. Ontario is a world leader in nuclear excellence and development, and we owe much of that success to

companies like our very own BWXT.” – Jess Dixon, Member of Provincial Parliament for Kitchener South - Hespeler

“BWXT is a vital partner to our federal government, and this investment is a fantastic step forward

for Cambridge and Canada. The expansion of BWXTs facility and investment in advanced

equipment ensures that BWXT will continue to be at the forefront of Canadas nuclear program. Nuclear will be critical in easing the nation off of fossil fuels as demand on our grid power increases, and I'm proud to see that BWXT is making these investments in their facility" – Bryan May, Member of Parliament for Cambridge

“For over 60 years, this site has been the source of stable employment for residents of Cambridge,

the Waterloo region, and surrounding areas. This expansion announcement today solidifies that

position, and guarantees sustainable jobs well into the future. We know that there is no pathway to

net-zero emissions without Nuclear Power, and the role it will play. This facility plays a pivotal role

in the continued safe and reliable operation of nuclear facilities throughout Ontario.” – Valerie

Bradford, Member of Parliament for Kitchener South-Hespeler

“The expansion of BWXT Cambridge is a concrete example of the exciting momentum were

seeing in Canadas nuclear industry. Not only is our industry contributing to a low-carbon, energy

secure future for the country, but were also creating high-quality jobs, driving local investment, and

building communities” – John Gorman, President and CEO, Canadian Nuclear Association

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Forward Looking Statements

BWX Technologies, Inc. (“BWXT”) cautions that this release contains forward-looking statements,

including statements relating to expectations for the timing and impact of the expansion of the

Cambridge manufacturing plant. These forward-looking statements involve a number of risks and

uncertainties, including, among other things, modification or termination of existing contracts,

funding of current and future work and delays in the expansion of the Cambridge manufacturing

plant. 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. 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.

Media Contact

Monifa Miller

Senior Director, Corporate Affairs

Commercial Operations

519.242.8071 mamiller@bwxt.com

Investor Contact

Chase Jacobson

Vice President, Investor Relations

980.365.4300 investors@bwxt.com

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