Perma-Fix Environmental Services (NASDAQ:PESI) Inc announced that it has signed a term sheet with Westinghouse Electric Company, at the 2022 Waste Management Symposia, to develop a state-of-the-art advanced materials treatment facility in the UK.
The company said the new facility, to be built at Westinghouse’s Springfields site, will incorporate the Perma-Fix Bulk Processing Unit (BPU), a vessel designed to treat a wide range of radioactive materials for the European nuclear market.
“With the success that our BPU vessel has had in the United States for over two decades, we are eager to bring this technology to new markets, enabling more plants globally to enhance their capabilities when it comes to handling radioactive waste removal,” Perma-Fix CEO Mark Duff said in a statement.
READ: Perma-Fix Environmental Services expects to see improved revenue in 4Q as business returns to normal
“In the UK alone, there are over 5.1 million tons of total waste for treatment, including radioactive waste in storage and anticipated waste from decommissioning operations,” Duff added.
Perma-Fix noted that the BPU accepts a broad range of material types while reducing waste volume by 30 to 100 times, which meets the waste acceptance criteria of European disposal facilities and also eliminates the risk of cross-contamination.
It added that Westinghouse is expected to own 55% of the initiative, with Perma-Fix owning the remaining interest.
Perma-Fix is a nuclear services company and leading provider of nuclear and mixed waste management services. Its nuclear waste services include management and treatment of radioactive and mixed waste for hospitals, research labs, institutions, and US federal agencies. It operates four nuclear waste treatment facilities.
Contact Sean at sean@proactiveinvestors.com