BWXT and Wyoming Energy Authority Sign Cooperation Agreement to Examine Potential Construction Options in the State

(LYNCHBURG, Va. – July 18, 2024) – BWX Technologies, Inc. (NYSE: BWXT) is evaluating locations for a potential new TRISO nuclear fuel production facility to support anticipated future demand for advanced reactor deployment. As part of this effort, BWXT’s Advanced Technologies subsidiary has signed a cooperation agreement with the State of Wyoming to evaluate the requirements for siting a fuel fabrication facility in the state. The roughly 18-month effort will evaluate such matters as potential factory locations, product specifications, facility design and engineering, estimated capital expenditures and operating costs, staffing and worker skill requirements, supply chain necessities, licensing and other requirements.

BWXT is evaluating the manufacture of TRISO fuel in support of the emerging advanced reactor market. This new effort will help establish the baseline for facilities necessary to meet anticipated demand for this specialized nuclear fuel and includes establishing the scale necessary for economic viability.

The U.S. Department of Energy describes TRISO fuel as “the most robust nuclear fuel on Earth” given its ability to withstand high temperatures, resist corrosion and act as its own containment system. TRISO is an ideal fuel source for advanced reactor designs requiring different fuel configurations and enrichments than are common to conventional large reactors connected to the grid today.

“BWXT owns and operates the only two Nuclear Regulatory Commission Category 1-licensed commercial nuclear facilities in the United States, and we also manufacture fuel for the highly successful Canadian nuclear power market,” said Joe Miller, president of BWXT Advanced Technologies LLC. “For approximately 40 years, BWXT has furnished nuclear fuel across numerous government and commercial markets, giving the company a unique and highly credible background from which to draw on as we review options for a potential new facility.”

“As part of our all-of-the-above energy strategy, the possibility of a nuclear fuel fabrication facility here in Wyoming is exciting,” Governor Gordon said. “As the world’s energy demands continue to rise, Wyoming must stay focused on protecting our core industries while continually augmenting our sources of energy. Wyoming has it all. Nuclear has been a stalwart in our energy portfolio, and like coal, can start with raw materials mined in Wyoming, processed in Wyoming, and used in Wyoming. A true trifecta.”

BWXT has been heavily engaged with the State of Wyoming in evaluating options for constructing and deploying nuclear microreactors in the state since 2023. It has held workshops with vendors in the state to better understand the supply chain’s ability to meet the stringent requirements for safe and high-quality nuclear manufacturing work. BWXT is currently working on a contract with the Wyoming Energy Authority to assess the viability of deploying small-scale nuclear reactors in the state as a source of resilient and reliable energy to augment existing power generation resources. It has also signed agreements with Wyoming-based businesses such as L&H Industrial, Tata Chemicals Soda Ash Partners LLC and others in support of the goal of microreactor deployment in the state.

Forward Looking Statements

BWXT cautions that this release contains forward-looking statements, including statements relating to the performance, design, suitability and impact of advanced reactor technology and TRISO nuclear fuel production. These forward-looking statements involve a number of risks and uncertainties, including, among other things, the timing of technology development; our ability to obtain the necessary regulatory approvals, licenses and permits in a timely manner; the ability to commercialize this technology; competition in an environment of rapid technological changes; and the enforcement and protection of our intellectual property rights. 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, and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. 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. A U.S.-based company, BWXT is a Fortune 1000 and 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, visitwww.bwxt.com. Follow us onLinkedIn,X,FacebookandInstagram.

###

BWXT Media Contact

Christine Courard
Vice President, Communications
202.428.6913
cmcourard@bwxt.com

BWXT Investor Contact

Chase Jacobson
Vice President, Investor Relations
980.365.4300
investors@bwxt.com

State of Wyoming Media Contact

Honora Kerr
Director of Strategy and Communications
970.270.1014
honora@threeelephantpr.com