Velan Inc. Enters Main Services Agreement with GEH SMR Technologies Canada Ltd.
MONTREAL, Sept. 02, 2024 (GLOBE NEWSWIRE) — Velan Inc. (TSX: VLN)
Velan Inc., a leading manufacturer of industrial valves, has announced a significant partnership with GEH SMR Technologies Canada Ltd. The collaboration entails providing products and services for the development of a stand-alone Small Modular Reactor (SMR) for Ontario Power Generation Inc.
Under the Main Services Agreement (MSA), GEH has initiated the partnership by placing an initial purchase order with Velan. The Company will be responsible for developing technology and products specific to the SMR project. This agreement opens the door for future purchase orders related to similar SMRs in Canada, the United States, and across the globe.
The success of this collaboration will heavily impact Velan’s future revenue and operations. The Company’s ability to meet the requirements outlined in the MSA will determine the receipt of future purchase orders and subsequent business opportunities.
This partnership signifies a significant milestone for Velan Inc. as they expand their presence in the energy sector and solidify their position as a leader in industrial valve manufacturing.
Impact on Individuals
As a consumer or employee, this collaboration may indirectly benefit individuals by potentially contributing to cleaner and more sustainable energy solutions. The development of SMRs could lead to advancements in nuclear technology, creating opportunities for innovation and job growth in the energy sector.
Global Impact
On a global scale, the partnership between Velan Inc. and GEH SMR Technologies Canada Ltd. could have far-reaching implications for the energy industry. The utilization of SMRs has the potential to revolutionize the way we generate and consume energy, offering a more efficient and environmentally friendly alternative to traditional power sources.
Conclusion
The Main Services Agreement between Velan Inc. and GEH SMR Technologies Canada Ltd. marks a significant milestone for both companies and the future of energy production. This partnership has the potential to drive innovation, create new opportunities, and pave the way for a more sustainable future in the energy sector.
