The joint venture will be owned 60% by PDX and 40% by NNL and will be established by the end of November this year pending approval by NNL’s shareholders. Revenues are expected to materialise within the first 18 months.
The joint venture combines NNL’s experience as a world leader in the provision of nuclear technology services and PDX’s best in class technology. The new product range launched by the joint venture will focus immediately on addressing the enormous legacy decommissioning issues and future decontamination potential of the global nuclear industry.
The nuclear industry estimates that the cost of decommissioning the UK’s legacy nuclear sites is expected to be £73.6 billion, whilst the global cost is estimated to be over £300bn. When combined with the estimated cost of decontaminating new build nuclear reactors, the industry estimates the global market to be worth in excess of £600 billion.
Commenting on the announcement, Roel Pieper, CEO of PDX, said:
“NNL is the outstanding counter party for PDX in the field of nuclear decontamination. It represents the centre of expertise in the UK nuclear industry and through its extensive network of existing contracts and commercial relationships offers the joint venture an excellent path to the global market.”
Mark Sharpe, Strategic Business Development at NNL, said:
“NNL is delighted to sign this agreement with PDX to introduce its unique and exciting technology to the UK civil nuclear decommissioning market. We consider the technology to have numerous immediate applications within the decontamination field, developing rapidly across wider nuclear fuel cycle applications. The opportunity to reduce radioactive waste volumes significantly through smarter and innovative technology has the potential to bring huge cost savings to the UK nuclear clean up programme. It will also promote leading edge environmental management best practice and enable the UK to penetrate the global market.”