Last checked at 16 Sep 2010 07:00
16 September 2010
Pursuit Dynamics PLC
("PDX" or "the Company")
PDX teams up with NNL for nuclear market joint venture
PDX today announces that it has entered into an agreement to establish a joint venture with the UK's National Nuclear Laboratory ("NNL") to jointly develop, produce and market products for the global nuclear market.
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. There will be no up front costs to PDX in establishing the joint venture and the Company expects that revenues will 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."
- Ends -
For Further Information, please contact:
| PDX |
|
| Roel Pieper, Chief Executive | Tel: +44 (0)1480 422050 |
| Donald Bell, Chief Financial Officer |
|
|
|
|
| National Nuclear Laboratory |
|
| David Healey, Financial & Commercial Director |
|
| Mark Sharpe, Strategic Business Development | Tel +44 (0) 1925 289969 |
|
|
|
| FD |
|
| Ben Foster, Marc Cohen | Tel: +44 (0) 20 7831 3113 |
|
|
|
| Cenkos Securities plc |
|
| Ian Soanes, Max Hartley | Tel: +44 (0)20 7397 8924 |
|
|
|
| Mirabaud Securities LLP |
|
| Rory Scott | Tel: +44 (0) 20 7878 3360 |
|
|
|
Notes to Editors
About PDX
- PDX (AIM: PDX) owns and commercialises the PDX Atomiser and Reactor technologies that enable significant reductions in energy usage, process acceleration and result enhancement for a wide range of industrial processes and applications.
- The PDX business model is now organized into four Lines of Business - Bio-fuels, Brewing and Food, Decontamination and Fire Suppression.
- PDX is headquartered in Huntingdon, UK with an office in Norwalk, Connecticut, USA.
- Further information is available at the Company's website: www.pdx.biz
- Publication quality photographs are available from FD.
About NNL
- The UK's National Nuclear Laboratory (NNL) provides an extensive and integrated range of technology services and solutions based on a powerful combination of knowledge, experience and unique facilities. Products and services are offered to customers across a diverse range of areas including homeland security and non-proliferation, nuclear science and environmental management.
- NNL has seven locations around the UK, including Sellafield, Warrington and Harwell.
- Further information is available at NNL's website: www.nnl.co.uk