Curtiss-Wright and X-energy Sign Preferred Strategic Supplier Agreement to Advance the Deployment of the Xe-100 Generation IV Advanced Small Modular Reactor

DAVIDSON, N.C. & ROCKVILLE, Md.–(BUSINESS WIRE)–Curtiss-Wright Corporation (NYSE:CW) and X-energy announced today that they have signed a preferred strategic supplier agreement to advance the design and deployment of X-energy’s Xe-100 advanced Small Modular Reactor (SMR).

Under the terms of the agreement, Curtiss-Wright has been selected as a preferred supplier to develop and provide three of the most critical systems for the Nuclear Steam Supply System (NSSS), including:

• The Helium Circulator System, which transfers heat generated in the reactor core to a steam generator, where steam is produced to generate electricity or provide process heat for industrial applications;
• The Fuel Handling System, which performs continuous defueling and refueling of the reactor; loading fresh, recirculating used, and discharging spent fuel as required; and
• The Reactivity Control and Safe Shutdown System, which controls the outlet temperature of the reactor and provides a redundant shut down mechanism when required.

Curtiss-Wright estimates that its content for these three systems will be in excess of $100 million in revenue per four-unit (320 MW) plant. This effort will leverage the Company’s broad and long-standing expertise in nuclear power generation technologies to develop components and systems to support the new advanced reactor market. In addition, and subsequent to its selection in the competitive bid process, Curtiss-Wright committed to a minority equity stake in X-energy, supporting the company in its deployment of market-leading small modular nuclear reactor technology.

“Curtiss-Wright continues to build on its heritage as one of the leading global suppliers of nuclear reactor technologies, and we are very pleased to announce this long-term strategic agreement with the X-energy team as they continue to advance their next-generation reactor design,” said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. “Curtiss-Wright intends to play a critical role in helping to de-carbonize the existing energy infrastructure through the creation of clean, reliable, and affordable energy, while delivering innovative safety-critical solutions to its customers. Furthermore, we are pleased to see the continued strong Bipartisan support for the advancement of nuclear technology.”

“X-energy is building a resilient supply chain to ensure the successful deployment of our reactors at scale with the most capable, qualified, and experienced partners in nuclear energy,” said J. Clay Sell, X-energy Chief Executive Officer. “Curtiss-Wright has long been a leader in helping to bring innovative products and solutions to the marketplace, and we are proud to partner with them as a preferred strategic supplier to deliver advanced nuclear energy around the world. Our teams will closely work together to apply the best technology available to this new generation of carbon-free energy.”

In 2020, X-energy’s reactor technology was selected by the U.S. Department of Energy’s (DOE’s) Advanced Reactor Demonstration Program (ARDP) to receive initial funding as part of a $3.2 billion program to develop and build advanced small modular nuclear reactors that can be operational by the end of the decade. X-energy plans to build one of North America’s first grid-scale advanced nuclear reactors with Energy Northwest in Washington state.

X-energy’s Xe-100 is a Generation IV, High-Temperature Gas-cooled Reactor built on decades of research, development, and operating experience. Each reactor is engineered to operate as a single 80 megawatts (MW) electric unit and is optimized as a four-unit plant delivering 320 MW electric output. The reactor can provide clean, reliable, and safe baseload power to an electricity system or support various industrial applications with 200 MW thermal output per unit of high-pressure, high-temperature steam. The Xe100 reactor is powered by TRISO fuel, called “the most robust nuclear fuel on earth” by the U.S. Department of Energy because it can withstand very high temperatures in the reactor and cannot melt. Click here to see how the Xe-100 reactor works.

For more information about Curtiss-Wright’s nuclear reactor technologies supporting advanced nuclear reactors, please visit the Company’s Nuclear division at www.cwnuclear.com and EMS division at www.cw-ems.com.

About X-energy

X-energy is a nuclear energy innovation company focused on the development of next-generation, zero-carbon nuclear energy. Based in Rockville, Maryland, X-energy designs and deploys advanced nuclear reactors and manufactures its proprietary TRISO-X fuel to improve the delivery of safe, affordable energy to people around the world. For more information, visit https://x-energy.com or connect with us on Twitter, LinkedIn or Instagram.

About Curtiss-Wright Corporation

Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Power, Process and Industrial markets. We leverage a workforce of 8,000 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit www.curtisswright.com.

Note: Trademarks are property of their respective owners.

This press release contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements, including statements relating to Curtiss-Wright Corporation’s expectations of future performance of our system designs for this X-energy nuclear program, the continued relationship with a new customer, the successful implementation and the success of this reactor program and future opportunities associated with this program, are not considered historical facts and are considered forward-looking statements under the federal securities laws. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. The Company assumes no obligation to update any forward looking information contained in this press release. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in competitive marketplace and/or customer requirements; a change in US and Foreign government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, marine, electronics and industrial companies. Please refer to the Company’s current SEC filings under the Securities Exchange Act of 1934, as amended, for further information.

Contacts

Jim Ryan

(704) 869-4621

jim.ryan@curtisswright.com

Robert McEntyre

(770) 548-5571

rmcentyre@x-energy.com