BWXT Produces TRISO Fuel Enables First New Reactor Start-up Under DOE Program

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LYNCHBURG, Va. – BWX Technologies, Inc. (NYSE: BWXT) announced today that its TRISO nuclear fuel has powered Antares Nuclear Inc. with the first successful critical step under the Administration's Executive Order 14301, Repairing Nuclear Reactor Testing at the Department of Energy. BWXT also processed uranium (HALEU) with a highly advanced assay used to produce Antares TRISO fuel compacts from scrap material provided by NNSA, underscoring the company's leadership in the entire chain of next-generation fuel production.

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“BWXT delivers leading nuclear products that support our nation's energy governance goals, and this milestone underscores that fact,” said Rex D. Geveden, BWXT president and chief executive officer.

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“This marks a milestone in the development of nuclear fuel in the United States,” said US Energy Secretary Chris Wright. “The Trump administration is proud to partner with private companies like BWXT, as we strengthen the foundation for a reliable and secure nuclear supply chain to support both defense and commercial energy needs.”

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“BWXT delivers leading nuclear products that support our nation's energy governance goals, and this milestone underscores that fact,” said Rex D. Geveden, BWXT president and chief executive officer. “Our skilled workforce, advanced manufacturing technology and nuclear-qualified supply chain are driving a new generation of reactor demonstrations across the country.”

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“BWXT's TRISO fuel supports our critical approach,” said Jordan Bramble, CEO, Antares. “Building on the proven fuel data developed through Project Pele allowed our team to focus on what we had to prove ourselves: our control system and reactor physics. We appreciate the continued collaboration as we move from neutrons to electrons.”

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Antares matched its reactor fuel to the TRISO (TRi-structural ISOtropic) fuel compacts BWXT delivered for Project Pele, a 1.5 megawatt BWXT transportable microreactor built for the US Military Capabilities Office. That TRISO fuel specification, developed within DOE's Advanced Gas Reactor (AGR) program over the past several decades, coupled with BWXT's decades of TRISO development at its Specialty Fuels Fabrication facility in Lynchburg, helped accelerate Antares' path to a successful critical test, and demonstrates the importance of the US's mature fuel infrastructure.

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“BWXT is proud to partner with Antares and deliver the fuel needed for this important event at Idaho National Lab and into the future,” said Joe Miller, BWXT's president of Public Works. “Antares is rapidly advancing from concept to criticality and we are proud to provide this team with the TRISO needed to do so.”

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BWXT continues to support Antares with ongoing TRISO fuel production, strengthening the company's readiness to meet customer timelines and growing national demand for advanced reactor fuel.

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Forward-Looking Statements

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BWXT cautions that this release contains forward-looking statements, including, without limitation, statements regarding the performance, design, suitability and impact of advanced reactor technology and TRISO nuclear fuel compacts. These forward-looking statements involve a number of risks and uncertainties, including, among other things, the timing of technology development; our ability to obtain necessary regulatory approvals, licenses and permits in a timely manner; the ability to sell this technology; to compete in an environment of rapid technological change; and the enforcement and protection of our intellectual property rights. If one or more of these or other risks occur, actual results may differ materially from those expressed. For a complete discussion of these and other risk factors, please see BWXT's annual report on Form 10-K for the year ended December 31, 2025, 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 hereof and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

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About BWXT

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At BWX Technologies, Inc. (NYSE: BWXT), we are Strong People, Driven by Innovation. A US-based company with approximately 10,000 employees, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering company that provides safe and effective nuclear solutions for global security, clean energy, nuclear medicine, space exploration and environmental restoration. BWXT owns and operates 17 manufacturing facilities around the world, and its 14 strategic partnerships support the US and Canadian governments in more than a dozen other locations.

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