Company recently shipped $1.1 million of precision components to be used in the retrofit of an operating domestic nuclear power plant
– By Linton Levy –
TechPrecision Corporation, a leading manufacturer of large-scale, high-precision machined metal fabrications with customers in the alternative energy, medical, nuclear, defense, aerospace and other commercial industries, has announced that it has experienced improved order flow from customers in the nuclear power industry.
Ranor, the Company’s wholly-owned subsidiary, recently shipped $1.1 million of precision components to be used in the retrofit of an operating domestic nuclear power plant and has received an additional $1 million in orders to supply reactor internals and components for a next-generation nuclear power plant scheduled to enter construction.
In addition, the Company has completed prototypes for a customer and received $.9 million in orders for a family of next-generation Type B transportation packages to be used in the transportation of a variety of radioactive materials used in the medical and research arenas. This product family is pending approval at the NRC and upon approval, is positioned to be among the first products on the market that comply with newly enacted NRC standards for Type B transportation packages.
“The nuclear industry represents a key strategic growth area for TechPrecision and we believe these recent wins reflect the cusp of our potential in this sector,” said Mr. Louis Winoski, Chief Executive Officer of TechPrecision Corporation. “We aim to play an integral role in the expected nuclear renaissance that is just beginning to materialize. Areas of opportunity include components for large-scale retrofit projects as existing plants are relicensed for an additional 20 years of operation, the construction of new nuclear facilities, and devices to safely and securely transport nuclear materials. We have recently begun increasing our marketing focus and resources to leverage our status as one of the few ASME N-stamp certified providers of high-precision components and our senior management’s extensive background in the nuclear industry.”
There are currently 104 operating nuclear power plants in the United States, including 54 that already received 20-year license renewals from the Nuclear Regulatory Commission (NRC), 21 that currently await approval for license renewal, and 23 that plan to apply for license renewal in the near future. As a result, the Company expects a significant capital expenditure cycle over the next few years, as existing plants can require hundreds of millions of dollars in replacement equipment. Longer-term, TechPrecision is also optimistic about the industry potential for new nuclear power plant construction. There are currently 17 pending applications in the U.S. to build new nuclear power plants and 53 new nuclear plants under construction in 15 countries.
TechPrecision Corporation, through its wholly-owned subsidiary Ranor, Inc., manufactures metal fabricated and machined precision components and equipment. These products are used in a variety of markets including: alternative energy, medical, nuclear, defense, industrial, and aerospace. TechPrecision’s goal is to be an end-to-end service provider to its customers by furnishing customized and integrated “turn-key” solutions for completed products requiring custom fabrication and machining, assembly, inspection and testing.