Velan Awarded Important Valve Order for Pickering Nuclear Generation Station Refurbishment

MONTREAL, Oct. 20, 2025 (GLOBE NEWSWIRE) — Velan Inc. has been awarded a valve order exceeding $20 million CAD from Ontario Power Generation (OPG) to supply Emergency Cooling Injection (ECI) valves for three reactors being refurbished at the Pickering Nuclear Generation Station, one of the world’s largest nuclear facilities.

These critical valves, rated ASME III class 1, represent the highest standard of safety and reliability in their category. Velan supplied the original valves over 45 years ago and has continuously supported Pickering through its construction and refurbishment program.

The first shipment is scheduled for January 2027 with subsequent deliveries to be completed by January 31, 2028.

“Velan is proud to continue our partnership with OPG, supporting Canadian nuclear innovation and advancing CANDU technology,” said James Mannebach, CEO. “This order reflects our commitment to safety, reliability, and a sustainable energy future for Canada and beyond.”

The project aligns with global efforts to expand clean energy capacity and reinforces Velan’s legacy as a trusted supplier to the nuclear industry for over 75 years.

ABOUT VELAN

Founded in Montreal in 1950, Velan Inc. (www.velan.com) is one of the world’s leading manufacturers of industrial valves. The Company is headquartered in Montreal, Canada and operates manufacturing plants in 9 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.

SAFE HARBOUR STATEMENT

This news release may include forward-looking statements, which generally contain words like “should”, “believe”, “anticipate”, “plan”, “may”, “will”, “expect”, “intend”, “continue” or “estimate” or the negatives of these terms or variations of them or similar expressions, all of which are subject to risks and uncertainties, which are disclosed in the Company’s filings with the appropriate securities commissions. While these statements are based on management’s assumptions regarding historical trends, current conditions and expected future developments, as well as other factors that it believes are reasonable and appropriate in the circumstances, no forward-looking statement can be guaranteed and actual future results may differ materially from those expressed herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements contained herein whether as a result of new information, future events or otherwise, except as required by the applicable securities laws. The forward-looking statements contained in this new release are expressly qualified by this cautionary statement.