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Candu Applauds Successful Negotiations to Implement Canada-India Nuclear Cooperation Agreement

Candu Applauds Successful Negotiations to Implement Canada-India Nuclear Cooperation Agreement

Mississauga, ON – November 6, 2012 – Candu Energy Inc. is pleased with today’s announcement by the Government of Canada that negotiations  necessary to implement the Nuclear Cooperation Agreement  between Canada and India have been successfully concluded.

 “This historic agreement opens the door for Candu Energy in India,” said Ala Alizadeh, Candu’s Senior Vice President, Marketing and Business Development. “We look forward to working alongside the Indian nuclear industry in the near future.”

 Candu Energy is uniquely positioned to deliver nuclear services and expertise to the growing Indian market, particularly as 18 of India’s 20 nuclear reactors are pressurized heavy water reactors based on the company’s unique CANDU technology. Additionally, it is estimated that India will invest up to $100 billion in nuclear technology over the next 20 years. 

 “This represents a tremendous growth opportunity for Candu,” explained Alizadeh. “Candu can now offer our services and life extension expertise to the Indian nuclear industry, and we also hope to collaborate with them to further develop alternate fuel cycles.  Candu is currently working on the development of the Advanced Fuel CANDU Reactor (AFCR), which will use recycled uranium and thorium, and on a CANMOX fuel-powered reactor that uses a mixed oxide (MOX)-fuel. Both of these advancements utilize the Enhanced CANDU 6® (EC6®) design, a Generation-III reactor based on a proven technology that has operated around the world representing approximately 1000 operations-years of safe and reliable service including an 87.9% lifetime capacity across 30 reactors.” 

 About Candu Energy Inc.

Candu Energy Inc. is a leading full-service nuclear technology company providing nuclear power reactors and nuclear products and services to customers worldwide. Candu’s 1,400 highly skilled employees design and deliver state-of-the-art CANDU® reactors, carry out life extension projects, provide plant life management programs and tools, and offer operation and maintenance services for existing nuclear power stations.

 Candu is a wholly-owned subsidiary of SNC-Lavalin Group Inc. (TSX: SNC). For more information, visit www.candu.com.

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Contact:

Katherine Ward

Candu Energy Inc.

katherine.ward@candu.com 

905-823-9040 ext. 37349