Benzinga | Jul 1, 2021 08:33AM EDT

Perma-Fix Announces New Contract Award For Tritium Systems Demolition And Disposal Project

Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) (the "Company") today announced that it has been awarded a multi-million dollar service contract for the Tritium Systems Demolition and Disposal (TSDD) project, which is expected to be completed over the next 18 months.



The purpose of the TSDD project is to remove legacy tritium systems and equipment from the Princeton Plasma Physics Laboratory (PPPL), with a goal of reducing the risk of a release and safely disposing of contaminated materials. Perma-Fix will serve as the technical expert for this project, providing project management, characterization and material disposal services. The key subcontractors include Gottstein Corporation and ICE Service Group, Inc.

Mark Duff, Chief Executive Officer, stated, "We are pleased to have been awarded this new project supporting the Princeton Plasma Physics Laboratory through the United States Department of Energy (DOE), which will include remediation, demolition and tritium waste management services at the James Forrestal Campus. Our selection for this important project highlights our prior success conducting complex remediation and building demolition in hazardous environments, as well as the capabilities of our team to establish a technical and management solution that addresses the unique challenges at PPPL in order to safely complete the project over the next eighteen months. Moreover, this award increases our funded backlog and bolsters our Services Segment revenues heading into the second half of 2021."

PPPL is a DOE national laboratory operated by Princeton University, playing a key role in assisting Fusion Energy Sciences achieve their strategic goals. The Tokamak Fusion Test Reactor (TFTR) was an experimental tokamak built at PPPL and was operated from 1982 to 1997 and removed in 2002. PPPL has some residual tritium, a radioactive isotope of hydrogen, in the Tritium Systems and Neutral Beam Boxes that were used to support TFTR, and that were left on-site after completion of the TFTR experiment.