Studsvik has signed an agreement with the Institute for Energy Technology (IFE) worth SEK 134 million

Studsvik has signed an agreement with IFE for loading equipment, transport, handling equipment, examination and pre-treatment of nuclear fuel from the research reactor JEEP I at Kjeller.

The prospective business was communicated earlier and now the agreement has been signed.

The nuclear fuel has been stored for a long time at a dry storage facility in Kjeller (Stavbrønn). Now it needs to be removed and treated ahead of future final disposal. IFE and Studsvik have therefore signed an agreement under which Studsvik will transport the fuel to its facilities in Sweden, inspect it and implement initial treatment. The work is expected to continue for 13 years, starting in 2021.

The fuel is planned to be transported to Studsvik as early as in 2022 - 2024 and therefore the main part of the work will be at the start. When all necessary permissions are in place the transportation of the fuel to Sweden will start. None of the nuclear fuel will remain for final disposal in Sweden.

“- It is very positive that Studsvik has been awarded the contract to treat the JEEP I fuel. It is an important part of decommissioning the Norwegian nuclear research program and we look forward to partnering with IFE and Norwegian Nuclear Decommissioning (NND) on this important project”, says Joakim Lundström, Head of the Fuel and Materials Technology Business Area.

“- This is a historic milestone for IFE and for the Norwegian nuclear cleanup. The agreement means that the work of cleaning up the oldest and most challenging fuel from the pioneer era of nuclear technology has taken a big step forward. It has been IFE and NND's highest priority to find a solution for the management of this waste, and I am therefore very pleased to now have an agreement in place to enable this important work to go ahead”, says IFE’s President Nils Morten Huseby.

“- Norwegian Nuclear Decommissioning (NND) is pleased to have contributed to the completion of the contract and that we are now on the way to ensuring a safe solution for the spent JEEP I fuel in Studsvik. This project will be an important first step in ensuring good solutions for all Norwegian spent nuclear fuel, says Nils Bøhmer, Chief Technology Officer (CTO) at NND.

For further information, please contact:

Joakim Lundström, Business Area President, +46 76 002 11 53 or

Camilla Hoflund, President and CEO, +46 76 002 10 66

Facts about Studsvik

Studsvik offers a range of advanced technical services to the global nuclear power industry. Studsvik's business focus areas are fuel and materials technology, reactor analysis software, decontamination and radiation protection as well as technical platforms for handling, conditioning and volume reduction of radioactive waste. The company has more than 70 years’ experience of nuclear technology and radiological services. Studsvik has 515 employees in 7 countries and the company’s shares are listed on Nasdaq Stockholm.

www.studsvik.com

Facts about NND

Norwegian Nuclear Decommissioning (NND) is an agency under The Ministry of Trade, Industry and Fisheries, which is responsible for decommissioning of the research reactors and related nuclear infrastructure in Norway which have been taken out of operation. NND is also responsible for safe handling, storage and disposal of radioactive waste in Norway. NND was officially formed in February of 2018 and is located in Halden, Norway. As of now The Institute for Energy Technology (IFE) owns and is responsible for the research reactors. Within due time ownership and responsibility will be transferred to NND.

www.nnd.no

Facts about IFE

The Institute for energy technology (IFE) was founded by the Norwegian state in 1948 to develop Norway's nuclear research. Norway was a pioneer in nuclear research and was the sixth country in the world to build a nuclear reactor when the first reactor was put into operation in 1951. IFE has built and operated a total of four research reactors, three in Kjeller and one in Halden. The Halden reactor was closed in 2018 and the reactor at Kjeller was closed in 2019.

Today IFE is an independent foundation located in Kjeller and in Halden. The institute has both Norwegian and international customers and has a turnover of around NOK 1 billion a year. IFE is one of Norway's largest research institutes with around 600 employees. IFE has leading research environments within renewable energy, digital systems, nuclear technology, radiopharmaceuticals, and industrial development.

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This information is information that Studsvik AB (publ) is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was released for public disclosure, through the agency of the contact person above, on January 28, 2021, at 13:00 (CET).