Partnership Formed to Capture Opportunities in $30 Billion Market
BERKELEY, Calif. and GERMANTOWN, Md., Aug. 9, 2022 /PRNewswire/ -- Deep Isolation Inc. and Amentum have signed a Memorandum of Agreement to work together to further the commercialization of Deep Isolation's technology around the world. This agreement positions the companies as global leaders in a multi-billion-dollar nuclear waste disposal industry that promises to unlock the future of clean nuclear energy.
Initial targets for joint work include countries in Europe and the Pacific that represent a combined addressable market for geologic disposal of spent fuel and high-level waste worth more than $30 billion.
"Amentum has unparalleled engineering expertise and experience in the use of science and advanced technologies to successfully clean up highly complex nuclear sites," said Jim Blankenhorn, Senior Vice President of Amentum. "This partnership strengthens our collective position in a growing market to provide innovative solutions for nuclear disposal around the world."
There is a new sense of urgency to dispose of nuclear waste. Low-carbon nuclear energy is a powerful alternative to fossil fuels in the fight against climate change, but much of the world is requiring a waste solution to be in place before investments are made in new nuclear power installations. Deep Isolation's advanced nuclear technology leverages directional drilling practices to safely and efficiently isolate waste deep underground in borehole repositories, providing many countries with an alternative to a traditional mined repository.
"The world is changing fast, and it's imperative for the success of nuclear energy that we solve the nuclear waste challenge," said Deep Isolation CEO Elizabeth Muller, an environmentalist and co-founder of the company. "Deploying the solution requires a large-scale team effort."
Amentum, a premier global technical and engineering services provider, brings numerous proven strengths: maintaining complex and high hazard facilities and processes; delivering environmental solutions to customers worldwide; and capabilities in environmental management and waste management.
The agreement provides Amentum with access to more than 50 protected Deep Isolation inventions, as well as engineering specifications and know-how. This includes Deep Isolation's detailed and compliant process based on IAEA guidance for tailoring a deep borehole repository to the specific regulatory requirements, waste inventory, stakeholder needs and local geology of each client.
Deep Isolation offers licenses that allow key industry players access to its protected intellectual property. The program features access to Deep Isolation's patents and engineering work, as well as planning and operational processes that could be used independently of Deep Isolation technology. "We are excited to work with Amentum to bring this solution to market," Muller said. "We are pleased at the value they are placing in Deep Isolation's solution by investing in this license."
After just four years as a public-facing company, Deep Isolation's milestones include: work with a dozen countries across three continents; a subsidiary in Europe; the acquisition of Freestone Environmental Services; and recently, two multi-million awards from the U.S. Government.
About Deep Isolation
Deep Isolation is a leading global innovator in nuclear waste storage and disposal solutions. Driven by a passion for environmental stewardship and scientific ingenuity, the company's patented solution of advanced nuclear technologies enables global delivery through its partnerships with industry leaders as well as flexible IP licensing options.
Amentum is a premier global technical and engineering services partner supporting critical programs of national significance across defense, security, intelligence, energy, and environment. The company has vast experience in the nuclear cleanup market with a successful track record in reducing risk and solving waste management challenges around the world. It draws from a century-old heritage of operational excellence, mission focus, and successful execution underpinned by a strong culture of safety and ethics. Visit us at amentum.com to explore how we deliver excellence for our customers' most vital missions.
These press releases may also interest you