Toronto, Ontario – September 15, 2025: Aecon Group Inc. (“Aecon”) announced today that it has signed a teaming agreement with Fermi Energia AS (“Fermi Energia”) to advance cooperation on the development and deployment of GE Vernova Hitachi BWRX-300 Small Modular Reactor (“SMR”) technology in Estonia.
Greg Thede, Vice President, Nuclear Strategy, Business Development & Services, Aecon and Kalev Kallemets, CEO, Fermi Energia
The agreement establishes a cooperative framework for Aecon and Fermi Energia to work together during the SMR development phase as the exclusive provider to develop a qualified domestic nuclear capability, modeled after the Canadian experience, to benefit the BWRX-300 deployment in Estonia.
“We are proud to partner with Fermi Energia as Estonia advances its SMR program in support of the energy transition. Aecon’s experience working on the G7’s first BWRX-300 in Canada gives us the unique position to bring our strong nuclear expertise and technical solutions to one of the most critical aspects of this new build program, including advanced manufacturing, automation processes, lessons learned and best practices,” said Aaron Jonhson, Senior Vice President, Nuclear.
During the agreement’s three-year term, the parties will strategize, plan, and evaluate paths forward for the deployment of the BWRX-300 in Estonia. Aecon and Fermi Energia will work together on a pre-construction schedule and cost planning, and the development of a capable reactor building deployment team, in collaboration with local and international partners.
“This agreement builds on Aecon’s proven experience and gives Estonia access to the world’s most advanced SMR construction expertise. It is a significant step forward towards our goal of delivering safe, reliable, and carbon-free nuclear energy for Estonia’s future,” says Kalev Kallemets, CEO, Fermi Energia.
About Aecon
Aecon Group Inc. (TSX: ARE) is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its Concessions segment. Join our online community on X, LinkedIn, Facebook, and Instagram @AeconGroupInc.
Statement on Forward-Looking Information
The information in this article includes certain forward-looking statements, including statements regarding the role of nuclear technology in advancing the energy transition, the development and deployment of advanced nuclear technologies, and the role of nuclear power in meeting future energy needs. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. In addition to events beyond Aecon’s control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein, as discussed in greater detail in Section 13 – “Risk Factors” in Aecon's 2024 Management's Discussion and Analysis for the fiscal year ended December 31, 2024 and Aecon's Management's Discussion and Analysis for the fiscal quarter ended June 30, 2025, each filed on SEDAR+ (www.sedarplus.ca). Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
For further information:
Adam Borgatti
SVP, Corporate Development and Investor Relations
416-297-2600
ir@aecon.com
Nicole Court
Vice President, Corporate Affairs & Communications
416-297-2600
corpaffairs@aecon.com