Aecon : supporting a clean energy future as Canadians for CANDU Ambassador

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Aecon supporting a clean energy future as Canadians for CANDU Ambassador

May 15, 2024

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Toronto, Ontario - May 15, 2024:Aecon Group Inc. (TSX: ARE) ("Aecon" or the "Company") believes strongly that nuclear energy is essential to achieving global net zero goals and is pleased to announce its support for the Canadians for CANDU campaign as an ambassador. Aecon has a proud history of executing CANDU refurbishment and maintenance projects and believes that CANDU technology has a key role to play in decarbonizing power generation and energy grids both domestically and internationally.

Aecon is the lead construction partner, working with AtkinsRéalis as the engineering and procurement partner in the ongoing refurbishment of 10 CANDU units in Ontario for its clients Bruce Power and Ontario Power Generation (OPG) look forward to opportunities to support furtherCANDU deployments globally as part of the solution to reach decarbonization goals.

Aecon's distinguished track record of nuclear work in North America includes maintenance, fabrication, refurbishment and construction services for CANDU, Pressurized Water Reactor (PWR) and Boiling Water Reactor (BWR) technologies. Along with its alliance partners OPG, GE Hitachi and AtkinsRéalis, Aecon is proudly delivering the first grid-scale BWRX-300 Small Modular Reactor at the Darlington nuclear site. Aecon is also executing major component replacement projects for Dominion Energy's PWR reactors at the North Anna Power Station in Virginia as part of their Subsequent License Renewal process.

"Aecon is at the forefront of delivering nuclear infrastructure that will provide clean, reliable and affordable electricity for generations to come and Canadian CANDU technology is part of the solution to meet carbon emission reduction targets," said Aaron Johnson, Senior Vice President, Aecon Nuclear. "We look forward to supporting our clients in their technology selection and deployment as their construction partner of choice to deliver nuclear projects safely, to stringent quality requirements, on time and on budget."

"We are thrilled to have had Aecon as a valued partner for over a decade. Their unwavering commitment to excellence has been instrumental in delivering refurbishments and new builds that have significantly enhanced our nuclear sector's capabilities," said Joe St. Julian, President, Nuclear, AtkinsRéalis. "Aecon's work plays a pivotal role in our supply chain, driving efficiency and innovation. In addition to being exemplary partners, we are proud of Aecon's leadership for joining the Canadians for CANDU campaign. Their dedication further strengthens our collective efforts towards our shared goals, showcasing their commitment to supporting CANDU technology. This growing movement can position Canada as a global clean energy champion, while promoting a domestic nuclear industry that Canadians can be proud of."

To support the movement and learn more, visit www.canadiansforcandu.com.

About CANDU

CANDU technology remains the nation's only domestically developed and licensed nuclear technology. Usings natural uranium - renowned for its safety, efficiency, and versatility - CANDU technology is a leading force in nuclear innovation worldwide. Six decades after it was first developed, it remains a key component of the Canadian nuclear ecosystem that supports over 76,000 stable and well-remunerated jobs across a wide variety of professional and skilled trades fields, not to mention researchers at world-class universities and research institutions. CANDU technology is also the only nuclear power technology that coproduces the medical isotopes that are used in cancer-fighting treatments and the sterilization of medical devices.

Canada enjoys world-leading expertise in the design, construction, operations, maintenance, and overall program management of nuclear reactors, supported by a highly qualified supply chain. The Canadians for CANDU campaign calls on the federal and provincial governments to support the only made-in-Canada nuclear technology on the market to help the country reach net-zero and support a thriving domestic nuclear ecosystem.

About Aecon

Aecon Group Inc. 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 press release includes certain forward-looking statements, including statements regarding the expectations of the future of nuclear energy. 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 the Interim Management's Discussion and Analysis (MD&A) filed on April 24, 2024 and the 2023 Annual MD&A filed on March 5, 2024, available through 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:

Greg Thede
Vice President, Nuclear Strategy, Business Development & Services
416-297-2600
[e-mail]