ATLANTA, Aug. 12, 2026 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (Nasdaq: PESI) (“Perma-Fix” or the “Company”) today announced that it has been awarded a Master Indefinite Delivery/Indefinite Quantity (IDIQ) Subcontract (the “Master Subcontract”) by Hanford Tank Waste Operations & Closure, LLC (H2C) for the treatment and disposal of pretreated liquid mixed low-level waste (MLLW) from the U.S. Department of Energy’s (DOE) Hanford Site. H2C is the prime contractor to DOE’s Office of Environmental Management for tank waste operations and closure at the Hanford Site in southeastern Washington State.

The Master Subcontract is effective August 11, 2026. Task orders may be issued from January 1, 2027 through December 31, 2041, with performance of task orders issued before the end of the ordering period permitted for up to five years beyond the end of the ordering period.

Wastes treated under the Company’s Master Subcontract will be performed at Perma-Fix Northwest, the Company’s licensed and permitted waste treatment facility in Richland, Washington, near the Hanford Site. The scope encompasses full lifecycle management of the pretreated tank waste, including U.S. Department of Transportation (DOT)-compliant transportation, receipt verification, treatment and stabilization through grouting, compliance verification against land disposal restrictions and waste acceptance criteria, packaging, temporary storage of treated solids, rail transportation, and documentation of final disposal. Final disposal will occur outside the State of Washington at a licensed, commercial MLLW disposal facility. In accordance with Resource Conservation and Recovery Act (RCRA), DOE retains legal title to and responsibility for the waste.

The multiple-award IDIQ procurement provides for a maximum cumulative quantity of 50,000,000 gallons, with a maximum cumulative value of $4,367,300,000; the maximum quantity and value represent procurement ceilings shared among all Master Subcontract holders and do not represent amounts awarded or committed to the Company. The number, size, and timing of task orders to be issued to the Company, if any, cannot be assured. H2C also awarded Master Subcontracts to two other companies under this procurement.

Under the Performance Work Statement, Perma-Fix is required to maintain the capability to treat and dispose of pretreated tank waste at a rate of 100,800 gallons per week in accordance with facility license and permit conditions.

“The treatment and disposal of Hanford’s tank waste is among DOE’s highest environmental priorities, and this award positions Perma-Fix to partner with H2C to support that mission directly from our Richland facility,” said Mark Duff, President and Chief Executive Officer of Perma-Fix. “This subcontract reflects the licensing, permitting, and operational foundation we have built at Perma-Fix Northwest, and our readiness to safely receive and treat pretreated tank waste under task orders we expect will be issued beginning in 2027. Our strategy has been established to ensure our production capacity at PFNW will meet the total performance objectives for tank retrieval operations through the term of this contract beginning in January 2027. We look forward to working with H2C and DOE’s Office of Environmental Management in support of the Hanford cleanup mission.”

“In preparation for this program, we have made significant investments at Perma-Fix Northwest – upgrading our facilities, procuring large-scale treatment equipment, and expanding our workforce through additional hiring and training, as well as acquiring the rail-line land parcel that connects the Perma-Fix Northwest property to the Port of Benton short-line railroad,” commented Richard Grondin, Executive Vice President of Hanford Waste Operations. “These investments build upon the operational foundation already in place, including the recent PFNW permit renewal and expanded permit modifications ongoing in cooperation with the Washington Department of Ecology (WDOE), our STAR Worksite rating under the Voluntary Protection Program (VPP), and our labor partnership with UA Plumbers and Steamfitters Local 598. Together, they position Perma-Fix Northwest to safely grout tank waste in support of the DOE Hanford objectives.”

About Perma-Fix
Perma-Fix is a nuclear services company and leading provider of nuclear and mixed waste management services. The Company’s nuclear waste services include management and treatment of radioactive and mixed waste for hospitals, research labs and institutions, federal agencies, including the DOE, the U.S. Department of War (“DOW”), and the commercial nuclear industry. The Company’s nuclear services group provides project management, waste management, environmental restoration, decontamination and decommissioning, new build construction, and radiological protection, safety and industrial hygiene capability to our clients. The Company operates four nuclear waste treatment facilities and provides nuclear services at DOE, DOW and commercial facilities, nationwide.

Please visit us at http://www.perma-fix.com .

Forward-Looking Statements
This press release contains “forward-looking statements” which are based largely on the Company’s expectations and are subject to various business risks and uncertainties, certain of which are beyond the Company's control. Forward-looking statements generally are identifiable by use of the words such as “believe”, “expects”, “intends”, “anticipate”, “plan to”, “estimates”, “projects” and similar expressions. Forward-looking statements include, but are not limited to: the Master Subcontract described herein; the issuance, number, size, and timing of task orders under the Master Subcontract, if any; the maximum quantity and maximum value of the Master Subcontract, which are ceilings shared among all Master Subcontract holders and are not indicative of revenue to the Company; the Company’s treatment capacity and operational readiness, including the ability to treat and dispose of pretreated tank waste at the capacity required under the Performance Work Statement; the Company’s ability to obtain and maintain required licenses and permits; Hanford opportunities; and grouting opportunities. While the Company believes the expectations reflected in this news release are reasonable, it can give no assurance such expectations will prove to be correct. There are a variety of factors which could cause future outcomes to differ materially from those described in this release, including, without limitation, future economic conditions; industry conditions; competitive pressures; our ability to apply and market our new technologies; acceptance of our technology; the government or such other party to a contract granted to us fails to abide by or comply with the contract or to deliver waste as anticipated under the contract or terminates existing contracts; Congress fails to provides funding for the DOW’s and DOE’s remediation projects; inability to obtain new foreign and domestic remediation contracts; and the additional factors referred to under “Risk Factors” and “Special Note Regarding Forward-Looking Statements” of our 2025 Form 10-K and Form 10-Q for quarter ended March 31, 2026. The Company makes no commitment to disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that bear upon forward-looking statements.

Contacts
David K. Waldman-US Investor Relations
Crescendo Communications, LLC
(212) 671-1021

Herbert Strauss-European Investor Relations
[email protected]
+43 316 296 316