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AREVA and MHI Sign Memorandum of Understanding On the Establishment of a Joint Venture for Their New Reactor
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Paris, July 10, 2007 - AREVA, the world's largest business group in the nuclear energy field, and Mitsubishi Heavy Industries, Ltd. (MHI) signed a Memorandum of Understanding today, setting the framework of the joint venture that will soon be established to develop and market their new mid-sized nuclear reactor, worldwide.
Since October 2006, AREVA and MHI teams have worked together to define the conceptual bases on which the future advanced reactor will be developed. They have agreed on the main features of the reactor in April this year: an advanced generation 3, pressurized water, 3 loop reactor with a power of around 1100 MWe. It will integrate the latest features already adopted by AREVA and MHI in terms of safety (resistance to commercial airplane crashes for instance), environment (reduced spent fuel and waste) and efficiency (possibility of extended fuel cycles and capacity to use MOX fuel for instance).
This new reactor is designed to address the specific markets where such size of reactor will better fit the grid or the demand pattern.
AREVA and MHI expect to finalize the joint venture agreement by the end of September this year.
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.