Companies Team to meet rising global demand for enriched uranium
23 June 2008
GE Hitachi Nuclear Energy (GEH) and the world's largest uranium producer, Cameco Corp, have announced that Cameco has joined GE and Hitachi as owners of their laser enrichment venture. Based in Wilmington, North Carolina, GEH is a world-leading provider of advanced reactors and nuclear services. Established in June 2007, it is a global nuclear alliance created by GE and Hitachi to serve the global nuclear industry.
The GE - Hitachi new nuclear alliance executes a single, strategic vision to create a broader portfolio of solutions, expanding its capabilities for new reactor and service opportunities. The alliance offers customers around the world the technological leadership required to effectively enhance reactor performance, power output and safety. Cameco's uranium products are used to generate electricity in nuclear power plants around the world, providing one of the cleanest sources of energy available today. It has its head office in Saskatoon, Saskatchewan, and shares trade on the Toronto and New York stock exchanges.
The demand for enriched uranium is projected to increase significantly in the next decade with the anticipated construction of a new generation of nuclear power plants to help address the world's converging needs involving energy security and global climate change.
In response to this need, a US subsidiary of Cameco, Cameco Enrichment Holdings LLC, has invested in GE Hitachi Global Laser Enrichment (GLE), a GEH subsidiary that is commercialising a third-generation enrichment process using laser technology to enrich uranium for nuclear power plants.
Cameco's participation results in three leading companies supporting the commercialisation of this laser enrichment technology. Cameco Enrichment Holdings LLC has acquired a 24 per cent interest in GLE. GE remains the majority owner, indirectly owning 51 per cent of GLE, while Tokyo-based Hitachi Ltd. indirectly owns 25 per cent. Tammy Orr will continue to serve as president and CEO of GLE.
Nuclear energy is receiving increased public support as one of the few available, base-load sources of power that do not create carbon emissions during the generating process. A May 2008 public opinion survey by Zogby International shows 67% of Americans support the construction of nuclear plants.
