Candu and China National Nuclear Corp. sign joint venture agreement

Canadian designer and supplier of nuclear reactors Candu Energy Inc. and China National Nuclear Corporation (CNNC) have signed a framework joint venture agreement to build Advanced Fuel CANDU Reactor projects in China initially and then globally.

According to Candu, the signing follows a recommendation earlier in the week from a Chinese Expert Panel Review on Advanced Fuel CANDU Reactor (AFCR) technology.

Candu Energy’s President & CEO, Preston Swafford, said:

“Taken together, the MOU, framework JV and positive recommendation by a Chinese expert panel represents a new level of cooperation between Canada and China in the next wave of nuclear energy innovation.”

Candu CNNCThe framework joint-venture signing took place in the presence of Chinese Premier Li Keqiang and Canadian Prime Minister Stephen Harper at the Great Hall of the People.

“We look forward to working closely with CNNC in the development and pursuit of nuclear power generation projects in China and abroad using the new AFCR technology.”

Mr. Swafford said:

“We are excited about the future of nuclear energy development,” said Swafford. “If successfully rolled out, both Canada and China stand to benefit enormously from the creation of high-value added jobs, services and advanced manufacturing opportunities.”



 

What is AFCR?

Candu’s AFCR (Advanced Fuel CANDU reactor) is a 700 megawatt Class Generation III reactor based on the CANDU 6 and Enhanced CANDU 6 (EC6) reactors, which includes several adaptations to meet the latest international standards.

Due to its flexibility, it can use recycled uranium or thorium as fuel. “It has a heavy-water moderator and heavy-water coolant in a pressure tube design,” Candu says.

About Candu Energy Inc.

Candu Energy Inc. is based in Mississauga, Ontario. It is a wholly-owned subsidiary of SNC-Lavalin Inc., with headquarters in Montreal.

Candu specializes in the design and construction of nuclear reactors, as well as nuclear reactor services and products.

Candu Energy Inc. was created in 2011 following SNC-Lavalin’s purchase of Atomic Energy of Canada Limited’s commercial reactor division. The purchase included the development and marketing rights of AFCR technology.

The company employs 1,400 workers.

More international joint ventures are taking place in China than anywhere else in the world.

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