NEW YORK – GE Hitachi Nuclear Energy and Advanced Reactor Concepts LLC said that they have agreed to collaborate in the development of an advanced small modular reactor.
GE Hitachi and ARC Nuclear hope that a small reactor that can be built at lower costs will meet replacement demand for aging reactors, they said Monday.
Small reactors are considered the key to promoting the use of nuclear energy as massive construction costs have been weighing on operators.
Westinghouse Electric Co., a U.S. nuclear unit of Japan’s Toshiba Corp., has faced financial difficulty due to project cost overruns.
GE Hitachi and ARC Nuclear said they plan to promote a jointly designed small reactor worldwide with initial deployment in Canada.
GE Hitachi is a joint venture between Japan’s Hitachi Ltd. and U.S. conglomerate General Electric Co.