The China Daily said Tuesday that China National Nuclear Power Company Ltd. (CNNP) would establish a new company based in the province of Hebei that would work towards development of a traveling-wave reactor (TWR) which can theoretically operate for decades using a single fuel load of depleted uranium-238.
CNNP made its intentions known in a statement issued to the Shanghai Stock Exchange. The company would be formed with investments form the Huadian Fuxin Energy Ltd. Company, Zhejiang Zheneng Electric Power Co., Shenhua Group and Jointo Energy Investment Co., CNNP said.
CNNP will be the primary investor, owning 35 percent of the company. Shenhua Group will own 30 percent, followed by Huanian Fuxin Energy, 15 percent, and Zhejian Zheneng Electic Power and Jointo Energy Investment with 10 percent each.
CNNP subsidiary CNNP Technology Investment is expected to form an investment holding company, CNNP TWR Technology Investment Company Ltd. that would also involve four other start up investors. Capital assets of the two companies was reported at $153.23 million and $114.9 million, respectively. In the background, China Daily reported, is American billionaire Bill Gates, who has invested in U.S.-based Terra Power, which is also developing TWR technology. CNNC and Terra Power are “working closely” together on the fourth-generation nuclear power technologies.