French nuclear manufacturer Areva SA and Japan's Mitsubishi Heavy Industries Ltd. announced a joint venture Monday to make third-generation nuclear reactors aimed at markets in Asia, the United States and eastern Europe.
The 1,100-megawatt pressurized water reactor, called the ATMEA-1, would be developed, marketed, licensed and sold by the new Paris-based company, ATMEA.
The two companies have been working for nearly a year on the project, which has about EUR70 million (US$96 million) in startup capital, Mitsubishi President Kazuo Tsukuda told a news conference in Paris.
Areva CEO Anne Lauvergeon said the reactor will be "easily licensable" and ready for licensing in less than three years. Neither executive would give a market price for the new reactors.
The reactor will incorporate all safety features of so-called third-generation reactors, including protection against falling airplanes.
Russia has developed an unmanned submarine capable of carrying a powerful nuclear munition. Two years ago, the Americans could not even think Russia could do it
The head of the Russian Finance Ministry, Anton Siluanov, said that the Americans would suffer additional losses if they impose sanctions on Russia's public debt