Westinghouse, partner sign SMR MOU

PITTSBURGH, May 16, 2013Westinghouse Electric Company and State Nuclear Power Technology Corp. (SNPTC) announced the signing of a Memorandum of Understanding (MOU) to establish a partnership that would enable the two companies to work together to develop a Small Modular Reactor (SMR) standard design, based on the Westinghouse Small Modular Reactor technology, that shall be licensable both in the U.S. and China.

Westinghouse believes that global investment and access to global markets are essential components to making commercial operation of SMR plants a reality, and this MOU provides a potential path to establish such a mutually beneficial, long-term partnership.

“Both Westinghouse and SNPTC have expressed the desire to build a framework for cooperation in SMR development that explores the potential of both domestic and international markets. Toward that end, we are in the early stages of negotiations of an agreement that we expect will provide design, licensing, construction, and operational certainty that no other SMR supplier can match. We expect to be the first to market with the support of our Missouri-based partners in the U.S. and SNPTC in China,” Westinghouse Senior Vice President and Chief Technology Officer Kate Jackson said. “Our partnership with SNPTC will position our SMR design for international markets by combining the expertise of two leading technology providers. We will bring to market a highly innovative SMR design that uses proven components and systems, and provides superior safety performance, efficiency, ease of operation, cost predictability, and rapid deployment.”

The formation of this Westinghouse-SNPTC partnership is part of the company’s larger global strategy that derives strength from both domestic and international pillars. This SNPTC partnership will draw upon the success of current and past joint efforts between the two companies, including the deployment of the world’s first AP1000® nuclear power plants in China, for which SNPTC is the engineering, procurement and construction contractor.

Westinghouse expects that this partnership would accelerate the commercial deployment of SMR technology in the U.S., and anticipates the SMR plants deployed in the U.S. would be sourced and manufactured in-country.

The Westinghouse SMR design is derived from the Westinghouse AP1000 nuclear power plant, which received U.S. Nuclear Regulatory Commission Design Certification in 2011. Westinghouse strengthens its SMR design with the company’s history of nuclear safety, regulatory competence, industry and licensing experience, as well as global fuel, manufacturing and supply chain capabilities.

Westinghouse Electric Company, a group company of Toshiba Corporation (TKY:6502), is the world’s pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse supplied the world’s first pressurized water reactor in 1957 in Shippingport, Pa. Today, Westinghouse technology is the basis for approximately one-half of the world’s operating nuclear plants. For more information about Westinghouse products and services, visit www.westinghousenuclear.com.

State Nuclear Power Technology Corporation is a key state-owned China corporation established with investments from the State Council and the four large state-owned corporations. It is authorized by the State Council to sign contracts with foreign parties to receive the transferred 3rd generation nuclear power technology; to execute the relevant engineering design and project management. SNPTC is a key entity and platform for the 3rd generation nuclear power technology introduction, project construction and the Self-Reliance development

AP1000 is a trademark or registered trademark of Westinghouse Electric Company LLC, its affiliates and/or its subsidiaries in the United States of America and may be registered in other countries throughout the world. All rights reserved. Unauthorized use is strictly prohibited. Other names may be trademarks of their respective owners.