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Wednesday, 28 February 2018, 08:04 HKT/SGT
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Source: Mitsubishi Heavy Industries, Ltd.
MHI Completes Investment in Orano (formerly "New AREVA Holding")
Move to Strengthen Ties between Japanese and French Nuclear Energy Industries

- 5% equity stake in Orano acquired based on formal agreement signed in March 2017
- Technological and business cooperation ties to be enhanced, strengthening global value chain for nuclear energy

TOKYO, Feb 28, 2018 - (JCN Newswire) - Mitsubishi Heavy Industries, Ltd. (MHI) has completed investment into Orano, a newly formed company created as part of the reorganization of the AREVA Group. Orano primarily focuses on the fuel cycle business, including uranium mining, enrichment and conversion and reprocessing of spent fuel. Previously referred to as "New AREVA Holding", Orano possesses advanced technological and marketing strengths within the global nuclear energy industry, and the new company is expected to achieve solid growth going forward. MHI has acquired a 5 percent equity stake in Orano with a total investment outlay of approximately 250 million euros. With the completion of this investment, MHI will now pursue deeper, more expansive human and technological exchange with Orano.

MHI has built strong ties with France's nuclear energy industry over many years. In 1991, in partnership with AREVA NC (now a subsidiary of Orano) MHI established a joint venture in the fuel cycle business that engages in the manufacture and sale of a full range of reprocessing equipment. In 2007, MHI and AREVA NP (now Framatome) began development of a pressurized water reactor (PWR) nuclear power plant (NPP) integrating their technologies, culminating in the development of ATMEA1, a state-of-the-art PWR NPP in the 1200 MWe (megawatt electrical) class. Since its introduction, prospects for ATMEA1 sales have been expanding worldwide, especially in emerging economies where new NPP construction projects are moving forward.

Through its investment in Orano, MHI looks to support the company's future growth strategies. Further, by strengthening cooperation in technology and business operations, MHI aims to play an important role in forging stronger links between the Japanese and French nuclear energy industries, as confirmed by the two countries' governments in October 2015, with the ultimate goal of strengthening their global value chain in the nuclear energy business.

Commenting on the completed investment, MHI President and CEO Shunichi Miyanaga said, "For many years Orano has lent its support to the development of nuclear power generation in Japan. Now, with completion of our investment into Orano, our partnership will become even stronger. I have high hopes that we will be able to further improve the safety and reliability of nuclear power generation, thereby contributing to stable global energy supplies and reduced carbon dioxide emissions."

In parallel with the Orano investment, in late December MHI completed an investment in Framatome, a newly established group company of Electricite de France (EDF) specializing in the design and manufacture of NPP equipment and systems. By strengthening the relationship between manufacturers in Japan and France, every effort will be made to expand and improve structurally as a comprehensive manufacturer capable of supporting the global nuclear power generation business in all aspects; from production of nuclear fuel to plant design, construction and maintenance, and reprocessing of spent fuel.


About Mitsubishi Heavy Industries, Ltd.

Mitsubishi Heavy Industries (MHI) Group is one of the world's leading industrial firms. For more than 130 years, we have channeled big thinking into solutions that move the world forward - advancing the lives of everyone who shares our planet. We deliver innovative and integrated solutions across a wide range of industries, covering land, sea, sky and even space. MHI Group employs 80,000 people across 400 locations, operating in three business domains: "Power Systems," "Industry & Infrastructure," "Aircraft, Defense & Space." We have a consolidated revenue of around 40 billion U.S. Dollars. We aim to contribute to environmental sustainability while achieving global growth, using our leading-edge technologies. By bringing people and ideas together as one, we continue to pave the way to a future of shared success.

For more information, please visit MHI's website: https://www.mhi.com
For Technology, Trends and Tangents, visit MHI's new online media SPECTRA: https://spectra.mhi.com

Contact:
Joseph Hood, PR Manager
Mitsubishi Heavy Industries, Ltd.
Email: mhi-pr@mhi.co.jp
Tel: +81-(0)3-6716-2168
Fax: +81-(0)3-6716-5860


Feb 28, 2018 08:04 HKT/SGT
Source: Mitsubishi Heavy Industries, Ltd.

Topic: Press release summary
Sectors: Energy
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