Yesterday, I had the privilege of signing an agreement in principle of a joint venture. We plan to register the new company registered in mid-2017; it would design, build and market our Advanced Fuel CANDU Reactor (AFCR™) in China and internationally. This new partnership could bring affordable, clean nuclear energy to millions of people. Test
Canada's Prime Minister Justin Trudeau and Chinese Premier Li Keqiang attended the signing on Parliament Hill, in Ottawa, Canada. Their presence shows a strong endorsement of our expertise and CANDU nuclear technology. Each new AFCR™ built in China would contribute to Canada’s and China’s engagement within COP21 to increase the accessibility, efficiency and affordability of clean nuclear energy.
Our AFCR™ technology is poised to play an integral part in solving the world’s climate change issue. Spent fuel from four light-water reactors can be reused in a single AFCR™ to provide enough additional electricity to power four million Chinese homes, and displace six million tonnes of CO2 emissions per year when replacing coal-generated power. This would be the equivalent of removing one million cars from the road.
Canada would also benefit from this new joint venture. Every CANDU project puts dollars back into the pocket of the government through royalties. The Canadian design centre that will be formed after the Joint Venture’s registration is expected employ up to 300 people at its peak.
This is the culmination of many years of work by our talented Nuclear engineers, business development and contracts people. I can’t wait for this Joint Venture company to become officially incorporated next year and for the engineering work on the AFCR™ to progress.
From left to right: Huagang Li, Vice president, Shanghai Electric, Qian Zhimin, President, China National Nuclear Corporation, Sandy Taylor, President, Power, SNC-Lavalin.