CNNP to promote new-generation reactor

China National Nuclear Power Co Ltd said it plans to establish a company, in Cangzhou, Hebei province, to promote the development of a traveling-wave reactor, a new nuclear design using fourth-generation technology.

The new company, with registered capital of 1 billion yuan ($153.23 million), will be in partnership with Huadian Fuxin Energy Ltd Co, Zhejiang Zheneng Electric Power Co Ltd, Shenhua Group and Jointo Energy Investment Co Ltd Hebei, according to a statement CNNP released with the Shanghai Stock Exchange on Tuesday.

CNNP, a unit of one of the country's three largest State-owned nuclear operators, China National Nuclear Corp, will own 35 percent of the company, followed by 30 percent for Shenhua Group, 15 percent for Huadian Fuxin Energy, 10 percent for Zhejiang Zheneng Electric Power and 10 percent for Jointo Energy Investment.