Nuclear venture formed to design third-generation reactor

Two Chinese nuclear giants formed a venture on Wednesday to combine technologies on China's third-generation nuclear reactor design, known as the Hualong One or HPR1000, a move that could give a boost to nuclear technology exports.

The joint venture, set up by China General Nuclear Power Group (CGN) and China National Nuclear Corporation, will manage and operate the nuclear technology, branding as well as patents of Hualong One both at home and abroad, according to a joint statement by both companies.

"The joint company will help promote Hualong One to bid for more orders in overseas countries," it said.

Each nuclear company will hold half the shares of the venture, named Hualong international nuclear technology limited company with a total registered capital of 500 million yuan.

The two companies jointly started the research and development of Hualong One in 2013 based on their respective technologies, and the general plan passed inspection by a national expert panel in August 2014.

In May 2015, construction on the first pilot project using Hualong One technology started in Fuqing, East China's Fujian Province.