AREVA: U.S. DOE Awards GNEP Contract Extension to AREVA and Mitsubishi Alliance

Thu Apr 3, 2008 4:25am EDT

* Reuters is not responsible for the content in this press release.

BETHESDA, Md.--(Business Wire)--
Regulatory News:

   The International Nuclear Recycling Alliance (INRA) - led by AREVA
(Paris:CEI) and Mitsubishi Heavy Industries, Ltd. and including Japan
Nuclear Fuel Limited, URS Washington Division, The Babcock and Wilcox
Company, and Battelle - has just signed an agreement with the
Department of Energy (DOE) extending its October 2007 contract. The
contract extension, valued at $5.7 million, will enable INRA to
continue its evaluation of a commercial closed nuclear fuel cycle in
the United States in ways that reduce proliferation risk, increase
energy security and support a sustainable used-fuel management
solution.

   Both the extension and the original contract were signed within
the framework of the Global Nuclear Energy Partnership (GNEP). The
contract allows further study of a nuclear fuel recycling center and
an advanced recycling reactor center that would help close the nuclear
fuel cycle by creating a means to manage both used nuclear fuel and
final waste, while creating additional energy resources.

   Under the terms of this extension, INRA will continue work on a
business plan, investigate a licensing strategy, continue to analyze
waste management solutions and recycling options for the proposed
nuclear fuel recycling center, and study ways to optimize the advanced
recycling reactor's performance.

   The nuclear fuel recycling center would recycle used fuel by first
separating the used fuel into recyclable, energy-producing materials
and final waste materials, and in the second stage would recycle the
energy-producing components to manufacture fuel for use in commercial
nuclear power plants both light water reactors and fast reactors. The
advanced recycling reactor will be fueled with materials recovered
from used reactor fuel, transforming some of radioactive materials
into a more easily manageable waste form while producing energy.

   ABOUT THE TEAM ...

   AREVA Inc., the leading nuclear energy products and services
supplier in the United States, generated nearly $2 billion in revenue
in 2007. The company has more than 5,000 employees, working at 45
locations in 20 states across the United States, all committed to
serving the nation and paving the way for the future of the
electricity market. AREVA Inc. combines homegrown leadership and
access to world-class nuclear fuel cycle technology to provide
customers a proven track record of performance. The world's leading
nuclear fuel cycle company, AREVA is at the industry forefront in
developing, deploying, and operating both treatment/recycling
facilities and sodium-cooled reactors. In the United States and in
more than 100 countries around the world, AREVA is engaged in the 21st
century's greatest challenges: making energy available to all,
protecting the planet and acting responsibly toward future
generations.

   Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo,
Japan, is a world leader in comprehensive heavy machinery products
supplier with consolidated sales of 3,068 billion yen in fiscal 2006
(year ended March 31, 2007). MHI's diverse lineup of products and
services encompasses shipbuilding, power plants, chemical plants,
environmental equipment, steel structures, industrial and general
machinery, aircraft space rocketry and air-conditioning systems.
Regarding to nuclear energy, in a span of over four decades, MHI has
accumulated vast experiences in supplying reliable products and
services in the area of pressurize water reactor power plants (basic
plans, designs, manufacture, construction, and maintenance), nuclear
fuel, new-type advanced reactor plants including fast breeder
reactors, and the nuclear fuel cycle.

   Japan Nuclear Fuel Limited (JNFL) is Japan's pioneer company in
the field of commercial used nuclear fuel reprocessing, uranium
enrichment, nuclear waste storage and disposal, and Mixed-Oxide fuel
fabrication. In Rokkasho-mura, Aomori Prefecture, the test operation
of the world's newest commercial reprocessing plant, for which JNFL
applied state-of-the-art reprocessing technology and implemented
IAEA's full scope safeguards capability, is successfully in progress.
The mission of JNFL is to establish nuclear fuel cycle technologies
for the peaceful use of nuclear energy.

   The Babcock & Wilcox Company (B&W) has five decades of experience
owning and operating nuclear and national security production
facilities both commercially and for the U.S. Department of Energy
(DOE), and is licensed by the Nuclear Regulatory Commission to
fabricate, process, use and store highly enriched uranium. As the
prime contractor or a member of a partnership team, B&W (formerly, BWX
Technologies, Inc.) currently manages and operates 12 National Nuclear
Security Administration and DOE sites. Over the course of its
activities, B&W has acquired an extensive portfolio of providing both
proprietary and contracted safeguards and security programs in
manufacturing, production, research, and deactivation and
decommissioning. The transfer and repackaging of spent fuel B&W
performs at its Lynchburg Technology Center is a routine function
performed at commercial nuclear facilities and helps to demonstrate
that this material can be safely and securely prepared and staged for
recycling at a treatment center. B&W, whose products and services also
include power generation and environmental, is a subsidiary of
McDermott International, Inc. (NYSE: MDR). B&W is headquartered in
Lynchburg, Va., and employs approximately 20,000 people.

   URS Corporation is a leading provider of engineering, construction
and technical services for public agencies and private sector
companies around the world. The Company offers a broad range of
planning, engineering and architectural design, environmental,
construction, program and construction management, systems
integration, operations and maintenance, management and a wide range
of specialized technical services for the U.S. Federal Government,
state and local government agencies, Fortune 500 companies and other
multinational corporations. URS provides services for transportation,
hazardous waste, industrial infrastructure and process, petrochemical,
general building, water/wastewater, military facilities and equipment
platforms, and defense and security programs. Headquartered in San
Francisco, the Company operates through three divisions: the URS
Division, the EG&G Division and the Washington Division. URS
Corporation has approximately 55,000 employees in a network of offices
in more than 30 countries (www.urscorp.com). The URS Washington
Division is a global leader in engineering, procurement, construction,
testing, start-up and safe and efficient operation of complex nuclear
and non-nuclear facilities.

   Battelle is the world's largest non-profit independent research
and development organization, with 20,400 employees in more than 120
locations worldwide, including seven national laboratories that
Battelle manages or co-manages for the U.S. Department of Energy and
the U.S. Department of Homeland Security. Headquartered in Columbus,
Ohio, Battelle conducts $4 billion in R&D annually through contract
research, laboratory management, and technology commercialization. As
a non-profit charitable trust with an eye toward the future, Battelle
actively supports and promotes science and math education.

Media Contacts:
AREVA Inc.
Laurence Pernot
Nancy Lang
Tel.: 301- 841-1600
or
Mitsubishi Heavy Industries, Ltd.
Hideo Ikuno
Tel.: +81-3-6716-5277
or
Japan Nuclear Fuel Limited
Suzuki Kazufumi
Tel.: +81-175-71-2130
or
The Babcock & Wilcox Company
Regina Carter
Tel. : 434-522-5188
or
URS Corporation
Sard Verbinnen & Co.
Hugh Burns/Jamie Tully
Tel: (212) 687-8080
or
Battelle Energy Technology
Katy Delaney
Tel.: 410-306-8638

Copyright Business Wire 2008
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