First Reserve Partners with Industry Participants to Form Accord Nuclear Resources

First Reserve Partners with Industry Participants to Form Accord Nuclear
Resources
Partnership to Vertically Integrate Businesses across Nuclear Fuel Production
Cycle

GREENWICH, Conn., HOUSTON and LONDON, Aug. 27 /PRNewswire/ -- First
Reserve Corporation, the world's leading private equity firm in the energy
industry, has joined forces with two experienced nuclear industry
participants, Charles Scorer and David Sloan, to form Accord Nuclear
Resources, an integrated nuclear fuel supply company.
Under the structure of the partnership, Accord will acquire and integrate
key businesses that operate across the commercial nuclear power generation
sector, with a particular focus on three different lines of business: uranium
mining and production, and related infrastructure operations and services.
First Reserve is providing significant capital support for the newly formed
company.
"We are committed to building a sustainable business in the front end of
the nuclear fuel cycle to integrate components of uranium production and
services, infrastructure operations and markets," said Mr. Scorer, Chief
Executive Officer of Accord Nuclear Resources. "Our goal is to strategically
collaborate with mutually aligned industry participants to identify market
needs and invest in both existing and emerging opportunities in the nuclear
fuel sector."
Alex Krueger, Managing Director of First Reserve Corporation, said,
"Nuclear energy is gaining more focused interest as the result of a structural
need tied to increased fossil fuel costs and carbon emissions standards
impacting other forms of power generation. Accord is well-positioned to
become a significant market force as it aligns long-standing and proven market
players in a way that drives new levels of integration and efficiency in the
nuclear fuel cycle.
"The combination of experience collectively held by First Reserve and the
Accord management team will enable Accord to capitalize on synergies in the
nuclear sector not yet realized due to a historical lack of capital and
resource commitment to the industry. With significant resources in place,
Accord offers the market a new alternative to sourcing material and services
within the nuclear fuel cycle."
The company, which has offices in London and Greenwich, Conn., will be run
by Mr. Scorer and Mr. Sloan, who together have nearly 40 years experience in
the nuclear sector. Mr. Scorer has more than 20 years of commercial and
operational experience in uranium and nuclear fuels businesses, most recently
as the CEO of Nufcor International. Mr. Sloan, Executive Vice President and
Chief Marketing Officer, was previously Director, Business Development at
NUKEM, Inc., where he had 17 years experience originating and managing nuclear
fuel marketing and teaming arrangements worldwide.
About First Reserve
First Reserve is the world's leading private equity firm in the energy
industry. Throughout its 25-year history of investing solely in the global
energy industry, First Reserve has developed a strong franchise, utilizing its
broad base of specialized industry knowledge to invest strategically across a
wide range of energy industry sectors and throughout varying economic cycles.
Further information is available at www.firstreserve.com
For media inquiries, please contact Michael Henman of Cubitt Consulting
+44 (0)20 7367 5100 michael.henman@cubitt.com or Caroline Harris of CJP
Communications at 212-279-3115; ext. 222 or via email at charris@cjpcom.com
SOURCE First Reserve Corporation; Accord Nuclear Resources

Michael Henman of Cubitt Consulting, +44-0-20-7367-5100,
michael.henman@cubitt.com; or Caroline Harris of CJP Communications,
+1-212-279-3115; ext. 222, charris@cjpcom.com, both for First Reserve
Corporation, Accord Nuclear Resources