25 March 2010 – Japan’s Toshiba Corporation and Westinghouse Electric Company LLC of the US, have established a new joint venture, Advance Uranium Asset Management Limited. (AUAM), which will strengthen Toshiba’s capabilities in the nuclear front end business segments and enhance the range of support services to utilities around the world.
AUAM, which is based in the UK, will undertake uranium related transactions in the front end of the nuclear fuel cycle, including: the marketing and sales of uranium supplies; innovative fuel leasing options; spot market trades; and an expanded commercial transport business.
The company is 60 per cent owned by Toshiba and 40 per cent by Westinghouse.
Acting through the new joint venture, Toshiba, which is a key player in the Japanese nuclear industry, will secure uranium supply for Japanese utilities, and also leverage this capability to support utility companies worldwide.
In particular, this joint venture will enable Toshiba to initiate uranium transactions for its investment interests in Kazakhstan uranium mines.
The new joint venture will also allow Westinghouse, a leading supplier of new plant technology and related fuel products and services, to explore innovative ways to bring together fuel technology with Toshiba’s uranium interests to existing and new customers.
“This joint venture expands Toshiba’s interest in the nuclear fuel cycle at a time when utilities are pursuing new builds, and it extends our ability to provide the nuclear energy industry with holistic solutions,” said Yasuharu Igarashi, corporate senior vice president and president & CEO Power Systems Company of Toshiba.