GE Signs Agreement with Silex Systems of Australia to Develop Uranium Enrichment Technology; Move Would Expand GE's Presence Within Global Nuclear Sector.WILMINGTON, N.C. -- GE Energy's (NYSE NYSE See: New York Stock Exchange : GE) nuclear business has signed an exclusive agreement with Silex Systems Limited, an Australia-based technology innovator, to license the technology and develop the company's next generation low enriched uranium Enriched uranium is a sample of uranium in which the percent composition of uranium-235 has been increased through the process of isotope separation. Natural uranium is 99.284% 238U isotope, with 235U only constituting about 0.711 % of its weight. manufacturing process in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The transaction is subject to, among other things, governmental approvals and regulatory controls on the design, construction and operation of the process. The agreement provides for a phased approach to the development of the Silex technology and the potential construction of a test loop, pilot plant, and a full-scale, commercial enrichment facility. These operations would be built at GE's existing nuclear energy headquarters in Wilmington, N.C. or another suitable location in the United States. Sydney-based Silex's technology represents a new third-generation, laser-based "isotope separation Isotope separation The physical separation of different isotopes of an element from one another. The different isotopes of an element as it occurs in nature may have similar chemical properties but completely different nuclear reaction properties. " process for enriching uranium solely for the use in civilian nuclear power plants which has efficiency advantages over existing civilian fuel enrichment processes like gas diffusion or gas centrifuge The gas centrifuge is a hyper-centrifuge used to separate gases. Its most common use is to produce enriched uranium. For uranium enrichment it requires far less energy to achieve the same separation than the older gaseous diffusion process that it has mostly replaced. plants. The low-grade enriched uranium will be used for industrial purposes. "By acquiring the exclusive rights to complete the process development and commercial deployment of Silex's enrichment technology, GE will be in a strong position to support anticipated demands for enriched uranium," said Andy White, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of GE's nuclear business. "GE is very excited about the transaction and the potential of this innovative technology. We are looking forward to the completion of its development and bringing this product to the global marketplace," White added. "Despite their size differences, GE and Silex share a crucial corporate trait: a dedication to technological innovation," said Dr. Michael Goldsworthy," CEO and founder of Silex. "While Silex developed the technology concept, GE has the required technological and commercial capabilities to take it to the next level." "Completing the development and commercial deployment of this third generation enrichment process will require a significant amount of technological, financial and infrastructure support, which only a company like GE can provide," Goldsworthy said. In addition to helping Silex complete the process development and commercial deployment of the technology, the agreement represents an expansion by GE into the global uranium enrichment sector, which is valued at approximately $U.S. 5 billion annually. "By adding the next generation of enrichment technology to its nuclear portfolio, GE has the potential to offer the most efficient enrichment technology available to a range of existing commercial customers and businesses," White said. "This transaction demonstrates GE's commitment to the nuclear industry, and enables us to expand our current capabilities into adjacent and complementary technologies," he added. GE Energy's nuclear business develops advanced light water reactors
A light water reactor or LWR and provides a wide array of technology-based products and services to help owners of both boiling and pressurized water reactors Noun 1. pressurized water reactor - a nuclear reactor that uses water as a coolant and moderator; the steam produced can drive a steam turbine PWR water-cooled reactor - nuclear reactor using water as a coolant safely operate their facilities with greater efficiency and output. About GE Energy GE Energy (www.ge.com/energy) is one of the world's leading suppliers of power generation and energy delivery technologies, with 2005 revenue of $16.5 billion. Based in Atlanta, Georgia, GE Energy works in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources Noun 1. renewable resource - any natural resource (as wood or solar energy) that can be replenished naturally with the passage of time natural resource, natural resources - resources (actual and potential) supplied by nature such as water, wind, solar and biogas bi·o·gas n. A mixture of methane and carbon dioxide produced by bacterial degradation of organic matter and used as a fuel. biogas Noun gaseous fuel produced by the fermentation of organic waste ; and other alternative fuels. Numerous GE Energy products are certified See certification. under ecomagination, GE's corporate-wide initiative to aggressively bring to market new technologies that will help customers meet pressing environmental challenges. |
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