HARTFORD, Conn. GE Hitachi Nuclear Energy and a Canadian uranium producer have formed a joint venture to commercially enrich uranium for nuclear power plants.
Cameco Corp., based in Saskatchewan, will invest $123.8 million to acquire a 24 percent stake in the venture, Global Laser Enrichment. General Electric will hold 51 percent and Hitachi will own 25 percent.
Global Laser Enrichment is expected to achieve commercial production by 2013.
Fairfield-based General Electric Co. and Tokyo-based Hitachi Ltd. launched a joint nuclear business in July 2007 to capitalize on rising demand for electricity and increasing concerns about carbon dioxide emissions from coal-fired plants.