Hitachi and General Electric to launch nuclear power venture

Japan's Hitachi and U.S.-based General Electric plan to form a joint venture in the nuclear power business in Japan and United States, Hitachi said Monday in a statement.

The two companies have signed a letter of intent for a joint strategic tie up on advanced boiling water reactors and plan to hold a news conference later Monday to announce details, the company said.

Hitachi will own 80 percent of the Japan-based venture, compared with 20 percent by GE. Hitachi will hold 40 percent in the U.S.-based business, while GE has 60 percent, the company said.

The release did not give details on how much money the companies would be investing. Other details on how the venture will be set up or what the timeline will be will be worked out later, Hitachi said.

Hitachi forecasts that about 100 nuclear power plants are planned to be built globally over the next 20 years, the AP says.

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