Westinghouse Statement Regarding U.S. Department of Energy (DOE) Draft Funding Opportunity Announcement (FOA) for Small Modular Reactors (SMR)

PITTSBURGH, Jan. 20, 2012 /PRNewswire/ -- The following statement is attributable to Chief Technology Officer and Senior Vice President of Research and Technology of Westinghouse Electric Company Dr. Kate Jackson.

"A draft Funding Opportunity Announcement to facilitate the development and deployment of SMR technologies that offer affordable, safe, secure and robust sources of zero-carbon energy was issued by the U.S. Department of Energy yesterday. DOE plans to consider SMR applications that incorporate passive safety features and that can be licensed expeditiously, achieving a commercial operation date on a domestic site by 2022.

"Westinghouse will apply for DOE's small modular reactor investment funds with a consortium of utilities. Access to this investment fund helps lower the barrier to market entry for American companies. Virtually all energy sources that feed the national grid have been developed through public investments in public-private research and development partnerships.

"Westinghouse is well positioned to be the first to market with the most economical small modular reactor. Our experience, capabilities, and licensing expertise are a competitive advantage for our utility partners and help to ensure a rapid deployment of operating plants. The state in which our application partner is located will gain significant economic-development benefits."

Westinghouse Electric Company, a group company of Toshiba Corporation (TKY:6502), is the world's pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse supplied the world's first pressurized water reactor in 1957 in Shippingport, Pa. Today, Westinghouse technology is the basis for approximately one-half of the world's operating nuclear plants, including 60 percent of those in the United States.

SOURCE Westinghouse Electric Company

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