WILMINGTON, N.C., May 17 (UPI) — General Electric Co. and Japan-based Hitachi announced plans to create a global alliance of their nuclear businesses.

Interest in nuclear energy has been revitalized as concerns over energy security and climate change continue to grow.

Based on this agreement, which was first announced in November 2006, GE and Hitachi will form cross-shareholding companies in the United States, Canada and Japan, subject to government approvals, combining the two companies’ nuclear businesses. Plans are also in the works to create a leading nuclear power plant. The deal is expected to close later this year.

The two will collaborate on the new plant’s construction using proven modularization and standardization capabilities together with the latest-generation reactors.

GE’s nuclear business develops advanced light water reactors and provides products and services to help owners of boiling and pressurized water reactors. Hitachi business focuses on nuclear power systems and has been a part of the company’s portfolio since 1955.

Financial details were not disclosed, but shares of GE went up following the announcement.

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