China now has its first third-generation nuclear power company following the signing of a joint venture deal between the China General Nuclear Power Group (CGN) and China National Nuclear Corporation (CNNC).

The two Chinese nuclear power giants have agreed to form a third-generation nuclear power company - the Hualong International Nuclear Power Technology Co - to promote Hualong One in overseas markets.

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Hualong One, according to the official Xinhua news agency, is China's first third-generation nuclear reactor design that promotes safer and more efficient operations.

Under the agreement signed on Wednesday, the third-generation nuclear power firm will have a registered capital of Rmb500 million (about US$77 million), with the two companies holding 50% stake each.

The Hualong One was first conceptualized in 2013 by CGN and CNNC. A pilot project using Hualong One design started in May 2015 in Fuqing in southeast China's Fujian Province, the Xinhua report stated.

Among its first customer is Argentina, which agreed to use the Hualong One third-generation nuclear reactor design in the country's fifth nuclear plant.

Argentina is considered as a key emerging market for Chinese firms, the report added.

Additionally, CGN and Elecricite de France (EDF), a French electric utility company largely owned by the French government, have signed an agreement construct a nuclear power plant in the southwestern part of Britain.

China has been promoting safe and more efficient power plants to address the rising power demand in the country. Last year, nuclear power firms in China announced that they were supporting green development of nuclear energy in response to the Chinese government's move to promote a low carbon economy.

TagsChina Nuclear Plant, China Nuclear Power, China Nuclear Power Plant, Hualong One Nuclear Plant