First Reserve Partners with Industry Participants to Form Accord Nuclear Resources
Partnership to Vertically Integrate Businesses Across Nuclear Fuel Cycle
Greenwich, CT, Houston, TX and London, August 27, 2008 — First Reserve Corporation, the world’s leading private equity firm in the energy industry, has joined forces with two experienced nuclear industry participants, Charles Scorer and David Sloan, to form Accord Nuclear Resources, an integrated nuclear fuel supply company.
Under the structure of the partnership, Accord will acquire and integrate key businesses that operate across the commercial nuclear power generation sector, with a particular focus on three different lines of business: uranium mining and production, and related infrastructure operations and services. First Reserve is providing significant capital support for the newly formed company.
“We are committed to building a sustainable business in the front end of the nuclear fuel cycle to integrate components of uranium production and services, infrastructure operations and markets,” said Mr. Scorer, Chief Executive Officer of Accord Nuclear Resources. “Our goal is to strategically collaborate with mutually aligned industry participants to identify market needs and invest in both existing and emerging opportunities in the nuclear fuel sector.”
Alex Krueger, Managing Director of First Reserve Corporation, said, “Nuclear energy is gaining more focused interest as the result of a structural need tied to increased fossil fuel costs and carbon emissions standards impacting other forms of power generation. Accord is well-positioned to become a significant market force as it aligns long-standing and proven market players in a way that drives new levels of integration and efficiency in the nuclear fuel cycle.
“The combination of experience collectively held by First Reserve and the Accord management team will enable Accord to capitalize on synergies in the nuclear sector not yet realized due to a historical lack of capital and resource commitment to the industry. With significant resources in place, Accord offers the market a new alternative to sourcing material and services within the nuclear fuel cycle.”
The company, which has offices in London and Greenwich, Conn., will be run by Mr. Scorer and Mr. Sloan, who together have nearly 40 years experience in the nuclear sector. Mr. Scorer has more than 20 years of commercial and operational experience in uranium and nuclear fuels businesses, most recently as the CEO of Nufcor International. Mr. Sloan, Executive Vice President and Chief Marketing Officer, was previously Director, Business Development at NUKEM, Inc., where he had 17 years experience originating and managing nuclear fuel marketing and teaming arrangements worldwide.