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First Reserve Goes Nuclear
PE energy investment shop makes a move to better integrate nuclear resources together.
August 27, 2008
First Reserve Corp., a private equity firm that concentrates in energy investments, engaged a pair of nuclear energy experts to form a fund targeting that resource, it was announced Wednesday.
"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,” said Alex Krueger, managing director of First Reserve Corporation. “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.”
First Reserve brings to its ranks Charles Scorer and David Sloan to form Accord Nuclear Resources. The fund will acquire businesses within the commercial nuclear power generation sector and push for improved integration among them; it will have offices in London and Greenwich, Connecticut. Scorer most recently served as chief executive of Nufcor International and Sloan was director of business development at NUKEM Inc., where he managed fuel marketing.
"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 Scorer, who becomes chief executive 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."
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