Defense contractors have started taking their nuclear business abroad as global demand for cleaner energy continues to grow, the Dallas Morning News reported Monday.
James Osborne writes the United States and other countries have begun to shun nuclear power in favor of natural gas, shifting nuclear technology companiesâ focus on other economies currently reassessing the benefits of coal.
He cited Lockheed Martinâs (NYSE: LMT) ongoing contract to help China build nuclear plants as part of the Asian nationâs plan to address air pollution in its cities.
The report notes that the deal does not come without concessions, especially in light of recent U.S. espionage charges against a group of Chinese nationals, but company executives are optimistic.
âThis is a relatively new venture for us, â Michael Syring, director of nuclear systems and solutions at Lockheed Martin, was quoted as saying, adding that Lockheed expects its relationship to deepen because of the reactorÂ control systems contract.
âAs the nuclear industry was revitalizing in the early 2000s, it looked like a good market to be in, â Syring said.