(Yicai Global) Feb. 1 -- Zhejiang Jiuli Hi-Tech Metals Co. will license key fast-neutron reactor equipment manufacturing technologies from the China Institute of Atomic Energy to gain first-mover advantages in fourth-generation nuclear power equipment production.

The institute intends to authorize the stainless steel pipe maker to use two of its scientific achievements, the Zhejiang-based group said in a filing released yesterday.

The company will receive a "10-year exclusive, non-transferable and non-sub-licensable license" for the fast reactor core pipe and material production technologies, the filing said.

The firm will pay China Institute of Atomic Energy an initial fee of CNY4 million (USD630,000) as well as annual royalties of about CNY8 million based on normal operations. Such reactors can enhance the uranium resource utilization rate to more than 60 percent while minimizing nuclear and radioactive waste.

Although China has mastered the major design, construction, commissioning and operation of fast reactor technologies, it does not have a commercial fast reactor setup. A demonstration project China National Nuclear Corp. developed in southeast China's Fujian province entered the civil engineering phase at the end of last year. Equipped with a fast reactor with a stand-alone capacity of 600,000 kilowatts, the facility is scheduled to start generating by 2023.