Areva’s NewCO nuclear fuel business has won a $536m investment from Mitsubishi Heavy Industries (MHI) andAreva sign Japan Nuclear Fuel.

The Japanese firms will invest in the company which originated as part of a French government-backed bailout agreed last year.

MHI said on Friday it would pay $268m (€250m) for a 5 per cent of the so-called NewCo, which is set to house the nuclear-fuel operations of Areva. Japan Nuclear Fuel said it was also investing $268m, highlighting their commitment to nuclear fuel even after Fukushima.

Reuters reports that last year it was agreed that the other half of Areva – the troubled reactor business, or OldCo – would be taken over by EDF, the larger French nuclear group, in a deal that values that part of the business at about €2.5bn.