Brookfield Asset Management, uranium fuel provider Cameco, and their jointly-owned nuclear technology company Westinghouse Electric announced today the launch of a new strategic partnership with the U.S. Government, aimed at accelerating the rollout of nuclear reactors to provide the energy needed to enable the deployment of Artificial Intelligence infrastructure across the U.S.
Under the new partnership, at least $80 billion of new nuclear reactors will be constructed across the U.S.
The new partnership follows Executive Orders signed by President Trump in May, aimed at jumpstarting the U.S.’ nuclear energy industrial base, with actions focused on increasing fuel availability and production, securing civil nuclear supply chains, and improving the efficiency of nuclear reactor licensing, and directing the Department of Energy to prioritize work with the nuclear energy industry to facilitate 5 GW of power uprates to existing nuclear reactors and to have 10 new large reactors with complete designs under construction by 2030. the key goals highlighted by the Executive Orders included addressing the requirements of the global race to dominate in AI, a growing need for energy independence, and providing access to uninterruptible power supplies for national security.
Chris Wright, Secretary for the United States Department of Energy, said:
“This historic partnership with America’s leading nuclear company will help unleash President Trump’s grand vision to fully energize America and win the global AI race. President Trump promised a renaissance of nuclear power, and now he is delivering.”
Westinghouse Electric Company provides utilities with nuclear power plants, nuclear fuel, plant automation and operating plant products and services. The company was acquired by Brookfield in 2018, and in 2022, Brookfield and Cameco formed a strategic partnership, with Cameco acquiring a 49% stake in Westinghouse.
The new partnership will provide for the construction of at least $80 billion of new reactors using Westinghouse nuclear reactor technology, including its AP1000 Pressurized Water Reactor and AP300 Small Modular Reactor (SMR).
Connor Teskey, President of Brookfield Asset Management, said:
“This partnership with the U.S. Government will help unlock the potential that Westinghouse and nuclear energy can play to accelerate the growth of artificial intelligence in the United States, while meeting growing electricity demand and energy security needs at scale.”
Tim Gitzel, CEO of Cameco, said:
“Our highly successful partnership with Brookfield as owners of Westinghouse will be further strengthened through this collaboration with the U.S. Government. We expect this new partnership to support the global growth opportunities for both Westinghouse’s and Cameco’s nuclear products, services and technologies, adding significant long-term value for our stakeholders and enhancing energy, national and climate security around the world.”
