Cameco Corporation and Brookfield Asset Management announced a groundbreaking partnership with the U.S. Department of Commerce to accelerate the deployment of Westinghouse nuclear reactors across the United States and around the world.
The move represents one of the most significant commitments to nuclear energy development in decades, potentially unlocking more than US$80 billion for new reactor construction and reinvigorating a vital domestic supply chain.
A binding term sheet between the parties announced this week establishes the framework for a strategic partnership aimed at strengthening America’s clean energy capabilities while strengthening the industrial base that supports nuclear power.
The deal builds on Brookfield and Cameco’s joint acquisition of Westinghouse Electric Company in November 2023, a move that combines Brookfield’s deep experience in energy infrastructure with Cameco’s leadership in uranium mining and nuclear fuel services.
Cameco CEO Tim Gitzel commented on the agreement, saying, “We are pleased that the U.S. government is leveraging Westinghouse’s proven technology to expand nuclear power capacity.
“We look forward to further strengthening our successful partnership with Brookfield as owner of Westinghouse through this strategic collaboration with the U.S. government.
“At the heart of this new partnership is value creation. We believe that the U.S. government’s participation in the partnership, combined with the May 23, 2025 Executive Order, creates the right incentives to deploy the full suite of tools behind construction of the Westinghouse reactor, including financial, regulatory, policy, and diplomatic support.”
“The support is expected to create further value for the many stakeholders who are expected to benefit from the partnership and enhanced energy, national and climate security around the world.
“We expect the new U.S. construction commitments to increase broad confidence in the sustainable growth profile of nuclear power and support growing demand for Westinghouse and Cameco’s products, services and technologies.
“This new partnership underscores the role Westinghouse reactor technology, based on fully designed, licensed and operational reactors, will play in the planned expansion of nuclear capacity and the diversification of the global nuclear power supply chain.”
Funding the next generation Westinghouse reactor
Under the new partnership, the U.S. government will play a central role in facilitating financing, permitting and regulatory approvals for a new wave of Westinghouse reactor projects.
The initiative includes short-term funding for critical long-lead components, paving the way for the construction of next-generation plants capable of powering the nation’s growing electricity needs, including data centers that will fuel the AI boom.
Once operational, these reactors are expected to provide safe, zero-carbon baseload electricity to the U.S. power grid, strengthening energy security while advancing the nation’s climate goals.
Revitalizing the nuclear power supply chain
The planned introduction of new Westinghouse nuclear reactors is poised to stimulate growth across multiple Westinghouse divisions, particularly in the Energy Systems, Fuel Manufacturing and Reactor Services areas.
The company intends to leverage lessons learned and supplier relationships from the recent completion of Georgia’s Bogle Units 3 and 4, the first new nuclear reactors built in the United States in more than 30 years.
Cameco, one of the world’s largest uranium producers, stands to benefit from a surge in demand for nuclear fuel as new projects develop.
The company described this initiative as a great opportunity to expand its role in the global energy transition and support a new era of nuclear growth.
US government acquires strategic interests
As part of the agreement, the U.S. government will receive a 20% interest in cash distributions of more than $17.5 billion from Westinghouse, subject to finalization of investment decisions for projects totaling more than $80 billion.
If the partnership’s ambitions come to fruition and Westinghouse achieves an initial public offering (IPO) valuation of more than $30 billion by January 2029, the government would also have a warrant to buy up to 20% of the value of an IPO company’s shares.
Rebuilding America’s Energy Future
Industry observers see the partnership as a pivotal step toward restoring U.S. leadership in nuclear technology.
The partnership is expected to not only strengthen Westinghouse’s position in the global market, but also reestablish domestic manufacturing capabilities and attract billions of dollars in private and public investment.
Cameco and Brookfield emphasized that the final agreement remains subject to regulatory approvals and customary conditions.
But even in its preliminary stages, the partnership highlights a newfound confidence in Westinghouse nuclear reactors as a cornerstone of America’s clean energy and economic strategy, which is poised to power both the nation’s power grid and our digital future.
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