Brookfield Asset Management ("Brookfield"), Cameco Corporation ("Cameco"), and Westinghouse Electric Company ("Westinghouse") have announced a strategic partnership with the United States government to accelerate the deployment of nuclear power and artificial intelligence in the United States. The partnership entails the construction of at least $80 billion worth of new reactors across the country using Westinghouse nuclear reactor technology.
The new reactors are expected to reinvigorate the nuclear power industrial base, with each two-unit Westinghouse AP1000 project creating or sustaining 45,000 manufacturing and engineering jobs in 43 states. Furthermore, a national deployment is projected to create more than 100,000 construction jobs, solidifying the United States as a major nuclear energy powerhouse.
Westinghouse's AP1000 reactor technology, known for its fully passive safety systems and modular construction design, is currently setting operational performance and availability records worldwide. There are currently six AP1000 reactors in operation, with 14 more under construction and five under contract. This technology has also been selected for nuclear energy programs in Poland, Ukraine, and Bulgaria.
Brookfield and Cameco formed a strategic partnership to acquire Westinghouse in October 2022, with Brookfield initially acquiring Westinghouse in 2018 and successfully repositioning the company to benefit from the resurgence in nuclear investment.
The partnership aims to accelerate the growth of artificial intelligence in the United States while meeting the growing electricity demand and energy security needs at scale. It also includes profit-sharing mechanisms that will allow all parties, including the American people, to participate in the long-term financial and strategic value created within Westinghouse by the growth of nuclear energy and investment into AI capabilities in the United States.
This partnership underscores the commitment to rebuilding America's energy sovereignty, creating high-paying jobs, and positioning the country at the forefront of the nuclear renaissance. The collaboration is expected to support global growth opportunities for both Westinghouse's and Cameco's nuclear products, services, and technologies, adding significant long-term value for stakeholders and enhancing energy, national, and climate security around the world. Today the company's shares have moved 0.41% to a price of $54.58. If you want to know more, read the company's complete 8-K report here.
