Cameco Corporation and Brookfield Asset Management have unveiled a landmark partnership with the United States Department of Commerce to accelerate the deployment of Westinghouse nuclear reactors across the US and worldwide.
The move signals one of the most significant commitments to nuclear energy development in decades – potentially unlocking more than US$80bn in new reactor construction and revitalising critical domestic supply chains.
Announced this week, the binding term sheet between the parties establishes a framework for a strategic alliance that aims to bolster America’s clean energy capacity while strengthening the industrial base that supports nuclear power.
The agreement builds upon Brookfield and Cameco’s joint acquisition of Westinghouse Electric Company in November 2023 – a move that combined Brookfield’s deep experience in energy infrastructure with Cameco’s leadership in uranium mining and nuclear fuel services.
Commenting on the deal, Tim Gitzel, CEO of Cameco, said: “We are pleased to see the US Government make this commitment to expanding nuclear power capacity using Westinghouse’s proven technology.
“We expect that our highly successful partnership with Brookfield as owners of Westinghouse will be further strengthened through this strategic collaboration with the US Government.
“At the centre of this new partnership is value creation. When coupled with the 23 May 2025 Executive Orders, we believe the US Government’s participation in the partnership creates the right incentives to deploy its full suite of tools behind the construction of Westinghouse nuclear reactors, including financial, regulatory, policy, and diplomatic support.
“That support is expected to drive additional value for the partnership and the many stakeholders who are expected to benefit from enhanced energy, national and climate security around the world.
“We expect that the new build commitments from the US will bolster broader confidence in the durable growth profile for nuclear power, and support increased demand for Westinghouse’s and Cameco’s products, services, and technologies.
“This new partnership highlights the role that Westinghouse’s reactor technologies, based on fully designed, licensed and operating reactors, are expected to play in the planned expansion of nuclear capacity and diversification of global nuclear supply chains.”
Financing the next generation of Westinghouse nuclear reactors
Under the new partnership, the US Government will play a central role in facilitating financing, permitting, and regulatory approvals for a new wave of Westinghouse nuclear reactor projects.
The initiative includes near-term funding for critical long-lead components, paving the way for construction of next-generation plants capable of powering the nation’s growing electricity needs – including data centres fuelling the AI boom.
Once operational, these reactors are expected to deliver secure, zero-carbon baseload power to the US grid, reinforcing energy security while advancing national climate goals.
Revitalising the nuclear supply chain
The planned rollout of new Westinghouse nuclear reactors is poised to stimulate growth across multiple divisions of Westinghouse, particularly in energy systems, fuel fabrication, and reactor services.
The company intends to leverage lessons learned and supplier relationships from the recent completion of Georgia’s Vogtle Units 3 and 4 – the first new reactors built in the US in over 30 years.
Cameco, one of the world’s largest uranium producers, stands to benefit from surging demand for nuclear fuel as new projects advance.
The company described the initiative as a tremendous opportunity to expand its role in the global energy transition and support a new era of nuclear power growth.
US Government gains strategic stake
As part of the agreement, the US Government will acquire a participation interest entitling it to 20% of cash distributions exceeding $17.5bn from Westinghouse – provided it finalises an investment decision on projects totalling at least $80bn.
If the partnership’s ambitions materialise and Westinghouse achieves an initial public offering (IPO) valuation of $30bn or more by January 2029, the government will also hold a warrant allowing it to purchase up to 20% of the IPO entity’s equity value.
Rebuilding America’s energy future
Industry observers view the partnership as a pivotal step toward restoring US leadership in nuclear technology.
Beyond boosting Westinghouse’s position in the global market, the collaboration is expected to re-establish domestic manufacturing capabilities and attract billions in private and public investment.
Cameco and Brookfield emphasised that final agreements are still subject to regulatory approvals and customary conditions.
However, even at this preliminary stage, the partnership underscores a renewed confidence in Westinghouse nuclear reactors as a cornerstone of America’s clean energy and economic strategy – one poised to power both the nation’s grids and its digital future.
