The world’s largest publicly traded uranium producer this month unveiled a special collaboration with Brookfield Asset Management.
Saskatoon’s Cameco Corporation and Toronto’s Brookfield announced a binding term sheet with the United States Department of Commerce to establish a strategic partnership.
The collaboration is expected to accelerate the global deployment of Westinghouse Electric Company’s nuclear reactor technologies and thus boost the nuclear power industrial base in the U.S. and abroad.
“We are pleased to see the US government make this commitment to expanding nuclear power capacity,” commented Tim Gitzel, who serves as chief executive officer of Cameco, which acquired Westinghouse Electric Company alongside Brookfield in 2023.
Once constructed, the reactors are expected to generate reliable power for the American grid, including powering data centre and compute capacity to drive growth in artificial intelligence throughout the country, according to a statement from Cameco and Brookfield.
If successful, the project “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,” suggests Gitzel.
Cameco, Gitzel says, “remains well positioned as a secure and reliable supplier that can fuel the long-term reliable operation of Westinghouse’s technology in the US and globally.”
Founded in Saskatchewan in 1988, Cameco trades publicly on the Toronto and New York stock exchanges, with shares in the stock up more than 1,000% over the past five years.
In other nuclear news, Ontario recently revealed a $1 billion investment (on top of $2B in federal funding) to build the first small modular reactors in the G7.
Premier Doug Ford stated earlier this month that the Province is “building the energy infrastructure—including both SMRs and new, large-scale nuclear—needed to make Ontario an energy superpower.”
And Prime Minister Mark Carney commented that “this is a generational investment that will build lasting security, prosperity, and opportunities.”
Construction began in May, and the first reactor is slated to come online in 2030.