Cameco Corporation (TSX: CCO; NYSE: CCJ) and Brookfield Asset Management have signed a binding term sheet with the U.S. Department of Commerce to establish a strategic partnership that will accelerate the deployment of Westinghouse Electric Company’s nuclear reactor technologies, backed by at least $80 billion in planned U.S. government-facilitated investment.
The agreement positions the U.S. government as a key financial and regulatory partner to fast-track the permitting, financing, and construction of new Westinghouse reactors across the country—expected to generate reliable, carbon-free power for the grid and help meet the soaring energy demands of AI and data centers.
Under the terms of the partnership, the U.S. government will help mobilize at least $80 billion for new nuclear projects, including near-term financing for long-lead equipment. Once operational, the reactors will provide firm, emission-free electricity and reinforce the domestic nuclear supply chain.
The deal also grants the U.S. government a 20% participation interest in future Westinghouse cash distributions exceeding $17.5 billion, contingent on final investment and construction commitments. Should Westinghouse pursue an IPO valued at $30 billion or more by 2029, the government would receive a warrant to purchase up to 20% of the IPO entity’s equity value.
Cameco CEO Tim Gitzel said the partnership builds on the “highly successful” collaboration with Brookfield, which jointly acquired Westinghouse in 2023. He noted that the agreement “creates the right incentives” for the U.S. government to use its financial, regulatory, and diplomatic tools to advance nuclear deployment and bolster national energy and climate security.
The initiative is expected to reinvigorate the U.S. nuclear industrial base and expand Westinghouse’s footprint, especially its energy systems, fuel fabrication, and reactor services segments. The supply chain developed for Georgia Power’s Vogtle Units 3 and 4 will serve as a model for scaling future projects.
The partnership aligns with the Biden administration’s May 2025 executive orders to rebuild America’s clean energy manufacturing base and expand nuclear energy capacity to meet climate goals and AI-driven electricity demand. It also underscores the U.S. government’s intent to reduce dependence on foreign nuclear supply chains—particularly amid intensifying global competition for uranium and reactor technologies.
For Cameco, one of the world’s largest uranium and nuclear fuel suppliers, the deal represents a major demand catalyst. As nuclear deployment accelerates, the company expects “tremendous upside optionality” in fueling new reactors in both domestic and international markets.