United States Government, Brookfield and Cameco announce transformational partnership to deliver long-term value using Westinghouse nuclear reactor technology
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United States Government, Brookfield and Cameco announce transformational
partnership to deliver long-term value using Westinghouse nuclear reactor technology
• At least $80 billion to construct new Westinghouse nuclear power reactors
• Partnership will accelerate nuclear power and artificial intelligence deployment in
America
All values are USD
Tokyo & Cranberry, PA, October 28, 2025 – Westinghouse Electric Company
(“Westinghouse”), Cameco Corporation (“Cameco”) and Brookfield Asset Management
(“Brookfield”) today announced that the United States Government (“U.S. Government”)
has entered into a strategic partnership to accelerate the deployment of nuclear power, in
accordance with the President’s May 23, 2025 Executive Orders.
At the center of the new strategic partnership, at least $80 billion of new reactors will be
constructed across the United States using Westinghouse nuclear reactor
technology. These new reactors will reinvigorate the nuclear power industrial base.
As a result of this historic agreement, nuclear energy deployment will be a central pillar of
America’s program to maintain global leadership in nuclear power development and
Artificial Intelligence (“AI”).
Howard Lutnick, Secretary for the United States Department of Commerce, said:
“Our administration is focussed on ensuring the rapid development, deployment, and use
of advanced nuclear technologies. This historic partnership supports our national security
objectives and enhances our critical infrastructure. Together with Westinghouse we will
unleash American energy. This partnership embodies the bold vision of President Trump –
to rebuild our energy sovereignty, create high-paying jobs, and drive America to the forefront
of the nuclear renaissance. ”
Chris Wright, Secretary for the United States Department of Energy, said:
“This historic partnership with America’s leading nuclear company will help unleash
President Trump’s grand vision to fully energize America and win the global AI
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race. President Trump promised a renaissance of nuclear power, and now he is
delivering.”
Connor Teskey, President of Brookfield Asset Management, said:
“This partnership with the U.S. Government will help unlock the potential that
Westinghouse and nuclear energy can play to accelerate the growth of artificial intelligence
in the United States, while meeting growing electricity demand and energy security needs
at scale. Brookfield has more than half a trillion dollars invested in the critical infrastructure
that underpins the U.S. economy, and we expect to double that investment in the next
decade as we deliver on building the infrastructure backbone of artificial intelligence. ”
Tim Gitzel, CEO of Cameco, said:
“Our highly successful partnership with Brookfield as owners of Westinghouse will be
further strengthened through this collaboration with the U.S. Government. We expect this
new partnership to support the global growth opportunities for both Westinghouse’s and
Cameco’s nuclear products, services and technologies, adding significant long-term value
for our stakeholders and enhancing energy, national and climate security around the
world. As a strategic partner, Cameco is a secure and reliable western-based supplier of
the uranium fuel needed to support the civilian deployment and long-term reliable
operation of Westinghouse’s technology in the U.S. and globally. ”
A new partnership for growth
The partnership will facilitate the growth and future of the American nuclear power industry
and the supporting supply chain. Each two-unit Westinghouse AP1000 project creates or
sustains 45,000 manufacturing and engineering jobs in 43 states, and a national
deployment will create more than 100,000 construction jobs. The program will cement the
United States as one of the world’s nuclear energy powerhouses and increase exports of
Westinghouse’s nuclear power generation technology globally.
As part of the partnership, at least $80 billion of nuclear reactors will be constructed using
Westinghouse technology. Once constructed, the reactors will generate reliable and
secure power, including for significant data center and compute capacity that will drive
America’s growth in AI.
The partnership contains profit sharing mechanisms that provide for all parties, including
the American people, once certain thresholds are met, to participate in the long-term
financial and strategic value that will be created within Westinghouse by the growth of
nuclear energy and advancement of investment into AI capabilities in the United States.
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Westinghouse Overview
Westinghouse is a recognized global leader in nuclear energy with its technology serving as
the basis for more than half the world’s operating nuclear power fleet. The company’s
industry-leading intellectual property is rooted in American engineering, pioneering the
construction of nuclear energy plants in the United States in the 1950s and industrializing
its technology worldwide.
The AP1000 reactor is the most advanced reactor commercially available, with fully
passive safety systems, modular construction design and the smallest footprint per MWe
on the market. There are six AP1000 reactors currently setting operational performance
and availability records worldwide with 14 additional reactors under construction and five
more under contract. The AP1000 technology has been selected for nuclear energy
programs in Poland, Ukraine and Bulgaria.
Brookfield and Cameco formed a strategic partnership to acquire Westinghouse in October
2022. The partnership brought together Cameco’s expertise in the nuclear industry and
nuclear fuel supply chain with Brookfield’s recognized position as one of the world’s largest
investors in energy generation technologies. Brookfield initially acquired Westinghouse in
2018 and performed a successful turnaround to reposition the company to benefit from the
resurgence in nuclear investment.
Contact information
Brookfield Media: Brook field Investors:
S i m o n M a i n e A l e x J a c k s o n
simon.maine@brookfield.com alexander.jackson@brookfield.com
C a m e c o M e d i a : C a m e c o I n v e s t o r s :
V e r o n i c a B a k e r C o r y K o s
306-385-5541 306-716-6782
[email protected] [email protected]
Westinghouse Media:
Shanan Guinn
412-789-9674
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About Westinghouse
Westinghouse Electric Company is the future of energy, providing reliable, innovative
nuclear technologies and services globally. Westinghouse pioneered commercial nuclear
power, delivering the world’s first commercial pressurized water reactor in 1957. The
company has industrialized more nuclear reactors than any other company, with its
technology forming the basis of half of the world's operating nuclear plants. More than 135
years of innovation makes Westinghouse the preferred partner for advanced technologies
covering the complete nuclear energy life cycle. For more information, please visit our
website at www.westinghousenuclear.com.
About Brookfield
Brookfield Asset Management Ltd. (NYSE: BAM, TSX, BAM) is a leading global alternative
asset manager, headquartered in New York, with over $1 trillion of assets under
management across infrastructure, renewable power and transition, private equity, real
estate, and credit. We invest client capital for the long-term with a focus on real assets and
essential service businesses that form the backbone of the global economy. We oƯer a
range of alternative investment products to investors around the world — including public
and private pension plans, endowments and foundations, sovereign wealth funds, financial
institutions, insurance companies and private wealth investors. We draw on Brookfield’s
heritage as an owner and operator to invest for value and generate strong returns for our
clients, across economic cycles. For more information, please visit our website at
www.brookfield.com.
About Cameco
Cameco is one of the largest global providers of the uranium fuel needed to power a secure
energy future. Our competitive position is based on our controlling ownership of the world’s
largest high-grade reserves and low-cost operations, as well as significant investments
across the nuclear fuel cycle, including ownership interests in Westinghouse Electric
Company and Global Laser Enrichment. Utilities around the world rely on Cameco to
provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free
nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head
oƯice is in Saskatoon, Saskatchewan, Canada.
Cautionary statement about forward-looking information
This news release includes statements and information about Cameco’s, Westinghouse’s
and Brookfield’s expectations for the future, which we refer to as forward-looking
information. Forward-looking information is information that is not a historical fact. Words
such as “guidance,” “expect,” “will,” “may,” “anticipate,” “plan,” “estimate,” “project,”
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“intend, ” “should, ” “can, ” “likely, ” “could, ” “outlook” and similar expressions are intended to
identify forward-looking information. Forward-looking information is based on Cameco’s,
Westinghouse’s and Brookfield’s current views, which can change significantly, and actual
results and events may be significantly diƯerent from what we currently expect. Examples
of forward-looking information in this news release include: expectations concerning the
planned amount of investment in the construction of nuclear power reactors in the United
States using Westinghouse nuclear technology; the parties’ expectations regarding the
acceleration and growth of nuclear power and supporting supply chain and AI deployment
in the United States and globally; the ability of the strategic partnership to facilitate
America’s program to maintain global leadership in nuclear power development and AI, to
strengthen national, energy, climate and economic security and to enhance critical
infrastructure; the ability of the strategic partnership to support global growth opportunities
for Westinghouse, Cameco and Brookfield, including export opportunities; expectations
regarding the creation of jobs in connection with the construction and deployment of each
nuclear reactor project; and expectations regarding the profit sharing mechanism involved
in the strategic partnership and participation therein, including by the American people.
Material risks that could lead to diƯerent results include: risks related to developing and
deploying the Westinghouse nuclear reactors; the anticipated timing of the strategic
partnership, including any failure to obtain the required governmental clearances or third
party consents required to close the strategic partnership or implement the profit sharing
mechanism or the imposition of material conditions as a part of obtaining such clearances
or consents and any failure of any other conditions to the strategic partnership or the
implementation of the profit sharing mechanism; the inability of Westinghouse and the
U.S. Government to enter into definitive agreements relating to the strategic transaction or
to eƯect their future obligations related to the transactions contemplated by the strategic
partnership; the potential reliance on unrelated third parties for the placement of orders or
other obligations related to the construction and deployment of the Westinghouse nuclear
reactors; the potential reliance by the U.S. government on unconventional funding
mechanisms to eƯect any future commitments to purchase Westinghouse nuclear reactor
technology; the availability of government funding and support for the transactions
contemplated by the strategic partnership, including the ability of the executive branch of
the U.S. Government to obtain funding and support via the appropriations process or from
other sources; the availability of additional or replacement funding for the nuclear reactor
projects and operations, if needed; following the execution of definitive transaction
documents by the parties, the determination by the legislative, judicial or executive
branches of the federal or any state government that any future funding commitments or
other aspect of the transactions contemplated by the strategic partnership was or is not in
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compliance with law; the financial, tax and accounting assessment and treatment of the
various obligations and commitments under the strategic partnership documentation,
once executed; the continued demand for nuclear energy and AI, and the markets for
nuclear energy and AI more generally; future demand for nuclear energy and AI; litigation,
Congressional investigations, or investigations by other U.S. or non-U.S. authorities, related
to the strategic transaction or otherwise; challenges associated with identifying alternate
locations, sales channels and customers for the highly specialized nuclear products
contemplated by the strategic transactions should the strategic partnership be altered or
terminated; Cameco’s, Westinghouse’s and Brookfield’s ability to eƯectively realize the
anticipated benefits of the strategic transaction; the parties’ ability to comply with the
broader legal and regulatory requirements and heightened scrutiny associated with
government partnerships and contracts; changes in energy, AI and other policies and
priorities in U.S. and foreign governments; fluctuations, variations and uncertainty in
demand and pricing in the market for nuclear energy and AI; potential adverse reactions or
changes to business relationships resulting from the announcement, negotiation or
execution of the strategic transaction; the complexities and uncertainties in developing
and implementing new nuclear projects; macroeconomic conditions and geopolitical
tensions and conflicts; risks associated with Westinghouse’s complex supply chain
supporting its nuclear reactors, including from disruptions, delays, trade tensions and
conflicts or shortages; volatility and uncertainty with respect to international trade policies;
risks related to the development and use of the Westinghouse nuclear reactors, including
product defects; potential security vulnerabilities in the Westinghouse nuclear reactors;
and the risk of disputes between the parties to the strategic transaction.
In presenting the forward-looking information, Cameco, Westinghouse and Brookfield have
made material assumptions which may prove incorrect about: the success of the
Westinghouse nuclear reactor technology and Westinghouse’s ability to construct and
commence commercial operations at new large-scale nuclear power plants; the ability of
Westinghouse and the U.S. Government to enter into definitive agreements to eƯect their
future obligations related to the transactions contemplated by the strategic partnership,
including with respect to commitments to purchase Westinghouse nuclear reactor
technology and to eƯect the profit sharing mechanic; the availability of government funding
and support for the transactions contemplated by the strategic partnership, including any
future commitments to purchase Westinghouse nuclear reactor technology; the
availability of additional or replacement funding for the nuclear reactor projects and
operations, if needed; the financial, tax and accounting assessment and treatment of the
various obligations and commitments under the strategic partnership documentation; the
continued demand for nuclear energy and AI, and the growth of the markets for nuclear
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energy and AI more generally; future demand for nuclear energy and AI; the estimates and
forecasts of Cameco’s, Westinghouse’s and Brookfield’s cash position, results of
operations and other financial and operational performance metrics; Westinghouse’s
ability to make distributions to its partners; Westinghouse’s ability to mitigate operating
risks and any disruptions, delays, trade tensions, conflicts or shortages; that there will not
be any significant adverse consequences to the strategic partnership resulting from
business disruptions or economic or political uncertainty; that the parties will comply with
their obligations under the strategic partnership; and that Westinghouse will maintain
protections against liability for nuclear damage.
Please also review the risk factors described in greater detail in (i) the “Risk Factors”
section of Brookfield’s current annual report on Form 10-K and in Brookfield’s other
materials filed with the SEC and the Canadian securities regulatory authorities from time to
time, available at www.sec.gov and www.sedarplus.ca, respectively and (ii) the “Risk
Factors” section of Cameco’s current annual information form and in Cameco’s other
materials filed with the Canadian securities regulatory authorities and the SEC from time to
time, available at www.sedarplus.ca and www.sec.gov, respectively. These factors are not
intended to represent a complete list of the factors that could aƯect Brookfield and
Cameco; however, these factors should be considered carefully. There can be no
assurance that such estimates and assumptions will prove to be correct. The forward-
looking statements contained in this press release are made as of the date of this press
release, and Brookfield and Cameco expressly disclaims any obligation to update or alter
statements containing any forward-looking information, or the factors or assumptions
underlying them, whether as a result of new information, future events or otherwise, except
as required by law.