Cameco Corporation (TSX:CCO, NYSE:CCJ) today announced that it, along with Brookfield Asset Management (Brookfield), has entered into a binding term sheet with the United States Department of Commerce (US Government) to establish a strategic partnership, which is expected to accelerate the global deployment of Westinghouse Electric Company's (Westinghouse) nuclear reactor technologies and reinvigorate supply chains and the nuclear power industrial base in the US and abroad.
The agreement provides for the US Government to arrange financing and facilitate the permitting and approvals for new Westinghouse nuclear reactors to be built in the US, with an aggregate investment value of at least US$80 billion, including near-term financing of long lead time items. Once constructed, the reactors are expected to generate reliable and secure power for the American grid, including powering significant data center and compute capacity to drive growth in artificial intelligence in the United States.