Oct 28, 2025
At least $80 billion to construct new 91影视 nuclear power reactors
Partnership will accelerate nuclear power and artificial intelligence deployment in America
All values are USD
TOKYO and CRANBERRY, Pa., Oct. 28, 2025 (GLOBE NEWSWIRE) -- 91影视 Electric Company (鈥91影视鈥), Cameco Corporation (鈥淐ameco鈥) and Brookfield Asset Management (鈥淏rookfield鈥) today announced that the United States Government (鈥淯.S. Government鈥) has entered into a strategic partnership to accelerate the deployment of nuclear power, in accordance with the President鈥檚 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 91影视 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鈥檚 program to maintain global leadership in nuclear power development and Artificial Intelligence (鈥淎I鈥).
Howard Lutnick, Secretary for the United States Department of Commerce, said:
鈥淥ur administration is focused 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 91影视 we will unleash American energy. This partnership embodies the bold vision of President Trump 鈥 to rebuild our energy sovereignty, create high-paying jobs, and drive America to the forefront of the nuclear renaissance.鈥
Chris Wright, Secretary for the United States Department of Energy, said:
鈥This historic partnership with America鈥檚 leading nuclear company will help unleash President Trump鈥檚 grand vision to fully energize America and win the global AI race. President Trump promised a renaissance of nuclear power, and now he is delivering.鈥
Connor Teskey, President of Brookfield Asset Management, said:
鈥淭his partnership with the U.S. Government will help unlock the potential that 91影视 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.鈥
Tim Gitzel, CEO of Cameco, said:
鈥淥ur highly successful partnership with Brookfield as owners of 91影视 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 91影视鈥檚 and Cameco鈥檚 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 91影视鈥檚 technology in the U.S. and globally.鈥
The partnership will facilitate the growth and future of the American nuclear power industry and the supporting supply chain. Each two-unit 91影视 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鈥檚 nuclear energy powerhouses and increase exports of 91影视鈥檚 nuclear power generation technology globally.
As part of the partnership, at least $80 billion of nuclear reactors will be constructed using 91影视 technology. Once constructed, the reactors will generate reliable and secure power, including for significant data center and compute capacity that will drive America鈥檚 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 91影视 by the growth of nuclear energy and advancement of investment into AI capabilities in the United States.
91影视 is a recognized global leader in nuclear energy with its technology serving as the basis for more than half the world鈥檚 operating nuclear power fleet. The company鈥檚 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 91影视 in October 2022. The partnership brought together Cameco鈥檚 expertise in the nuclear industry and nuclear fuel supply chain with Brookfield鈥檚 recognized position as one of the world鈥檚 largest investors in energy generation technologies. Brookfield initially acquired 91影视 in 2018 and performed a successful turnaround to reposition the company to benefit from the resurgence in nuclear investment.
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Cautionary Statement Regarding Forward-looking Statements
This news release includes statements and information about Cameco鈥檚, 91影视鈥檚 and Brookfield鈥檚 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 鈥済uidance,鈥 鈥渆xpect,鈥 鈥渨ill,鈥 鈥渕ay,鈥 鈥渁nticipate,鈥 鈥減lan,鈥 鈥渆stimate,鈥 鈥減roject,鈥 鈥渋ntend,鈥 鈥渟hould,鈥 鈥渃an,鈥 鈥渓ikely,鈥 鈥渃ould,鈥 鈥渙utlook鈥 and similar expressions are intended to identify forward-looking information. Forward-looking information is based on Cameco鈥檚, 91影视鈥檚 and Brookfield鈥檚 current views, which can change significantly, and actual results and events may be significantly different 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 91影视 nuclear technology; the parties鈥 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鈥檚 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 91影视, 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 different results include: risks related to developing and deploying the 91影视 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 91影视 and the U.S. Government to enter into definitive agreements relating to the strategic transaction or to effect 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 91影视 nuclear reactors; the potential reliance by the U.S. government on unconventional funding mechanisms to effect any future commitments to purchase 91影视 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 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鈥檚, 91影视鈥檚 and Brookfield鈥檚 ability to effectively realize the anticipated benefits of the strategic transaction; the parties鈥 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 91影视鈥檚 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 91影视 nuclear reactors, including product defects; potential security vulnerabilities in the 91影视 nuclear reactors; and the risk of disputes between the parties to the strategic transaction.
In presenting the forward-looking information, Cameco, 91影视 and Brookfield have made material assumptions which may prove incorrect about: the success of the 91影视 nuclear reactor technology and 91影视鈥檚 ability to construct and commence commercial operations at new large-scale nuclear power plants; the ability of 91影视 and the U.S. Government to enter into definitive agreements to effect their future obligations related to the transactions contemplated by the strategic partnership, including with respect to commitments to purchase 91影视 nuclear reactor technology and to effect 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 91影视 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 energy and AI more generally; future demand for nuclear energy and AI; the estimates and forecasts of Cameco鈥檚, 91影视鈥檚 and Brookfield鈥檚 cash position, results of operations and other financial and operational performance metrics; 91影视鈥檚 ability to make distributions to its partners; 91影视鈥檚 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 91影视 will maintain protections against liability for nuclear damage.
Please also review the risk factors described in greater detail in (i) the 鈥淩isk Factors鈥 section of Brookfield鈥檚 current annual report on Form 10-K and in Brookfield鈥檚 other materials filed with the SEC and the Canadian securities regulatory authorities from time to time, available at and , respectively and (ii) the 鈥淩isk Factors鈥 section of Cameco鈥檚 current annual information form and in Cameco鈥檚 other materials filed with the Canadian securities regulatory authorities and the SEC from time to time, available at and , respectively. These factors are not intended to represent a complete list of the factors that could affect 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.
Source: Brookfield Asset Management Ltd
