The U.S. government has signed an $80 billion deal with nuclear giant Westinghouse to build a series of nuclear reactors in its latest effort to build out the carbon-free energy source.
The strategic partnership involving Canadian uranium firm Cameco Corporation and Brookfield Asset Management was announced Tuesday morning in response to President Donald Trump’s May executive orders, which laid out the administration’s goal to quadruple U.S. nuclear capacity by 2050.
“Our administration is focused on ensuring the rapid development, deployment, and use of advanced nuclear technologies,” Commerce Secretary Howard Lutnick said in a statement.
“This historic partnership supports our national security objectives and enhances our critical infrastructure. Together with Westinghouse we will unleash American energy,” Lutnick continued. “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.”
Westinghouse said the partnership will generate tens of thousands of jobs, including over 100,000 associated with construction. The firm said that each of its two-unit AP1000 sites creates or sustains 45,000 manufacturing and engineering jobs in 43 states.
Brookfield told the Financial Times that the investment would be enough to fund eight AP1000 power plants built by Westinghouse. These plants typically consist of large reactors that generate more than 1,000 megawatts of power.
However, the deal could also result in a mix of larger facilities and small modular reactors, which would be able to come online faster.
Some of the funding reportedly will come from a $550 billion trade agreement struck with Japan, which Trump and Japanese Prime Minister Sanae Takaichi signed today.
The White House said that the agreement commits up to $332 billion to support critical energy infrastructure in the United States, including through the construction of AP1000 and SMRs in the Westinghouse deal. It also provides funding for the construction of SMRs in collaboration with GE Vernova and Hitachi.
One source briefed on the trade agreements told the Financial Times that with the funding secured, the government is expected to help Westinghouse find sites and secure federal approval for the new reactors.
The government may also reportedly offer loan guarantees under the partnership agreement.
The $80 billion deal struck Tuesday is further evidence of a nuclear renaissance in the U.S., as large technology firms and utility companies are turning to nuclear power to secure more reliable and stable energy on the grid.
In addition to building new nuclear plants, some tech majors such as Google and Microsoft are backing the restart of retired nuclear plants decommissioned in the last decade.
Late Monday, Google announced it would partner with NextEra Energy to restart the Duane Arnold Energy Center in Iowa by 2029 to power its artificial intelligence operations.
The plant, which closed in 2020, would be the third decommissioned nuclear facility in the U.S. to come back online. The Palisades Nuclear Plant in Michigan is set to be the first later this year, with Three Mile Island following closely behind, with a 2027 restart date.
