Westinghouse Electric, Cameco Corporation (TSX:CCO), and Brookfield Asset Management (TSX:BAM, NYSE:BAM) will jointly build at least $80 billion of new, large-scale nuclear reactors across the US in partnership with the government, the companies announced on Tuesday.
They expect the initiative to create tens of thousands of jobs across the country.
The new reactors will feature Westinghouse’s advanced nuclear technology.
The partnership is seen as aiding US President Trump’s AI ambitions by boosting an industry he sees as vital to competing with China, Bloomberg reported.&;
The media outlet noted that power consumption from US data centers is expected to double by 2035, reaching almost 9% of total demand.
“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,” according to a statement from Westinghouse Electric.
NYSE-listed shares of Canadian uranium producer Cameco surged more than 20% on Tuesday.